Why Small Businesses are Great!
There are plenty of stories about why small businesses are great. But they have a major positive impact on the nation’s economy and progress that you may not realize. From job creation to the innovation of technology, small business is the backbone of this country.
- In 2016, 50 percent of small businesses plan to hire new employees, which is a 12 percent increase from 2015.
- New businesses are opening literally ever day. About 543,000 new businesses are started each month. If even a small fraction of those continue long-term they promise massive opportunities.
- Small business is innovative! You might think large corporations with huge research budgets are coming up with these huge new technological advancements, but you’d be wrong. It’s actually small businesses that are getting it done. Small businesses produce 16 times more patents per employee than large companies.
- Small businesses are confident in their future. According to the National Small Business Administration (NSBA) 2015 economic report nearly half of small business owners anticipate growth in the next six months. Nearly 75% of those surveyed said they were confident in the future of their business!
- Small businesses employ the most Americans. The majority of US workers, 52 percent, work for small businesses. And 39 percent of those in the tech industry are employed by small business.
- You might think large companies dominate the export business, but you would be wrong. Small businesses make up 97 percent of exporters and they produce 29 percent of all export value. Exports are BIG business for small business.
- Small businesses are adding jobs. They are adding new jobs at a rate that exceeds that of large businesses.
- Small business took a major hit during the recession, both small local shops and young firms kept adding jobs though. While most of the larger businesses eliminated jobs. So small business really aids in the economic recovery.
- According to JPMorgan Chase Institute over 99 percent of America’s 28.7 million firms are small businesses. Eighty eight percent of those have fewer than 20 employees. And 40 percent of the total have under $100k in revenue.
- Seventy percent of America’s small businesses are owned and operated by a single person (US Small Business Association Office of Advocacy).
- Small businesses pay 44 percent of the US payroll (US Small Business Administration).
- It takes just 6 days on average to start a small business in America and immigrants make up 12 percent of small business owners nationwide (US Small Business Association Office of Advocacy). In China it takes 38 days.
What does this mean in Liberty County? That small business is BIG business. With 99% of our 500 members classified as small business we take the needs of our members very seriously. With 56 percent of those currently minority owned/operated we realize the importance of continued education for our local business owners in things like contracting, social media competitiveness and more.
We are your 6C Chamber. We are catalysts, conveners, champions, collaborators, cheerleaders and connectors. We are successful because we step up to the plate every time to the greatest challenges that our community faces. While we work closely with local government, we are not part of government, although many consider the process of influencing public policy to recognize the needs of the business community to be one of our most important functions.
Peace of mind for us doesn’t always come easy. It takes a staff committed to the core values we have adopted to run this organization every day. As well as a dedicated board of directors to steer, lead and guide the organization in the right direction. Our board of directors plans, implements and works hard year in and year out to ensure that our business and community partners are receiving, not only the best value for their investment, but the highest success rate for Liberty County overall.
That’s what a Chamber is and that’s what your Chamber is…..6C going on year #43.