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Why are small Businesses Relevant?

nj.jpg Niharika Jamar 233 Comments 0 7.4k

The word “small” in the term small businesses does not mean tiny. There are bigger things that go on in their world that meet the eye.
Every day, hundreds of people try to break free from workplace rules, politics, and all the internal chaos that can limit their growth. Why? It is because they want to invest their time and money into something they care about.

Do you ever wonder how big names in the market started? Did they drop from the sky as multi-million-dollar corporations? Let us bring it down to one of the most successful startups in the history of small businesses. When you think of Facebook, the words small business doesn’t even come to mind. But that’s precisely what Facebook was when it was underway. Mark Zuckerberg started Facebook in his Harvard dorm room. Today we know Facebook as a $350 billion company. Did that rattle you?

Walt Disney, Amazon, Dell, Spanx, Hewlett-Packard, Apple, Google, Mattel are, but the few names are the ones that pop up on the top of my head. There are millions of small businesses that have either made it big or are on the verge.

  1. 1. What are small businesses?


    According to the US Small Business Administration (SBA)- “Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.”

    However, the interpretation of small business changes as we move from country to country. For instance, in the European Union, businesses with fewer than 50 employees are considered small businesses. In Australia, companies with less than 15 employees are measured as small businesses.

  2. 2. Small Businesses= Job-Creating Giants.


    Even though large firms seem to reap the most attention, small businesses account for 60 to 80 percent of all U.S. jobs. When you open your doors for the first time as a small business, you fit into one of the significant and furthermost powerful forces.

    With more small businesses than one can imagine in the U.S., it’s no wonder that small businesses create most jobs in the country. According to the Small Business Administration, small companies create 1.5 million jobs annually and account for 64 percent of new jobs created in the U.S.

  • Integral Parts of Local Economies


    A Company Profile on Google can help you get fresh local clients with ease. Every day, hundreds of people are hunting for services on Google. Good thing you can now stand out and attract customers with a Profile on Google Search and Maps. The best part is, it's 100% free. With this business profile, you can show who you are, where you are, and what you do with pictures, exclusive offers, and more. You can also help customers with the information they need, like your business hours, contact info, and directions. Another added advantage is that they can rate you and leave reviews. You can also connect with them through text messaging, calls, or replying to reviews.

  • Diversity


    Small organizations additionally have diversity and can be started via nearly anyone. That makes them extra numerous in form, function, culture, and achievable than giant corporations. The more extensive range we have in the economy, the less complicated it is for the economic system to withstand demanding conditions.

  • Turnover


    Small organizations are imperative components of neighborhood economies, supporting creating a web of monetary interdependence that fosters broad-based prosperity. When you spend cash at a privately owned nearby store, that cash goes to pay an employee in your neighborhood, who, in turn, is probably to spend some money at every other nearby business. The extra that small agencies leverage to guide further increases their capability to create a thriving neighborhood enterprise community.

    This mutual assist is additionally beneficial all through tough times. If a nearby commercial enterprise is struggling, neighborhood individuals can bond collectively to help the enterprise to get again on its toes through crowd-funding campaigns or old skool phrase mouth pleas. It is hard to think about a large organization producing this kind of electricity and support.

Few Statistic to give you a hint :-

  1. 1. 29% of Businesses Fail Due to a Lack of Capital And Cash Flow

  2. 2. 26.9% of Big Bank Loan Applications Were Approved

  3. 3. 72% of Small Business Owners Don’t Know their Business Credit Score

  4. 4. 45% of Small Business Owners Don’t Know They Have a Business Credit Score

  5. 5. 79% of Small Business Owners Didn’t Receive Proper Support

  6. 6. 1 in 6 SBA Loans Fail

  7. 7. 40% of Small Businesses Are Profitable

  8. 8. 19% of Small Businesses Generated Between 200-500K in Annual Sales

  9. 9. 60% of Small Business Owners Aren’t Confident In Finance & Accounting

  10. 10. 19.8% Is The Estimated “Effective” Tax Rate for Small Businesses

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