American Express coined (pun, intended) the Shop Small and Small Business Saturday initiatives more than a decade ago. Since then, the call to continue to help bolster this important sector of our economy has grown, and so has the small business sector itself.
The Small Business Administration defines a small business as one who has fewer than 500 employees. There are about 32 million small businesses in America making up for about 47% of private sector employees. Contrast that to the 21,000 ‘large’ businesses, you realize how big of a share the so-called small sector makes in the big picture.
So why seek them out? Why choose the local grocer, the family-owned restaurant or medium-sized manufacturer in your city or state? Here are five reasons why supporting small matters big.
Celebrate and acknowledge the contributions small businesses make to their local and state communities. These are the businesses that, in addition to working and running a business, also volunteer their time, they donate goods and services to local schools and nonprofits. Maybe they mentor students, assist in charitable fundraising, or serve on Boards all to improve the city or state where they made their business home. It goes beyond the checkout cart. It bleeds into the community in many ways you might not ever see firsthand.
Every dollar spent at a small and medium business makes a difference for their doors to stay open. It’s not easy for new small businesses to survive long-term. About 67% survive two years. About 48% survive five years. About 25% survive 15 years. Kudos to RADIUS® for outliving that statistic, going on 40 years!
Small businesses employ your neighbors, young adults, which keeps the local economy churning. In the US, small businesses created 10.5 million new jobs in the span of 2000 to 2019. That’s a lot of neighbors and friends put to work!
There’s a good chance you are supporting a family business when you shop small. About 1 in 3 small businesses with employees are family-owned. They employ an average of 14 people. Talk about a way to directly make a difference - that’s a few households you are helping when you choose their products or services! RADIUS® is proud to be a family business. In 2008, Saskia Foley, daughter of co-founder Kevin, joined the team and leads the company today.
Directly support minority, female, and veteran owned businesses in your area. There are more than a million minority-owned small businesses in America. The same goes for female-owned, as well. You can choose to find and support those specifically via their distinctions on their websites and signage, or search for them in directories. Another impactful way to give back to those around you - literally giving by spending your dollars to better their businesses.
RADIUS® is a small, family-run oral care company. Based in Kutztown, PA where the RADIUS® factory resides, the team of 35 employees exudes quality, high standards and commitment to better products for their customers. In addition to being a small business, RADIUS® is a certified women-owned enterprise.
Small is big when you consider more than half of Americans either own or work for a small business, and small businesses create about two-thirds of new jobs in the U.S. each year.
Those entrepreneurs take the risk, put in the hours, and strap up their boots to achieve their dreams. All we have to do is shop, support, and share to help keep the dream alive.