It doesn’t take a rocket scientist, or even a seasoned business professional to tell you that the road to success in small businesses can be pretty topsy-turvy. Small businesses face difficulties that large corporations don’t have to worry about, and they sincerely appreciate the support of their local community. Community support seems to be coming to an all time high according to recent studies.
These studies are helping to prove that now is the time to both start your own small business as well as support the small businesses in your area. The small businesses I refer to here are the ones we see on Main Street, like the farmers markets, the barber shops, the book stories, and the mom-and-pops that we all know and love.
In this year’s Citibank Small Business Pulse survey, results show an increase in multiple areas of small business growth, providing a lot of optimism for business owners and start-ups. An average of 48 per cent of business owners rated conditions this year as either good or excellent. Along with that, the amount of business owners rating conditions as poor is a record low of 14 per cent. United States census information shows that approximately one third of business enterprises consist of entrepreneurs, sole-proprietors or home based businesses.
With those types of numbers, it’s great to see that these small businesses are opening their doors to make the move to bigger outlets. About 13 per cent of business owners intend to open a new location this year, and another 25 per cent are looking to grow internationally. Possibly the best result shows that 26 per cent of small businesses plan to hire full time staff this year, which is an increase of 11 per cent from last summer’s response of 15 per cent.
Aside from the numbers, it’s hard to ignore the benefits of small businesses within your community. It’s not only a great feeling to be able to walk into a restaurant or boutique that you frequent and be able to recognize the owner and greet the staff by name, but it’s also a great way to build a positive atmosphere within the neighborhood. When you support a small business, you’re also supporting the livelihood of a neighbor or a friend.
Half of business owners who took the Pulse survey believe they will be able to see a rise in revenue this year, and have an even greater outlook for 2014.
So what are you waiting for? Get out there and help your favorite small business!
© Zoe Begopoulos, DemGen Inc 2013
Sources:
Business Week (various figures about Pulse Survey) – http://www.businessweek.com/ap/2013-06-18/economy-looking-healthier-to-small-business-owners
1/3 Of Small Businesses Quote – http://www.forbes.com/sites/stuartrobertson/2013/06/19/recessions-and-bull-markets-why-small-businesses-should-hedge-retirement-bets/
Narrow the definition of Small Business – http://www.forbes.com/sites/brockblake/2013/06/18/lendio-small-business-week-micro-business-week/
Daily Finance – http://www.dailyfinance.com/2013/06/18/citibank-small-business-pulse-reveals-three-year-h/
