Why Small Business Is Big Business And What They Need to Thrive
Written by Mariana Wille
Did you know that small businesses are the core of the economy? In the United States, 99.9% of businesses are small businesses, that is 33.2M shops, cafes, hair salons, etc. These small businesses account for 44% of the total GDP of the nation according to the U.S. Chamber of Commerce Small Business Data Center. This means small business is big business!
We all know at least a small business or know something about them, either because a family member or a friend runs one – from a gifts shop to a consulting firm to a one-person photography service –, or because we love that bakery or hair salon in our neighborhood. The reality is that even though small businesses are so important for the U.S. economy – and the communities where we live – they face several challenges to survive and thrive.
I recently had the opportunity to meet the operations manager and co-owner of one of my favorite bakeries in Milwaukee – Mr. Churro. Her name is Julia Perez, and she is a 3rd. generation owner at Mr. Churro. Julia spends about 40 hours a week working at the bakery, besides her college studies and personal obligations. He wears multiple hats – from personnel management to public speaking, to finding ways to finance the business expansion.
“Right now, one of our main challenges is to buy new ovens to grow beyond Wisconsin. It’s not easy to access funds. We started with a recipe and have grown across the state, but it’s been a journey, and I’m busy with school.” Julia said in a merchants panel she participated in Milwaukee to talk about her experience as entrepreneur and how technology like Clover, a point-of-sale and business management software, has helped to run the business.
Entrepreneurs like Julia are extremely busy running their business, especially when they’re growing very fast as the food services & drinking places sector according to the Fiserv Small Business Index February Results, given that their staff is typically small and are financially bootstrapped.
They know their business very well, for example making the best churros in town in this case, but they may have skills and efficiency gaps or ineffective marketing to increase their online brand awareness and generate inbound business. And here is where firms like Elevate Create Marketing can help them to thrive with their tailored services.
We’re a digital marketing bilingual agency that offers multiple services in English and Spanish to help small and medium businesses (SMBs) to thrive in the digital space. You can learn more about us and the custom services we can offer, whether you’re considering one or multiple at a time. If you’re a business owner and want to learn more, sign up today for a free consultation.