ORLANDO, FL (Ivanhoe Newswire) — While COVID-19 may have hit them hard, experts report that small businesses make up 44 percent of U.S. economic activity and recent years have shown them to be at the front of driving innovation and economic growth. 46 point 4 percent of individuals employed are employed by small business owners. In 2021, small businesses added almost a half a million jobs to the U.S. economy and it was reported that 48 percent of each purchase at local businesses was recirculated back into the economy.
From the finer things to the fun things, and all the things in between, you can find all the things you need at locally run small town shops.
According to the Small Business Administration, small businesses accounted for two thirds of jobs administered and 43 percent of the U.S. GDP.
The owner of Heartship Baking Company, Elizabeth Caico says, “I love running a small business because I get to connect with so many different people.”
Experts say there are plenty of ways you can keep small businesses in your community growing.
The first way is visiting your local farmers’ market. Businesses often pay fees to reserve booths and supporting them helps turn a payment into profit.
“Leaving good reviews if they enjoy the product, just actually just sharing, you know what I mean? That’s a big part of what my company stands for,” said Caico.
Nine out of 10 people check online reviews before making a purchase. And many minority small businesses were hit especially hard by the pandemic. Black-owned businesses experienced a 41 percent drop in business. To find a minority owned business near you, check out the Small Business Administration’s Directory.
The money you spend at small businesses goes back into your own community. Small businesses donated 250 percent more money than big businesses did to local charities and non-profit organizations.
Sources:
https://localiq.com/blog/how-to-support-local-businesses/
https://betteraccounting.com/small-businesses-are-the-backbone-of-the-economy/
https://advocacy.sba.gov/2019/01/30/small-businesses-generate-44-percent-of-u-s-economic-activity/
https://localiq.com/blog/how-to-support-local-businesses/
Contributors to this news report include: Marsha Lewis, Producer; Roque Correa, Videographer and Editor.
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