The United States is home to more than 640,000 small businesses, which employ approximately half of the country’s workforce. Small businesses play a vital role in the economy and are often overlooked during National Small Business Week. To celebrate and support these local enterprises, it is essential to recognize the challenges they face and advocate for policies that can help them succeed.
One significant challenge faced by new entrepreneurs is access to capital. According to Senior Advisor Rhett Buttle, securing funding through loans or grants is crucial in the first five years of business to ensure stability and growth. Financial stability is essential for small businesses to thrive and grow, and the U.S Chamber of Commerce recommends having three to six months’ worth of cash on hand.
Healthcare costs are another significant challenge for small businesses. Approximately 62 percent of small businesses do not offer health insurance due to costs. However, there are other benefits that small businesses can offer their employees, such as flexibility and community. Buttle emphasizes the importance of policymakers adjusting tax reforms to help small business owners, such as rolling back tax cuts for corporations and doubling startup deductions.
Small businesses are calling for a level playing field to compete with larger corporations, invest in communities, hire more people, and grow their businesses. Supporting local entrepreneurs can be as simple as making a conscious decision to shop at small businesses on Main Street. Despite the convenience of online shopping, visiting local businesses is crucial in showing support for small businesses and helping them succeed in the long run.
In conclusion, National Small Business Week is an opportunity to celebrate and support local enterprises that play a vital role in the economy. By recognizing their challenges and advocating for policies that can help them succeed, we can create a more sustainable future for our communities and our country as a whole.