A Salute to America’s Small Businesses
This past Monday found many of us at picnics, parades, parties and sports events as we celebrated Labor Day. A last-blast-of-summer tradition, this holiday exists as a tribute to American workers, their achievements and contributions.
In the late 1800s, at the height of the Industrial Revolution in the United States, workers often labored seven days a week, as much as twelve hours a day, just to earn a meager living. In addition to low wages, many dealt with unhealthy or dangerous working environments and conditions that eventually led to protests. On September 5, 1882, 10,000 workers marched from City Hall to New York City’s Union Square, taking time off without pay for a peaceful protest; this march is often considered the first Labor Day parade. Many states passed legislation in response to the rising call for a worker’s holiday and, in 1894, Labor Day became a federal holiday.
We salute all America’s workers, but especially small businesses – the foundation of our country’s economy, an environment in which creativity can thrive and the platform from which entrepreneurial ventures are launched. While downsizing has been a trend in corporate America, small business is growing—including the rate of small business start-ups—and the rate of small business failure has declined. These statistics from the U.S. Small Business Administration illustrate the significance of this sector of our economy.
• There are 28 million small businesses in America.
• Small businesses account for 54% of all U.S. sales.
• 55% of all jobs and 66% of all net new jobs since the 1970s are attributable to small businesses.
• The number of small businesses in the United States has increased 49% since 1982.
• Since 1990, as big business eliminated 4 million jobs, small business added 8 million jobs.
• The more than 600,000 franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for 8 million people.
• The American small business sector occupies 30 to 50% of all commercial space—an estimated 20 to 34 billion square feet.
Although my area of expertise is financial structure and growth, I’m a small business owner myself and have worked with small businesses for more than 35 years. With an in-depth insight into all aspects of the small business culture, I provide the unique solutions you need to plan the growth of your business and keep it on track for success. Contact me for a complimentary consultation about your company’s financial future. And thank you for your contributions to America’s economy and the quality of life we enjoy.