Celebrate National Small Business Week!
Small Businesses Come in Many Flavors
Hey, it’s Patty. This week is designated as National Small Business Week by the U.S. Small Business Administration (SBA). Small businesses come in many flavors from coffee shops to consultants.
Here are some small biz facts: (from Forbes)
As of January, 2024, there are 33.3 million small businesses in the United States, making up 99.9% of all small businesses.
Nearly half of all U.S. employees are employed by a small business.
8 out of 10 small businesses have zero employees. So, if you are a solo-entrepreneur, consultant, or coach, you are definitely a small business.
About 16% of small businesses have one to 19 employees.
In the last 25 years, small businesses have added over 12.9 million jobs.
The average salary of a small business owner is just 16% above the annual mean wage in the U.S.
While women are starting 1,800 businesses every day, more small businesses are still owned by men. We have some catching up to do.
While I don’t work with franchises, they are technically considered a small business because they are independently owned and operated. The biggest difference is that franchises have the support of their corporate brand, while other small businesses do not.
What are your favorite small businesses where you live?
A few of mine are local, independent cafes, restaurants, used book stores, boutiques, candle shops. I can’t resist antique books or handmade soaps and candles.
One of my favorite local chocolate shops was a company called Radiantly Raw. All of her products were dairy-free, gluten-free and soy free. They were amazingly delicious and sadly closed in January 2021.
Did You Know We’re Starting a Small Business Spotlight?
Your Career Your Way - Here’s Why You Can’t Quit
People say that being in business for yourself is one of the riskiest adventures you will ever undertake. I say it depends. I believe that being in business for yourself is one of the most secure things you can do for your future as long as you have a solid, tested plan.
Have you seen how many companies have had layoffs in the last few years? I’m not talking about entry-level hourly positions, although many of those are being eliminated, too. I’m referring to high-paying engineers and technicians from major corporations… people with advanced degrees, skills and expertise.
Sure, there are businesses that have high start-up costs such as cafes, restaurants and just about anything with a brick and mortar presence. Many of the food and product-based businesses started from home, though, moved to farmers markets and eventually to a brick and mortar location when was financially feasible without going into massive amounts of debt.
Service-based businesses that have lower start-up costs such as organizing services, consulting, project management, etc. are just a few that you can start from home with very low overhead. Make sure you have the skills and credentials to back up what you do.
Life is too short to wake up one day at 90 years old and wonder, “What if?”
I’m not going to lie. Despite what you see on social media from people trying to sell you the these ridiculously expensive programs on building a business, being in business for yourself is also hard…at times very, very hard. There are so many self-proclaimed “coaches” online now selling you stuff that is nothing more than repurposed from others… quite a few of these are people who have never actually built a business.
That doesn’t mean it’s always hard. No. It means that in the beginning, you are going to work harder than you’ve ever worked for in a 9-5. There are going to be times when you’re going to want to quit. That’s when you have to keep going because being in business for yourself will stretch and test you like nothing else will.
As I recently told two dear friends of mine when they asked how I keep going, I told them this… “Nobody is coming to save me. And, it’s not that I want anybody to save me, but I am it. I am my future. I am fighting for and building my future.”
And so are you. You are in a fight for your future. Make it count.
By the way, have you seen our small business resources for independent coffee shops?
If not, head over here > >
Until next time,
P.S. Before you go: If you’re an independent coffee shop leader ready to have confidence and financial peace of mind when unexpected disruptions knock on your door, you’re in the right place. Subscribe to our newsletter, French Roast and get a free copy of PLAN. PIVOT. THRIVE. the operational resilience checklist for independent coffee shops.
