Small businesses are the lifeblood of the American economy. In fact, according to the U.S. Small Business Administration, small businesses make up 99.7% of all employer firms in the United States. Not only that, but small businesses create two out of every three net new jobs in the U.S. each year. The benefits of owning a small business are limitless.
Starting a business can be intimidating. There are so many types of small businesses to choose from. Small businesses give you the opportunity to focus on something you love and are passionate about. Are you an artist? Stay at home parent with creative ideas? Retired but need to stay busy? Or maybe you have a dream that got placed on the backburner so you can make money with your day job. Small businesses allow people in all categories of life to turn their passions into income-producing businesses. You are your biggest asset. The time, energy, and ideas that you have can be the spark that creates a thriving small business. What do some of the most successful people have in common? They all started small businesses that grew into empires. A small business can be one that grows into a top brand. So what are some of the benefits of starting a small business? Let’s take a look.
1. They’re good for the economy.
As we mentioned before, small businesses are vital to the health of the American economy. They provide much-needed jobs and help to boost local economies. If you have a valuable skill or knowledge that people need, you can turn that into an income-producing business rather than contributing to the growth of major corporations. Today’s technology allows individuals to reach millions of people worldwide from the comfort of their own homes. Gone are the days you need to go door to door to sell the latest cooking and cleaning gadgets to housewives. You can sell products on online global marketplaces that have been designed to help small businesses with little seed money. Even children have been able to create small businesses and generate thousands of dollars of revenue by turning their hobbies into businesses utilizing modern platforms like Etsy, YouTube, and Amazon. Global and E-commerce sites like Alibaba have made it possible for small businesses to source manufacturing from overseas, keeping costs down.
2. Stronger community ties.
Small businesses often have stronger ties to their communities than large businesses. This is because they’re usually owned by people who live in the community and care about its well-being. As a result, small businesses often give back to their communities in ways that large businesses cannot.
3. You have more control over your work/life balance.
When you’re a small business owner, you have more control over your work/life balance than you would if you worked for someone else. Of course, this doesn’t mean that you can just take off whenever you want—you still have to run your business! But it does allow for a bit more flexibility when it comes to things like scheduling and vacation days. A small business can allow you to work from anywhere. Do you have a passion for traveling? Turn your adventures and experiences into income with the help of blogs and social media. Small businesses can also be beneficial if you want passive income. Amazon is a great platform for generating income by selling bulk or custom products. Handmade and boutique goods are becoming more popular, making any small business idea possible
4. Be your own boss.
One of the best reasons and benefits to owning a small business is the ability to be your own boss. Small businesses allow for financial and employment independence. Starting a small business can provide flexibility in a rigid world. A corporate lifestyle demands fixed schedules, endless deadlines, cooperation, structure, and sacrifice. Your business is on your time. Work your schedule. You reap the benefits of the time you put into your business.
5. Small financial investment.
A small business is a great alternative to college or a traditional career. Small businesses can often be funded with the same amount of money as traditional college, car loans, and even the cost of the latest iPhone.
Small businesses are a crucial part of the American economy, and there are many benefits to starting one of your own. From having more control over your work/life balance to being your own boss, there are plenty of reasons to consider starting a small business of your own!
Interested in starting your small business? Check out this article on Starting a Small Business: Foundations of Starting a Small Business