SMALL BUSINESS MONTH


SMALL BUSINESS MONTH, MAY 2023

I believe you know small businesses are the backbone of the U.S. economy. Thus, in a special tribute to appreciate and honor them for their courage, hard work, and community efforts for the entire month, the whole month of May every year has been set aside. With 31.7 million small businesses in the United States, according to a 2020 study by the U.S. Small Business Administration (S.B.A.), small businesses are the unsung heroes of the American Dream.

HOW SMALL BUSINESS MONTH CAME TO BE

 

Small Business Month was created by the Small Business Administration (S.B.A.) to celebrate small businesses. S.B.A. is an organization aimed at helping business owners and entrepreneurs pursue the American Dream and a federal agency that provides counseling, capital, and contracting expertise to small businesses.

 

At first, the celebration was meant to be for a week. Still, it was changed when the City of Charlotte and its small business resource partners declared May as a Small Business Month officially proclaimed by Mayor Vi Lyes. The city began to celebrate for a month rather than a week. This month aims to appreciate the entrepreneurial spirit in our community and honor all small businesses and entrepreneurs whose crucial role is in strengthening the economy.

 

During Small Business Month, small business owners and those supporting small businesses celebrate the entrepreneurial spirit within their entrepreneurial ecosystem with award ceremonies, seminars, networking events, and trade shows, which bring together entrepreneurs and prospecting entrepreneurs across the nation. Ours is to stand by them and support them. 

 

The business ecosystem has seen rapid competition as small businesses fight to keep up with the big businesses for survival. The Small Business Month will help boost their morale as it focuses on them for 31 days in a row, so let’s strengthen our economy by supporting small businesses.

FIVE  INTERESTING FACTS YOU OUGHT TO KNOW ABOUT SMALL BUSINESSES

  1. Numbers Tell The Truth

    99.9% of all U.S. businesses are in the category of small businesses

  2. Job Opportunities

    Every year, small businesses create 1.5 million jobs

  3.  A One-Man Owned Businesses

     It's estimated that a single person owns and operates about 70% of small businesses.

  4. Fast Way of Starting

    It would be best if you only started a business in the U.S.

  5. A World of Competition

    Only half the small businesses are estimated to survive their first five years.

WHY SMALL BUSINESS MONTH IS IMPORTANT

  1. Creation of Awareness

    By observing Small Business Month, we help millions of businesses as we spread awareness about the benefits and importance of small businesses.

  2. New Opportunities

    Small Business Month helps open up opportunities and new avenues of positivity hence encouraging people to buy and interact more with small businesses.

  3.  Boost For Owners

    Many entrepreneurs in the past few years have started their businesses; hence, Small Business Month will greatly boost the owners.

Statistics on Small Businesses 

99.9% of all U.S. businesses totaling 33.2 million, are small businesses.

Small business employees cover 46.6 percent of all U.S. workforce equaling 61.7 million employees. 

Business Ventures

Between March 2020 and March 2021, there was a net increase of 180,528 establishments in the U.S., as 1.1 million opened while 965,995 closed. Also, employment at 1.8 million ventures expanded and contracted at 2.3 million incidents. Further, 1.0 million small businesses were opened, and 833,458 completed.

Jobs

There was a net decrease in employment in the U.S. as opening and expanding establishments saw additional 12.5 million jobs while closing and contracting businesses lost 18.0 million jobs leading to an overall reduction of 5.5 million jobs. Small businesses had an additional 8.7 million jobs and a drop of 11.7 million, leading to a net decrease of 3.0 million jobs.

Are you a small business operating in the U.S.? 

It's time to get the recognition you deserve. For years most business awards have been focused on celebrating big corporations, but the Best of America Small Business Awards is the only business award for small businesses. Small businesses make up 99% of U.S. companies; this shows how big small companies are for our economy.  

BASA is the real deal, as it is prestigiously independent and was created with an unwavering love for small businesses. The award aims to showcase the best small businesses' notable efforts in growing and building economies, communities, and a better working world while encouraging more small businesses to get excited about new opportunities.

With over 100+ categories to choose from, the award is not influenced by big corporations and has no nepotism, vetting process, or big guys, always winning nature. BASA's independent council of judges only cares about one thing- your work!

The BASA statuette is a hand-made work of art uniquely created in Italy by the internationally acclaimed artist Ithaca. Learn more at www.basawards.com.