Cup of Inspiration

This week, April 28^th through May 4^th, we celebrate National Small Business Week. This week we tip our hats off to those who have ventured into the world of self-employment to chart their own path in the business world.

According to the US Small Business Administration (Top Small Business Statistics of 2024 – Forbes Advisor), 99% of businesses in the United States are small businesses. Also, almost half of employees in the United States work for a small business. These numbers show the significant impact this segment plays in the American economy. While we often hear in the news when there is a large hiring event or a layoff situation with one of the Fortune 500 companies, we do not hear so often when a small business opens in a community or sadly closes their doors. As a result, it can be too easy to miss the importance of this business segment.

Stepping out to form your own business can be very scary. Not only are you working hard to produce your product or service for your customers, but you are also managing other areas of your business needs. First, you must make sure you are meeting all legal requirements to keep your business compliant. There’s bookkeeping, marketing, advertising, IT, while also making time to do the work itself. You can outsource much of this, but that also costs money, which you may not have at the very beginning of your entrepreneurship journey.

Some days the small business owner may wonder if they made the right choice to open shop. Then, there are the good days when you get that contract or make that selling goal. All of this, knowing that many small businesses do not survive the first year. But you fight to be one of the success stories. It is certainly an emotional rollercoaster.

This week, we recognize the demanding work that goes into opening and operating a small business. We applaud those who are trying it and celebrate those who are making it work. A significant way to acknowledge these small businesses is, well, to give them business. Consider going to a small business the next time you are looking for a place to eat, a new outfit for a special occasion, or in the market for financial advisement. Are you a business owner looking for a marketing agency? Consider a small marketing agency in your community. Need help with some administrative work in your office? Consider contacting a virtual assistance business to give you a hand. (Yes, this is a small plug for my own business and others in my industry.)

This week is also a chance to educate yourself on what is involved with opening and operating a business. If you have been giving it a thought, take advantage of any events in your area celebrating small businesses. Instead of just thinking about the possibility, ask some questions about what is involved. If you are in the United States, check out the Small Business Administration site www.sba.gov. Also, investigate the Secretary of State’s site for your state to begin researching what is involved with establishing your own business in your home state. It will be one step forward to turning a dream into a possible reality.

Operating a small business is not for everyone. This week we recognize those who have decided to pursue this career path.