Small retailers are much more than they appear. When you hear the phrase “small retailer,” you might think of a mom-and-pop market on a rural road. Or a musty art gallery in a touristy seaside town. Or even a shoe repair shop run by a single harried guy who has to do everything at once, and does none of it well.
You might even think of hand-to-mouth, barely surviving businesses that can’t manage money well and are staffed entirely by family members. No technology savvy, no ability to compete with Amazon, and no understanding of the broader entrepreneurial world.
But these ideas are myths.
Here’s the truth. Small businesses make up the bulk of the economy, employ 61 million people, create most new jobs, and make up over 40% of GDP in the United States!
Read on for all the details…
In this whitepaper, we debunk these Top 10 Myths:
- Small Businesses are Dying: Turns out, not so much. They’re thriving and growing!
- No Workers: Small businesses employ 61.7 million people. That’s almost half the workforce in this country!
- Big Business Powers the Economy: Small businesses contribute 43.5% of total GDP in this country.
- Big Business Innovates: Per employee, 16x more patents come from small businesses than big businesses.
- There Aren’t Many Jobs: Small businesses create 2/3 of all new jobs across the nation.
- Big Business Are a Better Tax Base: Small businesses invest in their communities (also, mayors love us!)
- Communities Need Big Business: Small businesses create thriving local supply chains.
- Big Businesses are Diverse: Small businesses give every community a chance to shine.
- Big Businesses Meet All Your Needs: Small businesses meet you where you live.
- Big Business Helps Local Economies: Small businesses actually drive downtown revitalization.
+ 2 more! - Superior Products & Services: Small businesses deliver highly personalized retail services.
- Big Businesses = Quality: Small businesses offer a unique experience.