Loss of jobs through closures and the contraction of large businesses, has forced a shift in economic development policies for towns and cities nationwide. Many communities are recognizing the fruitfulness of encouraging small business start-ups and expansions. Small businesses play a vital role in contributing to a state’s economy and remain a significant source of creating new jobs. By adopting economic development strategies that promote entrepreneurship, communities are fostering a healthy business climate that allows free enterprise to thrive.
The U.S. Small Business Administration posted the following statistics about the importance of small businesses to the U.S. economy:
Represent 99.7 percent of all employer firms.
Employ about half of all private sector employees.
Pay nearly 45 percent of total U.S. private payroll.
Have generated 60 to 80 percent of net new jobs annually over the last decade.
Create more than half of non-farm private gross domestic product (GDP).
Hire 40 percent of high tech workers (such as scientists, engineers & computer workers).
Are 52 percent home-based and 2 percent franchises.
In 2007, there were an estimated 27.2 million businesses* in the United States. Census data shows that there were 6.0 million firms with employees and 20.4 million without employees in 2005. Of the 6.0 million firms with employees, it is estimated that 90% of these employ 20 people or less. The resounding number without employees represents the ever growing demographic of the sole proprietor.
There are many things to consider when wanting to start your own business, such as financing, a focused business plan, and developing a customer base. There are many talented individuals who focus solely on offering the best product or service and ignore one very crucial component – developing and following an effective marketing strategy.
The emergence of Web 2.0 – business blogs, search engine optimization, social media sites, social bookmarking and microblogging – has created a powerful, cost-effective way for entrepreneurs to reach a vast audience. If you are unsure how to properly utilize these tools, we would love to work with you to create a customized social media campaign that advances your brand and meets your objectives.