You may have missed it, but March 29th was “Mom & Pop Business Owners Day”. Family-owned and customer focused, Mom & Pop stores’ overriding goal is to provide high quality service to the fine folks who walk through the doors for a product or service.
Mom & Pop shops don’t have quite the same presence in the consumer marketplace as they used to, many of them replaced by franchises and chain stores. But the same can’t be said for small businesses, which represent the vast majority of up and running companies in the United States. Over 28 million small businesses dot the national landscape, according to estimates from the U.S. Small Business Administration. That represents more than 56% of the country’s private workforce. In fact, companies with 100 employees or fewer are responsible for the largest share of small business employment in America.
In short, not only do small businesses provide a service to consumers by offering up products and assistance, but they’re also a major contributor to local economies. In 2012, small businesses created more than 2.1 million new jobs, according to government data. And last year, private-sector employment rose 2.3% versus the same 12-month stretch ending in October 2014.
California, Texas with highest number of small businesses
There are lots of opportunities to support local small businesses, mainly because they’re pretty much everywhere you go. For instance, 3.6 million small businesses operate in California, based on estimates from the SBA, more than any other state. Texas has the second-highest number of small businesses at 2.4 million, followed by Florida, New York and Illinois. These are also the states that are among the top 10 in population.
If you’re a consumer, make it a priority this week to shop at one of your local small businesses. And if you own one, spend some time updating your business insurance policy, a protection that can be your first line of defense when accidents happen. It takes time and effort to keep your business up and running. But you can let your business owners insurance policy work for you by doing a quality control check on occasion. For assistance, please give us a call!
Used with permission – Selective Insurance Company