Small Business: The Backbone of Your Local Economy

Small Business: The Backbone of Your Local Economy

Small businesses are the backbone of any local economy. They provide jobs and support to the community, as well as offering unique products and services that can’t be found at big chain stores.

Interestingly, in today’s dynamic climate, predictions call for 17 million new small businesses to be formed in 2022, a third consecutive record year for entrepreneurship, according to an Intuit study recently reported by Nasdaq.

“Most of the startups in 2022 will be sole proprietorships, but Intuit predicts 5.6 million of those new small businesses will either incorporate or hire employees, topping the expected record of 5.3 million in 2021 (and the current existing record of 2020’s 4.3 million).”

The study also reports that funding is a major challenge facing small business and states that Fintech just may be the answer. ““Fintech has greatly expanded the availability of funding for small businesses and for many entrepreneurs it represents a simpler, faster way to access capital,” said Rania Succar, senior vice president of Intuit QuickBooks Money Offerings. “QuickBooks Capital, for example, leverages technology to help business owners that have been underserved by traditional financial institutions access the funds they need to sustain operations, invest in growth and thrive.”

Clearly, supporting small business is vital to the local economy. Here are some of the most important reasons why:

1. Small businesses create jobs.
2. In any given community, small businesses are typically responsible for creating more jobs in the local community than big businesses. This is because small businesses are often founded by people who live in the community and want to see it thrive. They are more likely to reinvest their profits back into the business, which creates more jobs and supports the local economy.

2. Small businesses buy from other small businesses.
3. When small businesses succeed, they tend to buy their supplies and services from other small businesses in the community. This keeps money within the local economy and helps to support other small businesses.

3. Small businesses contribute to the tax base.
4. Small businesses are a major contributor to local tax bases. This is because they typically have fewer employees than big businesses, so each employee’s income is taxed at a higher rate. This helps to fund important local programs and services.

4. Small businesses offer unique products and services.
5. Small businesses offer a wide variety of unique products and services that can’t be found at big chain stores. This helps to attract tourists and support the local economy.

In summary, small businesses are an important part of any community, and they play a vital role in supporting the local economy. If you’re looking for unique products and services, be sure to check out your local small businesses.

To learn more about how to make your small business a success, contact us at 239-349-9400 or email hello@provalet.io.Provalet.io, a powerful and simple software that helps you run your field service company. With its user-friendly interface, you can manage your business without relying on pens, paper, or binders. Keep your business organized and running like a pro with Provalet.io.

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This ProValet.io Blog Post is Part of a Series Designed to Help Small Business OwnersManage Their Field Service Software and Keep Their Business Running Like a Pro