Small businesses and the people that run them are the backbone of any thriving community. They bring innovation, community and jobs into the spaces they occupy. Although we often hear the term small business, what does that mean? Well, the SBA (Small Business Administration) defines a small business as an organization with 500 persons or less! That means that most businesses are considered small! The benefits of small businesses don’t just come down to the bottom line, there are many ways they improve our city. Here are 5 reasons why we love small Calgary businesses.
A larger portion of the jobs created in Canda is made possible by small businesses. Reports reveal that 64% of the newly created jobs are accounted for by small businesses. Furthermore, 97.9% of the total number of companies in Canada are small businesses. This brings to light the importance of small businesses in providing jobs for about half the nation’s employees. Another benefit? Small businesses employ people in their local communities, allowing people to work where they live! This reduces people’s commute times and allows them to be active in their communities.
There is a sense of community built around small businesses. It goes beyond employing the locals, it allows us to interact with the unique individuals in our city. When choosing a destination for your morning coffee, would you rather visit a local, family-owned establishment or a Starbucks? If you’re anything like us, you’ll opt for local every time. That is because visiting a small business gives us a feeling of family. Small businesses give recognition to people, which makes the patrons feel important and seen.
Aside from fostering relationships in Calgary, small businesses further assist in building an identity for the community. The performance of small businesses in a community can create a positive vibe. A community with the status of vitality will attract bigger investments and draw people to the area. In this sense, they are creating an opportunity for wealth and investment that reinforces the stability of a neighbourhood. By simply stepping into a small business, you can identify the community you are entering. A feeling you are unlikely to get when entering a big box store.
By creating a marketable commodity and through the provision of local jobs in the community, small businesses bring money back into their neighbourhoods. Also, small businesses love purchasing locally, for instance, small businesses see to it that its staff enjoys the services of local restaurants during or after work. This ensures the circulation of money within Calgary. A report by the 3/50 project, an organization for the advocacy of small businesses, reveals that $68 returns for each $100 run through the local- independent store. Meanwhile, only $43 returns to the community when the same amount is spent at a chain store. This chain reaction started by small Calgary businesses brings money back into the community.
Small businesses are renowned for providing local solutions to local problems! They do this by providing products and services that are specific to their community’s needs. Calgary business owners provide products and services that are unique to local needs creates a unique vibe and making the community an easier place to live! Patronizing local businesses is even more appealing to residents who are eager to reduce their carbon footprint and want their money circulating through their community.
Small businesses spark innovation and entrepreneurship and they are often born as a result of their entrepreneurial spirit. Through the startup of a small business, the owner makes known his intention to take charge of his/her future. This not only benefits the owner and their family, but it inspires those around them!
Small businesses are efficient innovators. Research reveals small businesses produce 16 times more patents than larger corporations! Relevance to the community is a consequence of innovation, which further adds value and increases the economic wealth.
Local businesses breed local businesses. Customers and staff of a small business converge locally to enjoy the services offered by the business. This increases the economic activities of other businesses in the area as they get to benefit from the traffic pull. Your brand can further inspire others to kick theirs off, which is great for the economic health of the community.
Imagine your community without the presence of a small business. Think about your community with a few places to work and fewer products and services. Also, the few businesses in the area have their headquarters in far distanced cities. No doubt, it paints a gloomy picture. Regardless of the different opinions surrounding small businesses, they are integral to any functioning community.
Interested in starting your own small business? Our talented team of Calgary small business experts is happy to help! Click Here to get in touch with us today.