The first week of May marks the country’s annual celebration of small businesses. National Small Business Week will be recognized through Saturday, May 6, with plenty of opportunities for small business owners to participate in events, both online and in their communities.
National Small Business Week was designed to highlight the significance small businesses have on the U.S. economy, the Small Business Administration explained. Nearly 2 out of 3 new jobs created stem from small businesses, and about half of American workers are employed by SMBs.
Celebrating entrepreneurs and small businesses
The SBA will stream many of the weeks’ events throughout the week of May 1. The first was SBA Administrator Linda McMahon’s announcement of the National Small Business Person of the year. This year, the SBA recognized husband-and-wife team Garrett and Melanie Marrero, owners of Maui Brewing Company, as the winner, according to a press release.
“Garrett and Melanie have shown impressive growth, expanding in size, sales and scope of their business,” McMahon said. “By 2007, increasing demand led them to open a second location in Lahaina with a 25-barrel capacity, giving them the ability to provide brewery tours and making it a tourist destination as well. By 2013, they were producing more than 19,000 barrels of beer a year, boosting revenues to more than $10 million.”
Other events throughout the week include:
- May 2: Facebook Live stream of McMahon and Facebook’s VP and Chief Privacy Officer for Policy Erin Egan, who will discuss how an entrepreneur can start or grow a small business today.
- May 3-5: McMahon will speak with small business owners in three prosperous cities across the country: Indianapolis; Arlington, Texas; and Fresno, California.
These events will be streamed live at https://www.sba.gov/nsbw. While these events are good ways to learn more about the small business climate in various areas of the nation, there are other ways entrepreneurs and consumers alike can support small businesses in their own corners of the country. Shopping locally helps support nearby small businesses, which in turn provides jobs and encourages economic growth.
Additionally, many cities have organized their own Small Business Week events. For example, Denver will have tours of small businesses available throughout the week, as well as workshops for entrepreneurs to take part in, according to Denver Business Journal. In Chicago, Crain’s Small Business Week will host a wide variety of events, from how to keep your priorities aligned to how to handle financial obstacles to online marketing tips and tricks.
Small businesses find success
For many small businesses, 2017 is a good year to celebrate small business success. According to online business-for-sale marketplace BizBuySell.com, 2,368 transactions were completed during the first quarter of the year. This marks a 29 percent increase compared to the first quarter of 2016, indicating that more people are investing in businesses of their own.
Additionally, BizBuySell.com found that existing small businesses are seeing increased earnings. Median cash flow during the first quarter of the year reached $117,275, a 6.6 percent increase compared to the first three months of 2016. Median gross revenue for businesses sold in the same time period were $518,159, an 8.4 percent year-over-year increase.
For the past few years, small businesses have been doing well. According to the SBA’s United States Small Business Profile, 2017, the number of proprietors increased 2.9 percent between 2014 and 2015. Additionally, 1.4 million net jobs were created in 2014 by small businesses.
The economic climate is perfect for aspiring entrepreneurs. The years ahead should be promising for small businesses everywhere.