If you own a local, brick and mortar small business, then you are a vital element of your community. It’s true, and more important today, than ever before. Locally owned independent small businesses contribute a significant component to their communities. They help to define their community, as well as define personalities of the individuals that make up the town or city. Online stores and retail giants are here to say, but that doesn’t mean there isn’t going to be room for the locally owned, brick and mortar small shops.
In fact, things like online shopping and huge retailers have only served to remind people how important it is to treasure and patronize a brick and mortar business such as yours.
Surprising Facts About Local Small Businesses
We mention all of this because we want you to know you are doing the right thing, when you continue to put the best of yourself into one or more of the local shops that make up your area. While it is easy to be overwhelmed by the many challenges facing locally owned independent retailers in this day and age, there is a lot of information out there that should serve to encourage you to continue in your local small business journey.
To that end, we’ve complied 9 surprising stats about locally owned brick and mortar small businesses that are well worth taking to heart:
1. Small businesses (defined as businesses with fewer than 500 employees) account for 99.7% of all business in the US.
2. Over 120 million people are employed by locally owned independent small businesses. That is more than fifty percent of the population!
3. Small businesses (firms with 1-499 employees) continue to add more net new jobs than large businesses (500+ employees)
4. Fifty-two percent of all small businesses are based out of the home.
5. America’s 3.7 million micro businesses made up 75.3 percent of all private-sector employers in 2013, and they provided 10.8 percent of the private-sector jobs.
6. At least 30 percent of all products ordered online are returned as compared to 8.89 percent in brick-and-mortar stores.
7. Current sales value of U.S. brick & mortar retailers is $3.9 trillion.
8. 94% of total retail sales are still generated in brick & mortar stores.
9. Half of brick & mortar retailers are “showrooming”.
The stats above should make it abundantly clear that brick and mortar businesses still have a lot to offer not only consumers, but the community as a whole. Local shops are the backbone of our economy and we should all do our part in supporting locally owned brick and mortar small businesses! Hope you liked this post. If so, check out the others below.