You’re not just the little guys.
You’re not just the “backbone” or “lifeblood” of the economy.
Small businesses are the U.S. economy.
Because even though only 21.5% of small businesses employ people, 49% of the private U.S. workforce is employed by a small business.
And the importance of small business is only getting bigger.
It’s now estimated that small businesses make up a staggering 99.9% of all U.S. firms. Meaning entrepreneurs have an astonishing amount of control over and impact on economic activity within our society. 💥
Small business isn’t small. It’s enormous.
And never before has it mattered this much (hats off to you, entrepreneurs.)
It’s incredibly exciting, so let’s dig into these reasons why small business is so important (today more than ever).
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The Importance of Small Business in 2021
There are 31.7 million small businesses in the U.S. – compared to just 20,139 large businesses (those with 500+ employees). It’s clearly the dominant player. Here’s why:
1. Small Business Is Adaptable
Big businesses have always struggled to adapt, and it’s getting worse. In the ‘60s, the life expectancy of a firm in the Fortune 500 was only 50 years. Today, it’s less than 15 years (and declining). 📉
One of the best things about small business is the lack of red tape and bureaucracy around decision-making. And because small businesses are so adaptable, they can try out new tech, processes, and ideas much faster.
So, when consumer demands shift, customer-centric small businesses move to keep their customers happy in a way that a big brand can’t do. Consumers crave authenticity today, so being able to adapt quickly to what’s happening in the real world is a sure-fire way to build brand loyalty.
2. Large Businesses Learn From Small Businesses
Just because a business is small doesn’t mean they don’t know how to build wealth.
In fact, enterprise businesses and large corporations can (and should) learn from the ingenuity of their small business counterparts. 📝
Huge brands often keep tabs on what’s working and what’s not in the small business world. They can use data from choices small businesses make to pivot without taking big risks.
Plus, small business trends can be good to signal competition and need.
Because truthfully, all businesses start small. Steve Jobs was once a small business owner (with an infamous high-achievement mindset) working out of his garage.
But chances are, each one of those brands has learned from small businesses – their own and others.
3. Small Business Inspires Innovation + Creativity
Innovation is one of the most impactful reasons why small business is so important. They’re constantly inventing, transforming, and changing.
Small businesses make 16x more patents per employee compared to larger firms.
And since 43% of high-tech employment is with a small business, it’s not surprising so many amazing revolutionary ideas, products, and processes have been flying out of the small business space.
4. Small Businesses Help Local Communities Thrive
What is the importance of small business to the economy? It’s imperative.
Successful small businesses fuel local economies by:
- Creating jobs that help people in the community make a living
- Adding revenue through taxes that help spur development
- Establishing a sense of community pride
- Providing income for local employees who keep money flowing through the community
It’s true – Inc. reports that small business paychecks account for 42.9% of all payroll dollars. So “Main Street USA” may be a clever nickname on a campaign trail, but the truth remains that small businesses drive a ton of consumer spending into the U.S. economy, as well as income tax dollars into the government’s budget. 💵
5. Small Business Creates Jobs… Everywhere
On top of providing local jobs, small businesses now have the power to create jobs globally, too.
Inc. also reports that, since 1995 (around the time the Internet was introduced to society), small businesses have been responsible for creating 2 out of every 3 net new U.S. jobs.
Small business owners now have access to a global network of skilled employees and contractors who are happy to take advantage of flexible remote work.
The digital revolution we’re living in now has skyrocketed the impact and importance of small business. Content marketing is the only marketing left, and small business has been quick to adapt by embracing the power of strategic content marketing.
But just like the big guys, growth doesn’t come easy. Things like the Internet and a global pandemic have rapidly shifted the way small businesses operate and succeed.
What Makes a Small Business Successful?
We can’t talk about the role and importance of small business without acknowledging the explosive world of content creation.
Content marketing’s impact on small biz (and the world) can’t be understated — by 2024, content marketing will be worth a staggering $600 billion.
Simply put — strategic content creation is now the strongest tool successful small businesses are using to boost profits and create lasting impact. It builds trust, brings in sales, and can be automated to free your time.
Here’s why content marketing has become the key strategy for growing your small business. 🔑
1. The ROI Is Astounding
Here’s what all the fuss around small business content marketing is about.
The return on investment is out of control. Just take a peek at these wild content marketing ROI statistics for proof.
Here’s what I’m talking about:
- Creating content is incredibly affordable
- High-quality content can bring in a lot of income
Google now handles over 6 billion searches per day. That’s a lot of people looking for answers.
So, if you know what you’re doing and create helpful content, you’re going to get sales. I’m talking about an entirely new stream of revenue. 💰
Will your small business be the one that helps solve your target audience’s problems when they turn to a Google search? It won’t if you’re not investing in content marketing.
Content Marketing is way cheaper than traditional advertising and works much better.
PPC advertising is expensive and time-consuming, while content marketing can be set up to basically run itself (once you’ve got the right process in place).
Wondering how to set up your content marketing this way? I don’t blame you — it’s THE way to stop chasing your tail and actually achieve growth. Luckily, I cover many of the key foundations in my 1-hour workshops, including how to build and launch a website, how to write online content, content marketing strategies for ecommerce brands, and more. Find all workshops here and enroll today!
2. Content Is Sustainable
Did you know that when it comes to the longevity and lifespan of content, blogs and website content win?
Building a sustainable business should be part of any entrepreneur’s long-term plan. And that’s why modern creative entrepreneurs are so obsessed with content marketing (they’re known as Content Hackers).
But content marketing is powerful only with a plan in place. If you’re being strategic about how you produce, publish, and manage your content (especially by updating old content) – it’s going to serve your brand in the following ways:
- Remains useful to readers
- Stays relevant
- Brings in targeted web traffic (attracts leads)
- Makes sales
- Turns customers into raving fans
- Builds authority
Whatever service or product you’re offering, creating a solid content marketing strategy will put your content directly in front of customers who are already looking for your solutions.
Ready to buckle down and learn how to build a thriving and sustainable online business through content? I can be your mentor and show you the way. Apply for a spot in The Content Transformation© System now.
3. You Can’t Fake It
Do you have content marketing skills? Do you know SEO? Know how long a blog post should be?
In the data-driven world of digital marketing, gone are the days of throwing a few bucks at a black hat SEO expert to stuff your blogs with non-sensical keywords. Google (and your target audience) have become smarter — they’re expecting high-quality content and nothing less.
This means you have to know what you’re doing when it comes to content marketing. There’s too much content out there to expect yours to be impactful if it isn’t good. Luckily, these marketing skills can be taught in a short amount of time (no marketing degree needed).
Expand Your Reach Through Content
Clearly, there’s never been a better time to be a small business entrepreneur. But countless business owners are overworked and exhausted, trying to do everything themselves.
Here’s the thing — you can achieve success in your small business without working yourself to burnout. You just need to learn how to create and maintain a sustainable process.
So, what’s the first step to take to finally break through and create or scale an online business that exceeds your goals?
Prioritize learning how to manage your business growth through content marketing.
Ready for monumental change? Learn more about how to build your own long-term small business growth in my Content Transformation System.