Small businesses are the backbone of the American and global economies. In fact, over 99% of American firms are small businesses, and there are currently around 400 million small businesses worldwide.1
March 29 is a day that we acknowledge small business owners everywhere by celebrating National Mom and Pop Business Owners Day. Rick and Margie Segel created the holiday in honor of the hat shop their parents opened in 1939. Over the years, their shop grew into a $2 million specialty clothing store with a 10,000 square foot store.2
It’s estimated that by 2030, 600 million new jobs will be needed, and small businesses will account for the majority of them.
How can you celebrate the small businesses that make up your community?
- Create your own “small business crawl” and explore the small businesses that make up your community. You may find a new favorite place to shop.
- Purchase gift cards for yourself, family, and friends from your favorite local spots.
- Leave reviews on Google to help others find your favorite small businesses.
- Celebrate your favorite small businesses on social media by using the hashtag #MomPopBusinessOwnersDay.
Thanks to the Internet and digital technology, it’s easier to start your own business than ever. Instead of worrying about physical space, you can set up a digital store with little to no investment capital. In fact, over 50% of small businesses start at home. Are you considering dipping your toes into the entrepreneurial waters? Talk with your financial advisor and your accountant to see if there’s anything you need to consider to join the ranks of the millions around the globe who count themselves amongst the small business owners of the world.
National Mom and Pop Business Owners Day recognizes the hard work and devotion that millions of business owners put in every day. We hope you use National Mom and Pop Business Owners Day as a chance to connect with the small businesses that keep America running.
Spectrum Wealth Management, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Additional information about Spectrum’s investment advisory services is found in Form ADV Part 2, which is available upon request. The information presented is for educational and illustrative purposes only and does not constitute tax, legal, or investment advice. Tax and legal counsel should be engaged before taking any action. The opinions expressed and material provided are for general information and should not be considered a solicitation for purchasing or selling any security.