Every year, National Small Business Week celebrates and supports the local businesses that make up half of the country’s workforce. In Maryland alone, there are over 640,000 small businesses that play a vital role in the economy.
One of the biggest challenges faced by new entrepreneurs is access to capital. According to Senior Advisor Rhett Buttle, having capital is essential in the first five years of business to ensure stability and growth. Financial growth is crucial for businesses to succeed, and the U.S Chamber of Commerce recommends having three to six months’ worth of cash on hand.
Healthcare costs are another significant challenge for small businesses. Approximately 62 percent of small businesses do not offer health insurance due to costs. Despite this, small businesses can offer other benefits, such as flexibility and community for their employees. Buttle emphasizes the importance of policymakers adjusting tax reforms to help small business owners, such as rolling back tax cuts for corporations and doubling startup deductions.
Small businesses are calling for a level playing field to compete, invest in communities, hire more people, and grow their businesses. Supporting local entrepreneurs can be as simple as making a conscious decision to shop at small businesses on Main Street. Despite the convenience of online shopping, visiting local businesses is essential in showing support for small businesses during National Small Business Week and beyond.