According to the Small Business Administration’s United States Small Business Profile for 2017, small businesses employ more than 57.9 million people, almost half of the private sector workforce in 2014. Firms with fewer than 100 employees made up the largest share of small business employment. Small businesses created 1.4 million net jobs in 2014.
In the second quarter of 2015, 234,000 establishments started up, generating 839,000 new jobs in the United States. But in the same period, 213,000 establishments exited resulting in 735,000 jobs lost. Exits occur when establishments go from having at least one employee to having none, and then remain closed for at least one year. (Source: SBA)
Here in Washington, small businesses employ over 1.3 million people, more than half of all private sector jobs in Washington. (Source: SBA)
What do these numbers mean?
It means that every startup usually creates 2-5 new jobs in their community. It also means that every time a small business fails those same 2-5 jobs are lost. Small businesses, and startup in particular, are essential to the health and vibrancy of our communities.
“Small business is the engine of our national economy through business formation, job creation, and wealth building.” SCORE.
What are we doing to help?
We understand the importance of giving back to our community and ensuring that new business owners and startups have the resources needed to succeed. Our staff are dedicated to volunteering their time to support programs like SCORE, a nonprofit association of business mentors. We also offer free tips and resources on our blog and website. However, our most important programs are our special discounts.
In 2017, though our startup discount program, we assisted over a dozen startups to open their doors in Bremerton, Bainbridge, and Port Townsend. These startups have produced over 50 new jobs this year alone! To put it another way, that is over $1,560,000 returned to our community in the form of job creation.
This program cost our firm about $100,000 in labor and products each year. The success of this program is due to the continued support of our customers. We would like to thank you again for your continued support.