National Small Business Week: Celebrating the Contributions of Small Biz Owners
April 28 - May 4 is Small Business Week, a time to recognize the hard work, dedication, and important contributions of small business owners hustling and grinding daily to turn their dreams into reality. In many ways, small businesses are the backbone of our society. They contribute ideas, diversity, and growth to the economy while also fostering the spirit of innovation and entrepreneurship so crucial to the American dream.
Being a small business owner, however, is filled with many ups and downs, challenges and triumphs. As a small business owner myself, I know just how many hats small biz owners wear, how many hours they work, and how flexible they must be to navigate the shifting market, consumer preferences, and fleeting digital marketing trends. In honor of small business owners everywhere, I’ll go over the challenges and benefits of running a small business, as well as advice from one small biz owner to another.
Here’s to building our dream brands and businesses from the ground up, one brick at a time.
Behind the scenes of running a small business
Many people don’t truly understand the mechanics behind running a small business: the sleepless nights, the overwhelming mornings, the never-ending to-do lists...and did I mention stuff like hiring, firing, and profit margins? Whew! While the glamorized version of owning and working in your own bakery may be an ideal backdrop for a Hallmark holiday movie, the reality is quite different.
One of the biggest hurdles faced by small businesses is dealing with cash flow. Without access to the funds available to bigger companies and startups, small businesses often struggle to stay open and see returns. Also, without bigger teams comprised of specialized roles and duties, those running a small business are often responsible for many moving parts across various fields, whether marketing, operations, customer service, production, design, or finance.
Without access to these funds and a larger talent pool, it can be difficult for small businesses to compete with the reach of larger, more established brands. Today’s crowded digital marketplace requires innovative strategies, a sharp focus on community, and a unique value proposition that draws in your target audience. Luckily, being a small business owner gives you the opportunity to do just that, as well as experiment with many new ways that drift from the heavily bureaucratic processes of larger companies – and can thus differentiate your brand.
One of the huge positives of being a small business owner is the freedom to call the shots as you see fit. In many ways, larger enterprises are working off long-established processes that are often fixed and require many steps and long periods of time to update. As a small business owner, however, you have the flexibility to try new things, quickly pivot on strategies, experiment with your own ideas, and step into a unique position that can help your brand stick out and resonate with your audience.
Another great perk of being a small business owner is the opportunity to establish and grow powerful relationships with your consumers and community. As the face of a brand, small business owners can place themselves at the center of customer relations and audience growth, which helps foster loyalty, trust, and belonging. When growing your brand’s community, forming relationships is key, and being a central touchpoint of the consumer experience will give you a great advantage in personalizing and establishing those relationships.
Last, but definitely not least, small businesses can stimulate local economies and encourage growth with job opportunities, brand recognition, and relationships with local vendors and suppliers. Many smaller towns rely on small businesses to generate income, boost tourism, and provide employment.
While being a small business owner comes with its fair share of challenges, there are also incredible opportunities for both personal and professional growth that come with running your own company. There is so much to learn from entrepreneurship, and being a small business owner helps you understand and appreciate the many facets of the business world, from supply and demand to budget forecasting to operations, and more.
From one small business owner to another
I get the emotional rollercoaster of starting and running your own small business. I’ve experienced the same frustrations, elations, questions, and burnout as founders everywhere. But I’ve also learned a thing or two about running a small biz. Here are some pieces of advice, from one small business owner to another.
Consistency is more important than motivation. When working on your own passion project turned business, it can be easy to rely solely on motivation to churn out your work. But motivation eventually runs out. Be consistent in your routine, especially when you don’t feel like it, and over time you will see the effects compound.
Focus on relationships. Build strong relationships with your team, your community, your customers, and other founders. People often return to places that make them feel like they belong. Foster that sense of belonging by playing a key part in your consumers’ journey.
Give yourself some self-love. Being a founder is taxing. Make sure to ask for help when you need it, rely on your support network, and make time to do things you enjoy outside of running your business.
Take risks. While it’s important to be realistic with your goals and strategies, isn’t the point of starting your own company to do things differently? Follow your intuition, and take risks when you see opportunities.
Conclusion
In honor of National Small Business Week, let’s take a moment to acknowledge the hustle, dedication, and flexibility of small business owners. While being a small business owner comes with many challenges, it is also an incredible opportunity to help your community, be your own boss, and see personal and professional growth. From one small business to another, I see you and I’m cheering for you. Let’s keep hustling and leaving an impact on the world together.
