Small businesses represent a significant portion of American enterprise. The U.S. Small Business Administration reports they account for 99.7 percent of all employers nationwide, yet they often struggle to get the financing they need to succeed and grow. Despite the proliferation of big box corporations that offer low prices and consistency, consumers are increasingly turning to Main Street shops when making their purchases.
People in Portland love small businesses
Portland, Oregon, is an example of a city in which patrons are driving the demand for local, independent offerings, according to a recent Washington Post article. Contributor Rob Pitingolo explains in the article that on a recent visit, he found himself in privately owned coffee shops where the operators roasted beans in house.
On top of that, the shop was in competition with 31 other roasters in the area, which was a far cry from the proliferation of Dunkin Donuts and Starbucks in Washington, D.C., where Pitingolo lives. He notes that there are only two such coffee roasters in the D.C. Metro area, and they were opened in the past three years.
Pitingolo points out that while in Portland, he noticed that people went out of their way to support small businesses rather than frequenting a corporate chain. This enables independent owners and entrepreneurs to experience a degree of success that might not currently be possible in regions that have a consumer culture less friendly to small businesses.
Small business love a growing trend?
While not every community across the United States is small business-centric, there is a movement in which consumers are turning toward independently owned enterprises, according to the findings from a recent Public Affairs Pulse study. The survey, which asked 1,750 adults across the country about their opinions regarding businesses, found 88 percent view mom-and-pop stores favorably.
More than half of respondents said they believe small businesses are more likely to engage in ethical and honest practices than larger corporations. Perhaps more importantly, 68 percent said they would prefer to patronize a small business than a nationwide chain even if that means paying higher prices for products and services.
As these trends continue, small business owners may realize an uptick in demand, which could fuel expansion and job creation. To stimulate success and keep up with incoming orders, they may need to acquire additional machinery or hire new employees. If they don't have the cash on hand yet, small business owners can turn to an alternative lender such as Five Point Capital for equipment leasing or a small business loan.