Out of the billions of businesses in the world, most of them are small businesses. According to the U.S. Small Business Administration, there are over 33 million small businesses in the United States alone. These businesses provide many workers with new jobs and support local economies.
With the help of technology, it has become much easier to start a business. People of all ages now have the power to start a company of their own, including some SHS students who have already started.
Izzy Molinaro, 11, began her business making rainbow loom figures and crochet plushies when she was only ten.
“I noticed that people wanted to buy stuff I made and decided to sell it,” she explained.
Gillian Stravach, 11, started their business, Fruitydaffodil, in 2021 where they sell handmade jewelry and crochet items.
Technology plays a huge role for many small businesses as social media has become a great place to sell and promote products. By posting on different media platforms, small business owners can advertise their products without the cost of buying ads. Many use premade platforms to sell their products while others make their own websites.
“I advertise posting pictures or videos of my work and sell them using Instagram (fruitydaffodil) and Venmo, but now I also have Etsy!” shared Stravach.
A handmade earring product from Gillian Stravach’s shop on Instagram and Etsy.
Molinaro has different preferences saying, “I use Instagram and in-person craft markets. I wouldn’t use Etsy because of fees. I don’t think it’s a maker-friendly platform. To promote them using social media and business cards.”
Handmade stuffed toy frogs from Izzy Molinaro at a crafts market event.
Running a business isn’t easy and what starts as a fun project can end up being a lot of work. Many small businesses rely on support and help from friends or family to help them get through rough times.
“It was fun until I realized that I actually had to run a business,” says Stravach, “My brother Quinn helps me with mailing products, and my other family members have always supported me.”
Other people start up with financial help and do the business parts by themselves. Some aren’t lucky enough to have support, financial or emotional, so they have to go through the process of making their business alone.
“I ran it all by myself with support from my mom,” explained Molinaro, “Starting out was successful, but I didn’t understand how to reach people interested in what I sold. The business aspect was hard to figure out.”
One of the business aspects is pricing products. Things like the time used to make the product, price of supplies, shipping, and more determined this. Small business products are often more expensive than corporations because big companies can afford to mass-produce products while small businesses do things themself.
“I figure out how long it takes me to make a product and add that hourly rate with a rough estimation of the price of the materials used,” shared Stravach.
A handmade pink hat from Gillian Stravach’s small business. ( Gillian Stravach)
Running a small business is challenging and because of the Covid pandemic, it was made a lot harder. Covid had a large effect on many businesses, but because large businesses can support themselves economically, the self-owned businesses took a heavy hit.
Before the pandemic, many small businesses weren’t succeeding. According to the U.S. Bureau of Labor Statistics (BLS), only 25% of small businesses will last 15 years with 20% failing in the first two years and 45% failing within 5 years.
During the pandemic, countless businesses failed. According to Austen American-Statesman, in May of 2020, 31% of small businesses claimed they stopped operating which is close to 1 ⁄ 3 of all small businesses in the U.S. In September of 2021, 85% of small businesses reopened after the COVID pandemic started according to Statista.
It is important to support these small businesses to support your community. When buying from local businesses, money gets recycled back into the community which goes to local taxes, other small businesses, and overall gets spread back to you.
Supporting Small businesses can also help reduce carbon footprint since products require less transportation, create more jobs within the community, and give back to the community locally since small businesses donate 250% more than corporate businesses according to Forbes.
So consider making your small businesses and making a difference in the community.
“Don’t give up, it starts slow but 9/10 times it works out. You learn from experience, it won’t come naturally,” advises Molinaro.
Support local businesses and help people express themselves through their art. Whether it be homemade jewelry, plushies, or a family restaurant, these businesses depend on you.