About a year ago, I had the privilege of hearing the USA’s Small Business Administrator, Maria Contreras Sweet, speak at the Hispanic Chamber of Commerce’s annual dinner. During her moving speech it finally clicked – Small Businesses make a difference in our lives, our community’s economy, and our nation’s economy. They help individuals and families create an income and local economies to generate revenue.
When communities seek within to meet their needs, financial health can thrive. If people seek outside of their communities for goods and services, it places stress on people and wealth leaves the community. When small businesses thrive, jobs thrive, financial health thrives, schools thrive, public services thrive, and people thrive. Everything can thrive. When smaller communities excel, then the state, then nation, and eventually the USA can excel – our ultimate goal. When the USA can thrive, more and more small business can thrive. When our economy thrives, we all thrive.
If you have an idea that you think can become a small business, at least try to see the possibilities. St Louis has great resources to help entrepreneurs get their ideas onto paper and eventually into practice. There are even financial support programs as well! Schedule a time to talk with a financial coach, and we can share with you many resources.
If you have the choice, please avoid national chains and choose an independent or local business model. The benefits of opening an independent business include having the freedom to determine how you will operate the business, and avoiding paying expensive franchise fees that leave our community. And consider supporting local businesses when possible and you can see the immediate impact by knowing your dollars are being put towards a proprietor’s or employee’s salary. Your money is staying in your community.
By Sarah Dlugolecki, Financial Education Manager