National Small Business Day
annually on May 10th
National Small Business Day celebrates small businesses and honors small business owners. It was officially designated by the Small Business Administration and occurs around the same time of year that National Small Business Week takes place, which honors important small businesses around the country.
Technically, over 99% of firms in the United States are small businesses. Not all have 20 employees or less, though, and many are much larger. Still, over half of small businesses are home-based, and about one out of every five firms in the United States is family owned.
About 6.5 million new businesses are started in the United States each year, and about three-fifths of new jobs in the country come from small businesses. It takes approximately six days to start a small business in the United States. In 2016, the one-year survival rate for businesses was 79.9%. About half of businesses make it five years or longer, and about a third last ten years or more.
How to Observe
One way to celebrate the day could be to support some of your favorite small businesses in your community. They could be a small mom and pop store, or a manufacturing company with 1,000 employees that is the bedrock of the town. You could go shopping or eat at a small business or buy a product that is made at a local company. Some other ways that you could celebrate could be to join or learn more about the National Small Business Association or to learn more about small businesses through the Small Business Administration. Finally, you could use the day to start your own small business! The following resources can help prepare you to do so:
- "35 Facts About Small Business That Every Entrepreneur Should Know"
- "10 steps to start your business"
- "The Complete, 12-Step Guide to Starting a Business"