Small businesses help communities thrive and often provide essential or niche services at affordable rates. As such, they impact the economic development in their area. If you own or are thinking of starting a company, here are the many ways local organizations influence their towns. 

How Small Businesses Impact Economic Growth

1. Unifying Thread in Communities

Small businesses are often an integral part of the town. For example, the local little league team may be run by a school, which then hires local sports education professionals and turn to a neighborhood uniform and embroidery shop for apparel. If the city manages the facility, they’ll enlist area landscaping experts to maintain it, or perhaps security personnel to keep it safe. Almost everywhere you look, institutions depend on small businesses to complete the missing pieces of their operations.

2. Pushed by Entrepreneurs

Most small businesses and start-ups are run by a modest group of people who are passionate about their work and the products they offer. Whether you’re next in line for the family-owned shop or trying to start a company, you can influence the community through necessary services and greater involvement. By enticing customers into your storefront or online catalog and fueling the local economy, you might even catch the attention of people outside the town.

3. On the Rise

Because small businesses are fueled by energetic, devoted owners, they are more likely to excel in the larger marketplace. In fact, success rates have been consistently rising since 1977, and the failure rate for small-scale companies is down by 30%. Whether due to optimized management systems, new technology, or a resilient generation, these odds are promising for aspiring business owners. No matter what you do, you have a real shot at influencing economic development in the community and beyond.

Because of all the weight small business have regarding economic development, it’s essential that they are seen and treated as key players in their communities, as well as on a grander scale. That’s why Huntington Township Chamber of Commerce supports entrepreneurs and small businesses in the Suffolk County, NY, area. Get involved in their networking events by visiting the website and viewing the calendar. Call (631) 423-6100 today to ask questions about becoming a member.