Column 416       August 18, 2023

According to Forbes Magazine small businesses reign in the United States. They say:¹

●    With 33.2 million small businesses across America that means 99.9% of all businesses are rated as small. Obviously, this indicates how important the growth of small businesses is for the nation as a whole. Close down small businesses and the country is crippled.
●    Nearly 46.4% of the U.S. employees (61.7 million workers) are employed by a small business, yet more than 80% of small businesses have no employees. Therefore, 27.1 million businesses are run by a single owner and have no employees.
●    Just 16% of small businesses have 1-19 employees. And out of the 33.2 million small businesses, only 650,003 small businesses have between 20 and 499 employees.
●    The Bureau of Labor Statistics has stated that 9.6 million jobs were lost in the U.S. due to covid between May 2020 and September 2022.

At the end of last year the number of job openings in small businesses by industry size was:
●    Education and health services—34,725
●    Professional and business services—19,295
●    Wholesale and retail trade—18,989
●    Manufacturing—14,718
●    Leisure and hospitality—12,635
●    Construction—11,271
●    Financial activities—10,725
●    Transportation and utilities—9,377
●    Public administration—7,410
●    Other services—7,186
●    Information—2,721
●    Agriculture and related—2,291
●    Mining, quarrying, and oil and gas extraction—603

Nearly one out of three businesses does not have a website even though 76% of shoppers visit a business’s website before their physical location. More than 25% of all business is conducted online.

One in five businesses fails in their first year. After 20% fail in the first year, 30% fail in the second year and 50% by year five. The first five years are critical for new small businesses. About 42% fail by a lack of demand and 38% fail by running out of capital.

Small businesses are the heart of free enterprise. Markets dominated by large businesses are controlled and manipulated due to the size of the participants. Also, the huge businesses have a tendency to manipulate politicians which takes away the rights of ordinary citizens and small businesses.

If Americans want freedom and prosperity, they must strive to ensure that certain conditions exist.
●    The Constitution must be followed and not changed.
●    The Bill of Rights must be preserved and practiced as written.
●    There are three, and only three, equal branches of government.²
●    The Deep State must be eliminated.
●    States have rights and their functions should not be beholden to Federal programs.
●    Monopolies must not be allowed to develop, and if they do, they must be broken up.
●    Elections must be unquestionably honest with only citizens with proper IDs being able to vote.
●    Laws must be enforced as intended and illegal activity must have consequences.
●    The size of the Federal Government must be constrained.
●    Unconstitutional Federal agencies must be eliminated.³
●    Federal deficit spending must be outlawed except in the case of a declaration of war.
●    Absolute currency stability must be mandatory instead of allowing even any inflation.
●    The establishment of regulations must be limited to Congress, not bureaucrats.⁴
●    There needs to be sunset clauses on most laws and regulations.
●    Public schools must only teach the arts, sciences, and trades required for good citizenship.
●    The borders must be closed to illegal immigration.

Even most dictators realize their citizens are happier and more prosperous when there are well-established rules that foster the development of small businesses. Corrupt regimes that smother their citizens with rules and regulations that micromanage their every move will never see their citizens prosper organically.⁵

Small business success also depends on how businesses are managed. Usually the most important are loyal customers. But what brings in those customers is also critical. Having the lowest prices is not the number one draw because small businesses rarely have the economies of scale to undercut the mass producers. Consequently their attraction is elsewhere such as in providing unique products, services, or knowledge. Or it may simply be location. Lots of times it’s personal service and friendship. Yet in most cases, it still boils down to returning customers and customer referrals that keeps the small business going.

To your health.

Ted Slanker

Ted Slanker has been reporting on the fundamentals of nutritional research in publications, television and radio appearances, and at conferences since 1999. He condenses complex studies into the basics required for health and well-being. His eBook, The Real Diet of Man, is available online.

For additional reading:

1. Small Business Statistics Of 2023 by Kelly Main from Forbes Magazine

2. Branches of the U.S. Government

3. The 2021 “Unconstitutionality Index”: 19 Federal Rules And Regulations For Every Law Congress Passes by Clyde Wayne Crews Jr. from Forbes Magazine

4. by Charles N. Steelet and Jeffrey H. Bowmant from Yale Law School

5.  I Have Lived under Corrupt Regimes—the Cynicism Stalking Britain Is All Too Familiar by Nesrine Malik from The Guardian