This is a guest post from WeUsThem Inc.
(Member since 2013)
Dear Small Business Owner:
We all know that small businesses are the foundation, the lifeblood of the Nova Scotian economy. Small businesses contribute greatly to our local economy by creating jobs, paying sales and property taxes, and further supporting the local business community by buying from other local suppliers. For every $100 spent at a small business, $68 returns to the local economy (see Prime Pay for more details).
Small businesses can be in any industry, be developing a product or service, and serving customers locally or internationally. I know that you are diverse in who you are and what you do. For so many great ideas and entrepreneurs with a strong work ethic, the main issue can be getting off the ground. I am glad there are a lot of incubators, startup seed organizations, and government supports that exist for you here in Nova Scotia and across the country. Any company may not plan to go national or international, but the important thing is that you coat our shores and the mainland with a healthy injection into our local economies that these supports are here for.
The unfortunate reality of the past couple of years is that small businesses were stuck in limbo due to the uncertainty of our economy and widespread closures due to the COVID-19 pandemic. That said, you, my fellow entrepreneur, have a drive that has resulted in you coming back even stronger than you once were. I am here cheering you on each day and will rally behind your continued growth as, regardless of the inflationary pressures we all feel, our economy restarts and roars back.
Everyone has an idea; the difference for us in Nova Scotia is that it seems to be full of people with fantastic ideas. You, small business, are innovative create over 16 times more patents per employee than large companies (see Small Business & Entrepreneurship Council). According to Statistics Canada, small businesses accounted for 98.1% of all employer businesses in Canada, in 2021. Last year, they employed 10.3 million Canadians, equating to 63.8% of our total labour force. Innovation is in your blood and the chutzpah to survive and thrive is within you.
There’s something about small businesses that is not only inviting to do-ers and go-getters but to customers as well. A mom-and-pop shop like yourself selling suits for the past 50 years has a special draw to potential customers — you offer a unique type of attention and service.
How can we help ensure a prosperous future, full of small businesses? Help those who have an idea find out how to make it work. Teach them the good and the bad of being a small business owner through your own journey. Sure, in the beginning it can be slow, working a hefty 60-hour week or on the opposite end, not having the time to dedicate to the concept, but the rewards of pursuing your dreams has no equal. Remind them to be tenacious and not lose hope when it gets tough. Tell them to avoid the naysayers and to chase their dream with everything in them. Also tell them that there are a whole bunch of us that they can reach out to for help, or at the very least for a check-in to get them through the tough times. We are lone rangers as you well know, but a helping hand never hurt us so, let's ensure the new aspiring small businesses know that as well.
You may no longer be a small business someday, and my hope remains that each of you to find success, as you define it. Don’t forget that you too struggled, you too built this from the ground up, and now there are others that can follow suit with your guidance, mentorship, and sage advice. By participating in building yet another small business, you are adding to the bloodline of our economy.
We need you and more of you, so go forth and propagate by bringing on new players to ride this tumultuous wave of entrepreneurship. Rest assured the rest of the community will be here cheering you on. They appreciate you as much as I do and will continue to support you as you do them.
To you and everyone that make you possible, Happy Small Business Week!
Love,
The Community
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