Small businesses are more than just economic entities; they are the heartbeat of the U.S. economy. In Salt Lake City, Utah, a city known for its thriving business landscape, the importance of small businesses cannot be overstated.
A business consultant can help immeasurably. A CPA and a lawyer are also good sources for their specific roles. The kind of business is entirely up to you and should be the first thing you decide. What you choose would be best to be something that you like and/or know a great deal about.
Independent businesses provide their local economies with new jobs, products, revenue, services and more. Small businesses not only contribute economic benefits to their community but also charitable and innovative ones as well. Research shows that 66% of small business owners donate to charity.
If you want to start a new business, the Small Business Administration (SBA) can help. SBA's 10-step guide explains how to plan, launch, and manage your business. As you grow your business, it's important to understand taxes, how to hire and manage employees, and your legal responsibilities.
Professional Business Advisors: Consider hiring a business consultant or advisor who specializes in startups. They can provide invaluable guidance on everything from business plans to market analysis.
Talk to a Business Concierge for one-on-one guidance over the phone, in person or online. get independent advice from a Business Connect advisor and access a range of events, webinars and online resources. create a Business Profile to make it easier to manage your government transactions and business licences.
Small businesses are 99.9% of all businesses in the US. As of July 2024, there are 34.8 million small businesses compared to 19,688 large businesses. These small firms employ 59.0 million people, or 45.9% of all private-sector employees, and are responsible for 61.1% of overall job growth since 1995.
Small businesses are the backbone of the U.S. economy, creating two-thirds of all new jobs in recent decades.
Small businesses help support the local economy By shopping small, people not only help up-and-coming business owners but also their local economy as well. If a person were to spend $100 at a local business, it's estimated about 68% of that stays within their local economy.
Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world's largest consumer market.