Small Business Week | April 30 – May 6, 2023
There are 33.2 million small businesses in America, accounting for 99.9% of all United States businesses. The economic effect of driving innovation, creating jobs, and contributing to the culture of local communities, can be felt throughout the economy. Every year, the U.S. Small Business Administration (SBA) dedicates a week to celebrate the contributions of small businesses. Typically the first week of May, Small Business Week is a time to recognize the impact and achievements of business owners and their effect on the economy and the communities in which they serve and do business.
National Small Business Week serves a multitude of purposes. From recognition and support to collaboration and advocacy, this week honors the dedication of small business owners and entrepreneurs who play an important role in driving economic growth. The SBA hosts workshops, seminars, and networking events aimed at sharing best practices and trends to help small businesses succeed. Covering a wide range of topics that include business planning, financing, technology, marketing, and others. The SBA also recognizes outstanding accomplishments in the small business sector for companies and business leaders in all 50 states with awards.
Entrepreneurship on the Rise
There has been a surge in entrepreneurship, with a record 10.5 million entrepreneurs submitting applications to start a business in the last two years. In BizBuySell’s quarterly Insight Report, 45% of entrepreneurs believe now is a good time to buy a business. Businesses sold on BizBuySell in the first quarter of 2023 reported higher financials, with median revenue up 6.7% over the previous year. The latest MetLife & U.S. Chamber of Commerce Small Business Index reports 63% of small business owners report that their business is in good health, which has remained stable over the last year. Despite current economic uncertainty, the business-for-sale marketplace is expected to be full of promise in 2023.
Small Business Week is a time to recognize the important role small businesses play in our economy. The Small Business Administration provides a platform for promoting and supporting the growth and success of businesses through recognition, education, networking, and financing. There are a variety of options for financing the purchase of a business. Business buyers can use a combination of financing to fund their business. If you’d like to gain insight into SBA loans for buying a business, check out SBA Loans 101, or connect with an experienced SBA lender.