As the calendar turns to May, we celebrated Small Business Day on May 1st – a moment to recognize and appreciate the vital role our small businesses fill in shaping our quality of life and bolstering our local economy. These entrepreneurs usually operate with tight margins and immense dedication.
Small businesses foster a sense of place, offering personalized service and curated selections. From the independent bookstore fostering intellectual curiosity to the local game shop offering unique games and toys, these establishments cultivate social connections and contribute to the distinctive identity of Los Alamos. Businesses like these support local initiatives, sponsor community events, and contribute to the philanthropic landscape.
For most of us, our local economy is the one that affects us day in and day out, and the impact of small businesses is important. They are significant drivers of job creation, often providing entry-level opportunities and specialized employment that larger corporations may overlook. People often have their very first job at a local small business. According to the Small Business Administration (SBA), New Mexico has approximately 15,000 businesses that employ approximately 340,000 employees. 99% of companies in New Mexico are small businesses which employ 54.2% of New Mexico employees. When we buy locally, a greater proportion of revenue generated tends to circulate within the local economy. This “local multiplier effect” means that money spent at a small business is more likely to be reinvested in the community through wages, local sourcing, and support for other regional enterprises, strengthening the overall economic resilience of our region.
Small businesses can be hubs of creativity and entrepreneurship with agile and responsive management that caters to local needs and preferences, leading to a diverse marketplace of goods and services. This fosters healthy competition and encourages larger businesses to remain attentive to the evolving demands of the community. Independent businesses are also a model for other community members who think about starting a business, including young people.
This May, let’s choose to support these important foundations of our community! Whether it’s buying a VIP membership to SALA, purchasing a unique gift for a fur baby from Pet Pangaea, or utilizing the services of a neighborhood professional, our patronage directly contributes to the vitality and richness of our shared environment. By recognizing and celebrating Small Business Day, we acknowledge the invaluable contributions of these enterprises to our quality of life and the enduring strength of our local economy. You can
find some local small businesses in our Los Alamos Chamber of Commerce Directory here: https://losalamoschamber.chambermaster.com/list
Sources:
https://www.shoalseda.com/blog/the-role-of-small-businesses-in-community-growth
https://nationalbusiness.org/the-important-role-of-small-businesses-in-local-communities/
https://www.business.com/articles/meredith-wood-small-businesses-empower-communities/