The Crimson

The Importance of Small Businesses

Madison Case, Editor in Chief

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News of small businesses being shut down around Bernardsville is frequent, thus sparking the debate of the importance of small businesses. While many are impartial to the closure of small, privately owned corporations, others are passionate about supporting local stores.

“My family just recently opened up a small restaurant in Raritan, and it made me appreciate small businesses to a whole new level,” said Junior Francesca Morales. “I think that everyone should support smaller, family-owned stores and restaurants because they all put in so much effort and don’t get nearly enough recognition.”

Small businesses are often overlooked despite how much they contribute to communities. According to the SBA, or the U.S. Small Business Administration, 96% of employer firms are represented by small businesses. In addition, the share of employment and payroll increased significantly.

Because these businesses operate locally, there are many job openings and opportunities for those who live in the area. With this being said, local small businesses are more inclined to hire students and younger adults.

Small businesses also contribute to the identity of the community. For example, what would Bernardsville be without Lenny’s, Penguin Ice Cream, or Tons of Toys?

By supporting local small businesses, consumers are also giving money back to the community. Prosperous and flourishing businesses that produce high levels of revenue, or income, will end up paying more in taxes that will directly benefit school districts and local governments. So, with that being said, consumers can help better local schools by helping local businesses.

On the contrary, many argue that small businesses shut down simply because of the underestimated difficulty. Despite the benefits, the damages to the company can be detrimental. Owners can be pushed into a large amount of debt if the business is unsuccessful.

“Sometimes it won’t work out,” said Junior Ben Lane. “That’s just business. I think that the majority of business owners knew that there was a chance of failure when they opened, but the fate lies in the hands of the community. If you aren’t willing to help small businesses, then you can’t complain when stores start shutting down around town.”

Nonetheless, without the support of local consumer, these small local businesses will close; they thrive off of support, and if it is not given, then there is no chance at success. Communities need to come together and recognize the importance of small businesses, because the benefits of them are immense and can truly tie a town together.

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The Importance of Small Businesses