Spending most of my adult life as a small business owner has been both rewarding and challenging. The past two decades have been jam-packed with being President of eRichards Consulting, business partners with my husband, raising three children and multiple four-legged ones. Much has been written about wives and husbands working together and if I am invited to write another article, I would happily add to the volumes. However, for the purpose of this article, I am focusing on some elucidating statistics regarding small businesses and the benefits of certifications for entrepreneurs.
I remember being newly certified as a Women Business Entrepreneur (WBE) through the Women’s Business Enterprise National Council (WBENC) and sitting at an event in NYC only to find myself mystified by the facts, figures and statistics that were being presented. That was over fifteen years ago. Today, the information about small business remains equally as illuminating as it was then.
Did you know that:
- There are 30.2 million small businesses within the United States
- These businesses employ roughly 58.9 million people
- This is approximately 47.5% of the employees in the US private sector
- Firms with fewer than 100 employees have the largest share of small business employment
- Firms employing fewer than 20 employees experienced largest gains, adding 1.1 million net jobs
- Smallest gains were in firms employing 100 to 499 employees, which added 387,874 net jobs
- Small firms are considered as companies with less than 500 employees
- Small businesses account for about half of our private GDP production
- Small businesses account for between 60-80% of all US jobs
Learning about the power and impact of small business on our national economy was pleasantly surprising. Up until that point, I had felt diffident about being a small business owner. Initially, people seemed to have a patronizing attitude toward me when they heard I ran a small business. Now, it is trending to be an entrepreneur. The solo entrepreneur who can make it work, be financially successful and have a work/life balance is looked upon admiration.
Hearing these facts made me stand a little taller, giving me the fortification I needed to feel confident I was doing something meaningful and significant. Being certified has afforded me the opportunity to network within a community of likeminded people who encouraged me and continue to introduce me to the contacts I need to grow my business. Being certified has steeled me with knowledge and strengthened my focus, which I greatly appreciate because being an entrepreneur requires tremendous motivation. Finding the right certification/s for your business is important. Are you woman, disabled, LBGTQ, minority, or veteran owned? There are organizations that can get you certified and connected with business people you want to meet.
Why get certified?
There are many benefits. To me, one of the most important ones was having a community. Often as a small business owner, especially when you are getting started, it can be like working in a vacuum.
Getting certified with a reputable national or international certifying body can get you online access to a database of resources, buyers and contacts.
You will be able to attend events that are educational with exciting keynote speakers and be inspired by meeting other more entrepreneurs. You might even have the chance to offer insights of your own to those who are just starting out. The bonds that can develop through these business events and networking opportunities are amazing.
In addition, being certified provides access to corporations that are seeking to do business with entrepreneurs because they get tax breaks as a result. Many enterprise companies usually have a Diversity Program that is incentivized to do business with small business owners. Networking and building relationships with corporate and or government bodies is essential to growing a business and developing a lasting and rewarding community.
With most quality certifiers, there are usually fees and applications which must be filled out and approved before getting your certification. Also, be aware that most certifications expire and so you need to allot your company the appropriate time needed to re-certify. I suggest you know what the expiration dates are in advance and mark your business calendar accordingly.