National Mom and Pop Business Owners Day is March 29

Posted by: Joseph Kuo | March 25, 2022

How can you celebrate the small mom and pop businesses that make up your community?

Mom and pop businesses are the backbone of the American and global economies and a pillar of our local communities. They account for 44% of the USA’s Gross Domestic Product, create two-thirds of net new jobs, and employ nearly half of America’s workforce. In fact, over 99% of American firms are small businesses, and in the USA there are currently over five million small businesses of fewer than 20 employees. It’s estimated that by 2030, 600 million new jobs will be needed, and small businesses will account for the majority of them.

There are at least two days on the calendar that recognize small businesses. The first is Small Business Saturday, which takes place every November, usually the Saturday of Thanksgiving weekend. Coming up sooner though is National Mom and Pop Business Owners Day, which will be next Tuesday on March 29. Rick and Margie Segel created the holiday in honor of the hat shop their parents opened in 1939. Over the years, their shop grew into a $2 million specialty clothing business with a 10,000 square foot storefront.

Supporting Your Local Mom and Pop Businesses

How can you celebrate the small businesses that make up your community?

  • Create your own “small business crawl” and explore the small businesses that make up your community. You can build a crawl around a common sequence of errands you have to run, or a favored place to eat or shop.
  • Purchase gift cards for yourself, family, and friends from your favorite local spots.
  • Leave reviews on Google to help others find your favorite small businesses.
  • Share and celebrate your favorite small businesses on social media. (The hashtag for National Mom and Pop Business Owners Day is #MomPopBusinessOwnersDay.)

Starting You Own Mom and Pop Business

Aside from supporting your local mom and pop business, you may also have, or be interested in starting, a mom and pop business of your own. Are you considering dipping your toes into the entrepreneurial waters?  Thanks to the Internet and digital technology, it’s easier to start your own business than ever. Instead of worrying about physical space, you can set up a digital store with little to no investment capital. In fact, over 50% of small businesses start at home.

You can start a small business in many ways and on many scales. You can start a business in your spare time as a expression of a hobby you enjoy or a topic you’re passionate about. If you want to pursue a more serious concept, another common entry point is recognizing a problem either in your community or your profession’s ecosystem and coming up with a solution you can replicate and scale.  Or, as I did, you can take the skills from your full-time job and strike out on your own.

Although running a small business is not easy, it can be very rewarding. There’s no boss you can ask for guidance, although there are many resources for peer support. While you will have to deal with the administrative and accounting aspects of the business, at the same time you can generally set your own hours. That level of freedom gives you a great quality of life. There’s also a great level of satisfaction in working for yourself.

National Mom and Pop Business Owners Day recognizes the hard work and devotion that millions of business owners put in every day. We hope you use National Mom and Pop Business Owners Day as a chance to connect with the small businesses that keep America running. And if you are interested in joining the ranks of the millions of the small business owners around the globe, talk with your financial advisor and your accountant to see if there’s anything you need to consider.

To speak with an experienced financial advisor about starting your own small business, contact me at joseph@abundancewp.com, or schedule a meeting by clicking the button below:

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