In the United States, small businesses have always been the backbone of the economy. They account for more than half of all private-sector jobs and contribute more than $2 trillion annually to the economy. And while small businesses may not always be as flashy as some of their larger counterparts, they are by far the most important engine of job growth in the United States.

Challenges Face By Small Business Owners

Despite this, small businesses face several challenges. One of the biggest is access to capital. Small businesses often have a harder time securing funding from banks and other traditional lenders, which can hamper their ability to grow and create jobs. Another challenge small businesses face is taxation. The tax code is littered with provisions that benefit larger businesses at the expense of small businesses. This puts small businesses at a disadvantage when competing against their larger counterparts.

A Promising Outlook For Small Business Owners

Despite these challenges, small businesses continue to be one of the most important drivers of economic growth in the United States. According to a study by the Kauffman Foundation, startup companies are responsible for almost all net job growth in the United States. And small businesses continue to be one of the most dynamic sectors of the economy, creating new jobs and innovations at a faster rate than large businesses.

Ultimately – Owning a Small Business Is Great!

As a small business owner, you get to enjoy the positive aspects of being your boss and making your own decisions. You also have the opportunity to network with other small business owners and learn from their experiences. However, one of the downsides of being a small business owner is that you may not have the resources or scale to compete with larger businesses.

Additionally, you may not have the same level of customer base or name recognition. Another downside is that you may have to work longer hours to get your business off the ground. But overall, being a small business owner has its pros and cons. Ultimately, it’s up to you to decide if the positives outweigh the negatives. 

From emerging startups to small businesses, to Main Street, and beyond, the need for financing has never been greater. At Atlas Capital Solutions, we take a personalized approach. Our mission is not only to help you achieve your financial goals but to also leverage our experience and expertise to inspire and guide you through the entire process.