The business world can be scary at times, especially when business owners become too obsessed with the survival of their business to focus on more important matters. However, for business owners who understand economics, the situation can be a lot less frightening. Economics is not only about budgets, costs and profit margins. It is also about the welfare of small business, which is why many economists study business news and the economy to keep tabs on the state of business at all times. For business owners who understand economics, bad economic news should not scare them; in fact, it should encourage them to do whatever it takes to increase business revenues and profits.
For the small business owner who understands that economics is about the business as whole, it is not hard to figure out where the problems might be coming from. Small businesses with fewer than five employees comprise only 48% of America’s employed workforce and 43.5 percent of its gross domestic product, and they face an existential threat from an unknown recession. According to a recent report, the number of small businesses has fallen by one-third during the past two decades, and many experts believe this drop is directly related to the decline of manufacturing. While it may not seem logical that a decrease in manufacturing leads to a decrease in business revenues, the logic is simple: if manufacturing is decreasing, so does employment!
The number of Floridians without a business, meanwhile, has increased by nearly twenty percent since the turn of the millennium. Although Florida was recently among the states with the highest rates of small businesses per capita, there is still room to grow. And the entrepreneurial spirit in Florida is stronger than ever.
There are a number of factors contributing to the dire state of affairs for many Florida small businesses. One, of course, is the natural disaster that struck the state two years ago. Another factor is the recession, which has hurt every sector of the economy, but especially small business.
With both these issues on their plate, entrepreneurs are hesitant to invest in new ventures. For many of these entrepreneurs, making the leap from being an employee or Nights Club member to starting their own business can be daunting. Fortunately, there are a number of opportunities available for Florida’s small business owners.
A recent study showed that the response rate for phone calls to small businesses after the pandemic was unusually high following the deadly H3N1 swine flu epidemic. But this was a good thing because it meant that businesses were taking the necessary precautions against an outbreak of the deadly virus. Also, when the pandemic ended, the response rate dropped drastically. The most important thing, however, was the fact that more than half of all contacts with the disease occurred between October and November. This demonstrates that small businesses were well on their way to overcoming the crisis. Additionally, the number of cases eventually fewer as the weather got better.
Another great example of how putting your business first is crucial comes from the home health industry. Many small businesses in Florida and throughout the country suffer, primarily from lack of access to doctors when they become ill. For this reason, many businesses have taken steps to establish home medical offices. Doctors visit these homes and treat patients, using the best technology to diagnose and treat their ailments, while giving them peace of mind knowing that they will not be far from home.
In conclusion, the business environment in Florida is very conducive to entrepreneurial growth. There are plenty of resources available for business owners, including news, podcasts and articles discussing the ins and outs of small businesses in the state. With so much opportunity, why not take advantage of this favorable environment and start a business of your own?