Our founders grew up knowing the passion and persistence required to start and build a successful “mom-and-pop” business. Mom-and-pop businesses are defined as family-owned businesses that stay small and independant or grow into an industry giant - hello Sam Walton and Walmart! Whatever the origin-story, today we celebrate all of the intrepid founders and operators of “mom and pop” businesses and recognize the grit, determination, innovation and plain hard work that goes into making them a success - from an on-line marketplace to your favorite corner store. Mom-and-pop businesses provide a critical service to our communities, offering jobs and local products and services that are tied to their deep and authentic roots in the communities and people they support.
By the Numbers*:
- 68% of small/medium-sized businesses have both a brick and mortar and an e-commerce presence.
- Family-owned businesses maintain control over their business and the original vision and passion that drove them to launch.
- Over half of the owners and operators of mom-and-pop businesses have an average age of over 50, so these businesses and jobs are a long-term source of income and employment.
- 70% of the companies in the US started with an idea and a small shop, even a garage (HP) or the trunk of a car (Nike)! For example, did you know Dell, Whole Foods, The Body Shop, HP, Apple, Nike, and Trader Joe’s all started as small, brick and mortar enterprises).
- 40% of millennials support shopping locally.
- 75% of customers remain loyal to stores they know and trust.
These small, community-based, locally-inspired businesses are critical to our economy. They drive opportunities for innovation, sustainable products and services, create jobs and raise their local communities as they succeed. So today, we say thank you and celebrate the mom-and-pop businesses – we all thrive when they thrive. So – go out there and shop at your favorite local corner or on-line store.
“Make something people want" includes making a company that people want to work for.” -Sahil Lavingia
*based on data estimates from https://www.fundera.com/blog/business-operations