With all the attention given to big businesses like Amazon, Wayfair, Bosch, and Toyota — all of whom have major facilities in northern Kentucky — we sometimes forget small businesses are the backbone of our economy.
Nationally, over 99 percent of businesses are small businesses; over half of all employees are employed by them. Small businesses need our help. The holidays are a perfect time to recommit to supporting small businesses.
I remember my dad, a small businessman, saying, “Employees are interested in hearing about profit sharing.” He remarked he had never had an employee ask about “loss sharing.” Dad was exactly right. The small business person takes all the risk, and if there is a loss or they go belly-up, the financial ramifications are fully their burden to bear.
Opening and running a small business, giving employment opportunities to dozens or even hundreds, is a tremendous risk. According to the U.S. Bureau of Labor Statistics, one in five U.S. businesses fail within the first year. Nearly 50 percent have faltered within 10 years, and an even more significant percentage—65.5 percent—have failed after 10 years.
Unlike big businesses that can afford to hire lobbyists to advocate for their interests, small businesses do not have the same luxury. They cannot afford such an expense while trying to meet customer demand and make payroll.
I consider it my responsibility to be a voice for them in Frankfort. That is why I am committed to standing up for small businesses as your state senator and Senate Licensing and Occupations Committee chair—the committee that all business regulation and licensing policy pass through. We must have equitable taxes and regulations and make sure public policy is friendly enough for a small business to navigate without having to hire additional staff to figure it out.
Small businesses exist in every industry, from freelance writers to retailers, hairdressers, tax experts and even private practice doctors or, to quote the nursery rhyme, “the butcher, the baker, and the candlestick maker.” These are our neighbors, our children, moms and dads. This holiday season, let’s make sure we support them.
Senator John Schickel, R-Union, represents the 11th District in northern and central Boone County.