16 Apr 3 Reasons Mom & Pop Businesses Are Still Cool
Mom + Pop’s are the bootstrapped businesses that have made it work for generations across all cities including Nashville. They are not closing their latest round of funding, launching a hot new app, or building a new AI device instead they are ensuring the buildings you walk in each day are safe, you have proper lights to see and a clean place to conduct your affairs. Just the little (big) stuff. They are the ones behind the scenes making the IT in Music City happen. They are the firms laying the bricks for those new condos and high rises, they are running the electric, ensuring we can communicate and protecting assets when the rest of us are sleeping. They are the backbone of Nashville economy and a mainstay in NBIC’s portfolio of businesses. They are why we do what we do.
When NBIC started in 1986, small business and entrepreneurship wasn’t a “cool” term or one that people were running out in droves to do. When you look back for a while, big box retailers and Fortune 500 companies seemed to be the dominant players. However, mom and pop’s have always played a major role and are making a comeback according to Forbes, by generating over 50% of the US Gross National Product (GNP). As Nashville continues to grow, we wanted to share a few reasons why mom and pop’s are still endearing and a critical part of the city’s make up.
- A Personal Experience. When you think of your local small businesses, store front or restaurant, there is probably a favorite person you enjoy seeing when you visit or that one person that knows exactly what you need when you walk in the door. You can’t beat a personal relationship or business where everyone knows your name.
- Real-time Response. Online shopping is great and of course has it’s place, however there is nothing like being able to touch and feel the products, food, apparel, etc. you are looking to buy. Plus, the ability to ask questions directly to the people who are supplying the goods and services is priceless.
- Local Economy Driver. Small businesses are still the backbone of Nashville and other cities. They employ the youth to retired veteran and help cultivate community each day. According to News Channel 5 via Paychex, one of the nations largest payroll providers, Tennessee ranked number one in the nation in small business employment with a 1.2 percent growth last year.