Celebrate by 'Buying Local' from Madison's Small Businesses!

Did you know that more than 78 percent of all U.S. businesses in 2023 were independently owned? These businesses have fewer than 500 employees and accounted for nearly $1.8 billion in revenue that year. America's economy is truly powered by our small business owners and their dedicated teams! This means that a significant portion of Madison's workforce, which exceeds 15,000, is employed by small businesses.

The Diversity of Madison's Small Businesses

Madison boasts a vibrant array of small businesses. Our local economy includes retail shops in a bustling downtown shopping district, construction firms, and service providers like plumbing and HVAC specialists. We also have automotive sales and repair shops, art-related businesses, and many more categories that enrich our community.

Celebrating Small Business Week

In Indiana, the Small Business Administration (SBA) is celebrating small businesses with several free programs, both online and in-person. Here are some highlights:

• Q&A with SBA, online, Noon to 12:30 p.m. Thursday, May 7

• OMBWD Day (Office of Minority and Women Business Development), Indianapolis Motor Speedway, 9 a.m. to 3 p.m. Friday, May 8

• 2026 America's Seed Fund Week, online; Noon to 5 p.m. Tuesday-Thursday, May 12-14

• Rev Up Rural – Southeast Indiana, Scottsburg, 10 a.m. to noon Thursday, May 21

  
  

Growth in Diverse Ownership

The numbers for businesses owned by women, minority women, and women military veterans are on the rise. Overall, businesses owned by women increased by 20 percent in 2023. Businesses owned by women military veterans saw a nearly 26 percent increase, while those owned by minority women surged by almost 50 percent. These statistics come from the Annual Business Survey conducted by the U.S. Census Bureau.

According to the Indiana Entrepreneurial Scorecard, Jefferson County had 672 small-business establishments from 2021 to 2023. This includes 10 businesses owned by veterans, 70 owned by women, and another 10 owned by minorities. In 2022, the county also boasted 8,790 jobs in the Innovation Driven Enterprise sector, with an average wage nearing $78,000 per year.

Why Buy Local?

So, don’t just CELEBRATE small businesses and entrepreneurship in Madison and Jefferson County! Shop locally and hire local service providers. When you choose to buy local, you support your neighbors and help strengthen the community.

Join in the fun! The Indiana Small Business Development Corporation offers a wealth of information and support programs to help you start and grow your business in Indiana. The SBA provides loan programs and valuable information at SBA.gov. Additionally, the Census Bureau's website offers resources and free training opportunities to help you get started. Here are some useful links:

• Small Business resource page: Helps businesses identify customer needs and tap into new markets.

• Census Business Builder (CBB): A suite of services to help entrepreneurs examine competitors and find the best locations to start their businesses. Small businesses can use the CBB to craft their own business plans.

• Data User Guidance: Purposes and Uses of Economic Census Statistics: Provides key examples of how small businesses can use census data and tools for business planning.

• Webinars: The Census Bureau hosts various talks on business-related subjects, like last year’s webinar on Building a Better Business Plan Using Free Census Data.

  
  

Building a Stronger Community Together

By supporting local businesses, we contribute to a thriving economy. Each purchase helps create jobs and fosters community spirit. Let’s continue to uplift our local entrepreneurs and celebrate their contributions. Together, we can make Madison an even better place to live and work!

Sources for this post include the U.S. Small Business Administration, the U.S. Census Bureau, and the *Indiana Small Business Development Corporation