Businesses once shelved are now making a comeback. Thanks to the efforts of courageous and focused investors, ideas and products from the past are dug out of the grave and thrown in the mix once again. Like how board games and Pokemon are cool once again, most mom-and-pop stores receive the same treatment from the younger generation.
Small businesses account for 45% of the gross domestic product of the United States economy. In the same metric, small businesses (or businesses with less than 20 employees) accounted for 33 percent of all exports from the United States. Such is no small feat for what may seemingly be a small portion of the U.S. market.
Sustainable small businesses are on the rise mainly because the younger generation cares. Now that the millennials or the Gen-Y have the capacity to spend, they are spending their hard-earned money on tangible things that matter. The power and the potential selling a specific experience brings to them is a big plus for the latter generations.
Compared to the aging market, the fresh and young age group hunger for experiences deprived of them. They can now spend on things without caring too much about what other people are thinking. They embrace their uniqueness. The overall mindset has changed.
On a negative note, a lot of corporations are milking this side of millennials. Abusive practices and placing a premium on certain extras were formed to answer this unusual craving of the younger generations. A large portion of the market is taking notice of this, however. Sustainability of the business practice is fast becoming a factor for businesses to get their market’s patronage. The young markets are patronizing companies and products that are in line with their beliefs and values.
Which small businesses are making a comeback?
Home breweries were the original small business that was thought to be shelved for good. After conceding their position to large beer manufacturing companies, the art of making your own homebrew of beer became lost. While it was previously the norm to brew your own beer for each bar in rural areas, it became absolutely lost in the process of modernization and globalization. Just a few decades ago, home breweries were considered weird, peculiar, and unusual.
Nowadays, home breweries are generally accepted by the public. Home breweries offer a wild array of flavors you could never get from the big-name beer corporations. Most local breweries have an intense following from young adult audiences. As an aspiring homebrewer, you could even get Citra cryo hops and other ingredients commercially that can provide a unique aroma to your brew and can separate you from your competition. Home breweries are definitely making a comeback.
Mom-and-pop bakeries were previously alive only during garage sales and school donation drives. No one paid attention to them. Now that the younger generations are earning and can spend, they are now patronizing these Mom-and-pop stores that remind them so much of their childhood. Mom-and-Pop bakeries are also making a killing because of the pandemic.
Now that most businesses are closed down and many lost their jobs, people resort to selling items and goods that can be readily delivered anytime. Most of the Mom-and-Pop bakeries ended up returning from the grave and reviving their product line. Thankfully, there are millions of people patronizing their neighborhood goods.
Meat substitutes were first introduced by a small company in 1933. It somewhat faded in popularity because of the second World War. Fortunately, meat substitute products are making a comeback in the 21st century. What was previously thought to only serve a small portion of the market suddenly grew in popularity. More and more people are becoming more health-conscious and environmentally aware.
The horrors of the meat industry and its effects on the environment are slowly becoming revealed to the world as horrific causes of our dive into climate change. Vegan alternatives are now offered with the same taste and consistency as real meat as a substitute for meat products. While the consequences of our actions regarding the environment cannot be stopped, climate change can at least be slowed down. It all starts with supporting a small business that offers a better alternative to meat.
Small businesses are the anchor of almost all economies around the world. While we cannot downplay the effects of large corporations on the economy, small businesses are the backbone that drives the purchasing power of small consumers. So take the time to support them. Who knows? You can even start one.