Small business is a big part of the local economy and this month it’s being celebrated.
A significant majority (84 per cent) of all businesses in British Columbia are considered small businesses with five or fewer employees.
October is Small Business Month, an event being promoted by the Downtown Victoria Business Association.
Did you know small businesses account for more than 75% of Victoria's local economy?
— City of Victoria (@CityOfVictoria) October 1, 2019
Canada also has a national small business week which runs from Oct. 20-26, but that isn’t enough time according to Christine Wood from the DVBA.
“We have such a diverse and vibrant group of entrepreneurs in Victoria, many of whom have great stories to tell. We didn’t think that one week would let us celebrate them fully.”
Over the course of the month, they have prepared 28 profiles of local businesses. They hope to show not only the vital role they have in the economy but also how many business owners help the community.
Small Business Month is encouraging people to go out and make a point to shop local. They also want to change how people view the role of business, says Wood.
“I think there is a perception that the business community and downtown community are very separate but it really is a community. A lot of these people do a lot for the community. They also chose to be in downtown and make a conscious decision to help their community grow.
Brad Holmes, owner, and chef of OLO made a joke sums up the symbiotic relationship small businesses have.
“I try and push the local economy. I go into Hey Happy and give Rob (owner) my money and talk about my food so he will come to my place and give me back my money. It’s kind of like we’re all just passing around the same hundred dollar bill.”
While not literally true, it does emphasize that small businesses are inherently linked by each other’s success. The City of Victoria says that shopping locally keeps three times more revenue in the local economy.