Discover how to invest in your community through this fascinating initiative.
The Saturday after Thanksgiving is typically one of the busiest shopping days of the holiday season. This year, on November 30, 2024, people are invited to participate in Small Business Saturday, an annual event to celebrate and boost small American businesses. Make it an ongoing tradition to support small businesses on this special day and throughout the year!
Neighbors helping neighbors
When I was small, there was an elderly man who lived across the street. He kept an immaculate lawn and watered his plants and shrubs daily. One day, he became ill. Rather than let his plants die, the neighbors took turns watering them until he was well again. I asked my Daddy why, and he replied, “It’s neighbors helping neighbors.” In life, we are called to support our fellow citizens. Small Business Saturday, an annual event occurring on the Saturday following Thanksgiving, is YOUR chance to act.
Spread the word
If you’ve ever met a friend for coffee, browsed in a bookshop, grabbed a slice at the pizzeria, shopped for a dress downtown, bought fresh flowers, got a haircut at the barber shop, requested an insurance quote from a local agent, picked apples at a nearby farm, or purchased a handmade baby quilt made in the USA, you’ve likely frequented a local business. These businesses are the fabric of America. Many of them are family-operated and are run by hard working individuals. Not only do they provide essential goods and services to our communities, but they help our town centers thrive. Please spread the word on Small Business Saturday – a day in which local sales and holiday events are paramount!
What defines a small business?
There are varying classifications of small businesses. Per indeed Career Guide, “A company with fewer than 100 employees is generally considered a small-sized business, while one between 100 and 1,500 employees is a medium-sized business.” They explain that the definition varies among industry and government institution standards. Regardless of the numbers, most small businesses share common characteristics to include having single decision-makers, being structured as sole proprietorships, partnerships or LLCs, having limited staff and budgets, and operating within a small geographical area.
Why US citizens should care
Per U.S. Chamber of Commerce, there are 33.2 million small businesses in the U.S. that make up 99% of all businesses. For the past 20 years, small businesses have accounted for roughly 40% of the United States gross domestic output (GDP). This equates to trillions of dollars of economic activity and demonstrates the importance of small businesses to our economy.
Small businesses do BIG things!
Small businesses sustain our communities. Not only do they serve us, but they also create jobs to give others food on their tables and roofs over their heads. Additionally, small businesses are frequently the first to step up to support community events, such as sponsoring children’s baseball leagues and collecting canned goods during food drives. Unfortunately, these small businesses cannot succeed without collective and ongoing support. Spread the word about Small Business Saturday so that you and your friends can make a difference in keeping local businesses alive and thriving during the holiday season by being valuable and supportive customers.
How it began
Small Business Saturday was launched by American Express in 2010 to encourage holiday shoppers to support local businesses. It became official the following year with the U.S. Senate’s unanimous passing of a resolution in support of the holiday. Now you can keep the initiative alive by turning out to support small business owners in your community. Go meet the local shop owners, browse boutiques, and consider buying goods and using services to give community businesses the economic boost they need during the holiday season.
The fragility of new businesses
Starting up a small business is challenging. Despite taking risks and working hard to protect what they’ve built; many businesses find it hard to survive. According to the Bureau of Labor Statistics, about 20% of small businesses fail during the first year, only 50% succeed past the first five years of operation, and about 65% fail by their tenth year. These statistics underscore the value of your support.
The economic impact of COVID
COVID-19, which arrived in the United States in early 2020 and remained a public health emergency until mid-2023, took a terrible toll on small establishments who relied on customer traffic to keep their doors open. The practice of social distancing and increased reliance on e-commerce caused major disruption to small businesses across the nation. Per Stanford Institute for Economic Policy Research, from February to April 2020 alone, the drop in business owners was the largest on record across all industries. Hit particularly hard were Black, Asian, and female-owned businesses.
Make your passion for your local community count
Small businesses face steep competition from big-box stores; however, the experiences are worlds apart. Small businesses are typically run by people with big hearts and imagination. Many are talented tradespeople with specialized skills – offering handmade or high-quality gifts and superior customer service. Unlike e-commerce or large chain stores, these small businesses are intimate places offering personalized and unforgettable experiences within the local community. Show your passion for them on Small Business Saturday and throughout the year.
Mark your calendar
Mark your calendar for this year’s Small Business Saturday, November 30, 2024. Be a neighbor helping a neighbor – spread the word and show up big to support small businesses near you!
