They aren’t just the backbone of our economy; small businesses are the hearts and souls of our communities and our culture. Small businesses, while they are small, carry a tremendous impact. In the United States, as of 2023, there are approximately 33.3 million small businesses, which accounts for 99.9% of the business landscape. Small businesses employ over 61.6 million people, which is nearly half our country’s workforce. Globally, small businesses account for 95-99% of all businesses and provide 60-70% of the world’s employment, equating to approximately 358 million jobs. Nestled in neighborhoods around the globe, small businesses are our fellow community members and leaders who contribute to our great nation’s growth, success, future, and the world.
The power of small business ownership lies in its embodiment of what it means to dream. That entrepreneurial spirit sparks creativity, shapes a vision, and fuels said drive with hard work, determination, and grit. The men and women behind these small businesses are living proof that dreams can be realized. These dreams, these businesses, also serve as a source of income for so many, which is why celebrating Small Business Saturday is not just a new holiday but a testament to the beauty of community and all that people in them. Supporting a small business is, in essence, supporting our local economy; by doing so, we help each other and ourselves.
By shopping small, your dollars are helping to boost the economy where you live, work, and play. It’s a way to ensure dollars circulate locally, funding stores, fueling organizations, and ensuring the governmental bodies that govern things like schools and transportation are funded with the resources they need to maintain and upkeep services in your neighborhood. Small Business Saturday happens every year on November 30th. It is a day dedicated to promoting and strengthening local business support, launched in 2010 by American Express to educate and encourage shoppers to shop at their local small businesses during the most wonderful time of the year.
Last year’s holiday sales reached an impressive $1.17 trillion. This year, businesses large and small anticipate even higher sales, projected at $1.19 trillion. Shoppers are expected to spend an average of $1,638 on gifts, travel, and entertainment in November and December for the holiday season.
However, the numbers are comparably different in sales for small businesses and large corporations. During the holiday season, small businesses generate an impressive 25% of their annual sales. For the small business retail sector, 73% report that more than a quarter of their yearly sales occur during this time. If the Small Business Saturday tradition could extend beyond this two-month shopping influx period, imagine how sustainable this lifeline for our economy would be if shoppers maintain this intentionality and consideration in their shopping habits year-round.
Supporting small businesses throughout the year is more simple than one would imagine. The best way is with your dollars. Spending your money with local small businesses is your way of support.
Additionally, you can support them even more by leaving a positive review on their website or social media because 95% of shoppers check online for reviews before purchasing and sharing their experiences with friends and family. Word-of-mouth results in 5 times more sales than paid media, which saves these small businesses money while adding dollars to their bottom line.
While small businesses significantly impact our economy, so does the average consumer. When you think about it, we are all in this together. Your neighbors, community, and fellow small businesses are more interconnected than one would think, especially during the holidays. It’s a joyous occasion for a reason — togetherness. If your local coffee shop were to close, think of the loss and the emptiness it is to your life, the lives of everyone who depended on that business, and the memories made there. It is our duty as shoppers and community members to keep our small businesses in business. Therefore, be smart with your dollars and shop small—every day.