As of 2023, the United States was home to over 33 million small businesses. Together, they employ more than 61 million people: an impressive contribution to the economy and job seekers around the country.
However, despite their positive impact, these independent businesses face significant challenges compared to their larger counterparts. According to Forbes, 20% of small businesses fail within the first year, while 50% close their doors by their fifth year.
That’s where Small Business Saturday comes in: a dedicated day each year aimed at boosting revenue for local businesses. In this article, we’ll explore the significance of Small Business Saturday and how you can support the entrepreneurs in your community.
What Is Small Business Saturday?
To spotlight independent businesses, American Express launched Small Business Saturday (SBS) in 2010. Now sponsored by the U.S. Small Business Administration, SBS has grown significantly in popularity. In 2023 alone, Americans spent an estimated $17 billion on this dedicated shopping day.
Falling between Black Friday and Cyber Monday, Small Business Saturday arrives when shoppers are eager to check off items from their holiday lists. While larger retailers attract crowds with deep discounts and buy-one-get-one-free deals, SBS shines a light on the essential role local businesses play in their communities: creating jobs, fostering local economies, and offering unique products and personalized services.
When Is Small Business Saturday?
Small Business Saturday takes place on the Saturday following Thanksgiving each year. In 2024, it falls on November 30.
Participating in Small Business Saturday as a Business Owner
If you own an independent business, there are several ways to maximize Small Business Saturday to boost sales and expand your customer base:
- Start marketing in advance.
Promote your participation in SBS weeks in advance. Use the platforms your audience engages with most, whether it’s social media, email marketing, print advertisements, or local events.
- Create special promotions.
Big businesses aren’t the only ones who know the way to a customer’s heart. Choose promotions that will draw potential buyers to your storefront, like product bundles, juicy discounts, and limited-time offers.
- Dress up your storefront.
From festive window displays to eye-catching signage, decorate your shop so people know you’re part of SBS. Elevate the experience by greeting customers with a smile, offering personalized recommendations, and perhaps even a special incentive like free samples or a gift with purchase.
- Collaborate with other small businesses.
Cross-promote with other independent shops to support the local economy. Create a shared shopping guide for your website, social media, or even in-store flyers to showcase nearby businesses participating in SBS.
How To Do Your Part as a Consumer
One of the easiest ways to contribute to Small Business Saturday is by purchasing products and services from businesses that resonate with you. Other ways to support the local economy include:
- Spreading the word
Use your social media accounts to showcase small businesses you love that are participating in SMS.
- Attending local events
Small Business Saturday may officially only be one day a year, but you can support small businesses all year long. Look up pop-up markets and other events that cater to local companies and bring along friends and family to browse the unique finds from a variety of local businesses.
- Being a loyal customer
Up to 55% of consumers learn about products through word of mouth. That means your reviews and recommendations are a key part of a business’s organic marketing strategy. So, if you loved something from your favorite shop, leave a review to let others know how special it—and the business—truly is.
Benefits of Taking Part in Small Business Saturday
If you’ve never participated in Small Business Saturday, there are plenty of perks to consider, whether you’re a business owner or a loyal customer of local shops:
For Business Owners
Business owners can gain increased visibility and community support. Sure, SBS is only one day a year, but that one day can quickly generate regular customers who come back all year long.
For Consumers
From handmade crafts to homemade treats, shopping local often means access to unique, high-quality products. Plus, by supporting small businesses, you’re contributing to the local economy and helping sustain the companies that have produced nearly 64% of the jobs created since 1995.
Level Up Your Business Know-How at UTPB
Small Business Saturday is a wonderful way for consumers to show their love and support for their favorite local entrepreneurs. It’s also a prime opportunity to discover hidden gems they didn’t know were nearby. But those with a knack for business can take small businesses beyond a single day of success.
With an MBA from The University of Texas Permian Basin, you can earn your master’s degree in as little as one year and develop the advanced skills needed to scale businesses of any size, in areas like finance, marketing, and entrepreneurship.
Learn more about how our online Master of Business Administration degree can benefit you, and discover the steps to advance your career in the dynamic world of business.
Sources:
https://advocacy.sba.gov/2023/03/07/frequently-asked-questions-about-small-business-2023
https://www.forbes.com/advisor/business/small-business-statistics
https://www.investopedia.com/small-business-saturday-5085723
https://blog.hubspot.com/agency/how-online-word-of-mouth-marketing-is-changing