The Power of Small Businesses: 3 Facts About Small Business Saturday
Small Business Saturday is an American shopping holiday celebrated on the Saturday after Thanksgiving, dedicated to supporting small businesses and encouraging shoppers to buy local. Since its inception in 2010, it has become one of the most important days for small businesses in the U.S. economy. In this article, we will discuss 3 facts that highlight the power of small businesses on Small Business Saturday.
Fact #1: Small Businesses Are Vital to the Economy
Small businesses make up a significant portion of the American economy. According to the Small Business Administration (SBA), there are 31.7 million small businesses operating in the United States, which account for 99.9% of all businesses in the country. Small businesses also employ 60.6 million people, which is 47.1% of the U.S. workforce. This means that small businesses are not only an important aspect of the economy but also a significant source of employment opportunities.
Fact #2: Small Business Saturday Supports Local Communities
Small businesses play a crucial role in supporting local communities. They provide jobs, contribute to the local economy, and help to build vibrant, diverse neighborhoods. Small Business Saturday aims to encourage shoppers to shop locally and support small businesses in their communities. According to American Express, the founder of Small Business Saturday, shoppers who participate in the holiday spend an average of $110 at small businesses on the day, with 82% of shoppers reporting that they plan to shop small all year long.
Fact #3: Small Businesses Drive Innovation
Small businesses play a critical role in driving innovation. They are often more agile and adaptable than larger corporations, enabling them to respond quickly to changing market conditions and consumer preferences. Small businesses also play a significant role in creating new products and services. According to the SBA, small businesses produce 16 times more patents per employee than large patenting firms. This highlights the critical role that small businesses play in driving innovation and creating new opportunities for economic growth.
Conclusion
Small Business Saturday is a vital day for small businesses across the United States. By supporting local businesses, we can help to drive economic growth, create jobs, and foster innovative, diverse communities. The three facts outlined in this article highlight the critical role that small businesses play in our economy and the importance of supporting them. On November 27th, let’s all do our part to celebrate and support small businesses in our communities.
