Small Business Saturday – November 25th, 2023
The Friday after Thanksgiving is the biggest shopping day of the year, when retailers finally start generating profit, enabling them to move from 'being in the red' to 'being in the black.' Prepare to shell out some cash this season.
HISTORY OF SMALL BUSINESS SATURDAY
Ironically, Small Business Saturday was started in 2010 by American Express, a U.S. corporation with revenue worth $37 billion in 2018. Five years later, the U.S. Small Business Administration joined as a co-sponsor. Small Business Saturday has become an important part of how small businesses launch their most busy shopping season.
The total reported spending among U.S. consumers that shopped at independent retailers and restaurants on this day recorded the highest level of approximately $17.8 billion, according to the 2018 SBS Consumer Insights Survey. The survey also indicated that over 70% of consumers know that the Small Business Saturday Initiative Spending on the SBS has reached an estimated $103 billion since its initiation. Through these Small Business Saturday events, SBA, Women Impacting Public Policy (WIPP), and American Express aim to drive traffic and revenue to over 30 million American independent businesses.
Created in 1953, the United States SBA helps Americans start, build and grow businesses. It is a federal agency that aids, counsels, assists, and protects the interests of small businesses interests, preserves free competitive enterprise, and maintains the country's overall economy.
Further, the SBA provides access to capital, entrepreneurial development, government contracting, and advocacy for small businesses. It offers free counseling and low-cost training to new entrepreneurs and low-cost businesses in locations over 1800.
STATISTICS ON THE SMALL BUSINESS SATURDAY
Over 99.7% of all U.S. businesses are classified as small.
Startups and tech-based businesses take up many small businesses within the United States in California, New York, and all surrounding areas.
Between 1993 and 2011, small businesses created 64% of all new jobs in the U.S.
The inception of a new business creates a bunch of jobs needing someone skilled to handle the job requirements; hence small businesses are reported to employ the highest number of people in the U.S.
Small businesses donate 250% more to nonprofits and community-based initiatives.
Donating to charity allows these businesses to give back to the community and helps spread awareness about the business's existence and values.