Small Business Saturday is only days away – November 25th – and it’s an important observance. Despite the swamp of big box store advertising we trudge through this time of year, small businesses, from retail to service providers and more, still make up a significant portion of American business and employment.
Small Business Saturday was created by American Express in 2010 to encourage people to shop, dine and otherwise take advantage of small business services on the day after Black Friday. Since then it’s become a national movement to help highlight the importance of small business in the United States, with good reason. Here are some statistics about small business that might shift perspective:
54% of sales take place at small businesses. When it comes to holiday shopping, an average of 35% of it is done at independent retailers.
Small business retailers return three times more money to local economies than national chains. Similarly, small business restaurants return two times more than national chains.
For every square foot occupied by a small business, its local economy gains $179 vs. $105 from a chain store.
89% of consumers are in agreement that small business contributes positively to their local economy.
Small businesses donate roughly 250% more to non-profits and causes in their communities than large businesses.
Small businesses accounted for 63% of all net-new private sector jobs, employing 77 million Americans.
If small businesses were to regain the stronger foothold they held in 1990, there would be 200,000 new small businesses generating almost $300 billion in revenues and employing over 1.6 million Americans.
This Small Business Saturday we should all turn our eye to shopping, dining or procuring services from independent businesses within our community. They benefit us more than many know!