Small Business Saturday is an annual event that was created to encourage consumers to shop in person and online at locally owned
small businesses during the holiday season.The concept was introduced by American Express in 2010 as a way to put small businesses in the spotlight amid the recession resulting from the 2007-2008 financial crisis.
– Small Business Saturday was introduced by American Express in 2010 as a way to promote small businesses in the wake of the Great Recession.
– This annual event takes place each November between Black Friday and Cyber Monday.
– In 2011, the U.S.Senate passed a resolution to support Small Business Saturday, and participation in the event has expanded to all 50 states.
– Consumers spent an estimated $17.9 billion shopping on Small Business Saturday in 2022.
What Is Small Business Saturday?
Small Business Saturday is a one-day event that takes place every November on the Saturday after Thanksgiving.In 2023, that’s Nov.25.
The event was created in 2010 by American Express as a way to encourage support for small businesses during the
Great Recession.In 2011, the U.S.Senate passed a resolution supporting Small Business Saturday.
The event has since grown nationwide, with participation in all 50 states.
Small Business Saturday falls between
Black Friday and Cyber Monday, when consumers may already be shopping at national retailers or online to prepare for the holidays.
By focusing on small businesses, the purpose of the event is to highlight their importance in local communities, so they aren’t overshadowed by larger competitors.
Small Business Saturday is designed to support all online and brick-and-mortar small businesses, not just those that accept American Express cards as a payment method.
Who Participates in Small Business Saturday?
This event is intended to encourage consumers to shop at small and locally owned businesses.That includes retail stores and restaurants as well as other small businesses, such as hair salons, grocery stores, and service-based businesses.It also extends to small businesses that exist online.
Small Business Administration (SBA) offers a broad definition of what constitutes a small business.According to the SBA, any business that generally has fewer than 500 employees qualifies.
American Express provides an online search tool to help consumers find small businesses in their area that they can support on Small Business Saturday and all year round.The Shop Small map includes a variety of businesses that participate in the event via in-person shopping as well as online shopping.
Businesses must meet American Express guidelines regarding size and payment acceptance to be added to the Shop Small map.
Benefits of Small Business Saturday
The main goal of this event is to give small businesses a revenue boost during the holiday shopping season and help them compete with their larger counterparts.Based on the numbers reported by American Express, it would seem that the event has been successful in reaching that goal.
For example, consumers spent about $17.9 billion on Small Business Saturday in 2022 in support of local businesses.
While this amount is a tiny part of the $936.3 billion spent during the 2022 holiday shopping season overall, there is one statistic that stands out: American Express estimates that for every dollar spent at a small business in the United States, 68 cents remains in the local community.By shopping small, consumers can help boost businesses in their own backyard and promote a healthier local economy.
The amount American Express estimates shoppers who participated in Small Business Saturday have spent between its inception in 2010 and 2021.
How to Participate in Small Business Saturday as a Consumer or Business Owner
The best way to support Small Business Saturday as a consumer is to buy locally and encourage friends and family to do the same.
That includes shopping at local brick-and-mortar businesses as well as at small businesses that operate solely online.For example, you might choose to support an online boutique or a digital service-based business.You can also use the #ShopSmall hashtag to promote the event on social media.
If you’re interested in participating in the event as a small business owner, American Express offers a number of tools that can help.They include promotional materials, such as posters and signage that can be used in your store if you operate a business with a physical location, as well as
digital marketing materials.
These are provided free of charge to businesses that are American Express merchants.
Small business owners can also prepare for the event in other ways, such as:
– Creating special sales events to encourage spending on Small Business Saturday
– Conducting email marketing campaigns to inform customers of Small Business Saturday sales events
– Offering special promotions or discounts as incentives to get customers to shop
– Partnering with other small businesses to raise awareness surrounding Small Business Saturday
Aside from helping small business owners market themselves for this annual event, American Express offers special discounts and promotions to help businesses save money.The company also aids small business owners in identifying shopping trends to make the most of Small Business Saturday sales events.
The event also gets assistance from Neighborhood Champions, which are organizations that promote Small Business Saturday locally.These organizations include local libraries, visitor centers,
chambers of commerce, and other local business associations.Neighborhood Champions can sponsor their own events to market the event and encourage people in the area to get out and shop at small businesses.
As a consumer, you can support Neighborhood Champions in your area by volunteering with one of these organizations, if available.
When Is Small Business Saturday?
Small Business Saturday takes place on the Saturday after Thanksgiving in the United States.
For 2023, Small Business Saturday is Nov.25.
What Resources Are Available to Small Business Owners?
American Express provides a variety of promotional materials ranging from posters and signs to digital marketing materials that can be customized.For businesses that are American Express merchants, they are provided at no cost.
How Much Money Do Small Businesses Put Back Into Their Communities?
According to American Express, 68 cents out of every dollar spent at a small business in the United States goes back into the local community.
The Bottom Line
Small Business Saturday gives shoppers an opportunity to show support for local businesses.
It’s important to remember that this event is designed to encourage people to shop small not only during the holidays but at any time of the year.By buying locally, you can help small business owners keep their doors open and provide jobs and tax revenue to your community.As a small business owner, taking part in this event could help provide a
cash flow boost during the holidays..