Small Business Saturday Brings Big Opportunities to Local Shops
2023-11-19 – BE&O ATC
For many small businesses, the holiday shopping season can be a make-or-break time of year. Whether a business turns an annual profit or not often hinges on the precious handful of weeks between Thanksgiving and Christmas.
One of the most important days during this time is Small Business Saturday. Held two days after Thanksgiving, the shopping holiday, first celebrated in 2010, is a way consumers can support local businesses.
A new study shows a growing number of consumers are shopping locally on Small Business Saturday. Conducted by American Express, the study found Americans spent over $17.9 billion last year on Small Business Saturday. The study also estimates that .68 cents of every dollar spent at small businesses stays in the local economy, which helps small businesses grow and creates more jobs locally.
Stacey Poynter, the Indiana Business Director for the United States Small Business Administration, says the SBA now offers resources and tools to help small businesses prepare for what should be another busy Small Business Saturday. In addition to one-on-one business counseling, the SBA also offers free mentoring and a women’s business center.
Poynter says it is important for small businesses to be prepared for the busy holiday shopping season. From local restaurants to small neighborhood shops, there are many things you can do. Poynter says one of the most important things to remember is ensuring your business is properly staffed for the holiday shopping rush. You can also offer special discounts and deals on Small Business Saturday to entice shoppers.
The SBA recently provided a guide with resources and tips to small businesses to ensure a successful holiday shopping season. Tips include adjusting your business hours to match the habits of holiday shoppers, refreshing your digital profile so your website has the most up-to-date information, and promoting gift cards to provide convenience to shoppers buying gifts for loved ones.
Stacey Poynter also highlights the possibility of small businesses that share the same shopping district or neighborhood partnering with each other to hold a Small Business Saturday event. An event to celebrate the holiday could bring more people to your storefront who otherwise may have yet to visit. Poynter says there are over half a million small businesses in Indiana, and they employ almost half of all workers in the state, so the possibilities are endless.
Small Business Saturday is November 25th, and retailers can learn more at www.SBA.gov.