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Entrepreneurship 20 Nov 2018

Top 10 reasons to shop on Small Business Saturday

Thanksgiving.

Black Friday.

Digital Monday.

These are all words associated with this time of the year. That, and, “It’s too early for holiday music!”

Yet, there are words that you may not have heard about – probably because you’re physically preparing yourself for battle on Black Friday, preparing yourself mentally for Digital Monday, or preparing your appetite for succulent slabs of turkey – but there are various reasons why you should know about Small Business Saturday, and participate in it.

We have 10 reasons for you…

We have 10 reasons for you…

  1. Give thanks to job creation. Small businesses are the backbone of economically thriving communities. In fact, according to the U.S. Small Business Administration last year, small businesses have 56.8 million employees. That’s a lot of job creation. The SBA says that between 2000 and 2017, small businesses created 8.4 million net new jobs.
  2. Don’t make failure an option. 20% of small businesses fail in their first year, and 30% fail in their second year. Put that sandwich made of turkey leftovers down and help save a small business from that fate!
  3. Thank a veteran-owned business. According the latest data, veterans owned 2.5 million businesses, or 9.3% of U.S. firms, in 2012. Veterans Day wasn’t that long ago – there’s still time to get in the spirit of the holiday.
  4. The economy will thank you. Small businesses comprise of 99.7% of firms with paid employees, 97.6% of exporting firms, and 32.9% of known export value – $440 billion out of $1.3 trillion. Oh and let’s not forget: 40.8% of private-sector payroll.
  5. Help improve numbers. Small Business Saturday shopping statistics dipped in 2017, in terms of foot traffic and monetary spending. Be part of an increase in those statistics for 2018.
  6. Keep local money local. According to grasshopper.com, if you spend $100 at a local business, about 68% stays in your local economy. That’s compared to $43 when you spend the same amount at a large business.
  7. Raise awareness. According to a case study done for the American Express-supported holiday, only 70% of U.S. consumers are aware of Small Business Saturday. If you’re dedicated to your local businesses, help people become just as dedicated.
  8. Who knows what you’ll find! About 48% of those shoppers surveyed stated they visited a small business they had never been to before.
  9. Tired of the same old dining menus? Local restaurants are popular. According to this report, 30% of shoppers surveyed associate restaurants with their local community. That was the highest percentage among that particular question. In fact, another question asked what type of small businesses do people wish there were more of in their local community. The highest answer? Restaurants/bars/pubs.
  10. Variety is a good thing. There are over 28.8 million small businesses in the United States. There are plenty of options out there.

For more information on small business products from BBVA Compass, click here.

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