The Importance of Supporting Small Businesses
When asked to think of a shopping holiday in November, you’ll most likely (in the United States, at least) think of Black Friday, a day characterized in the general public consciousness by thousands-deep lines of ravenous shoppers outside of Best Buy or Target, the air positively charged with desire for crazy discounts and bargains. Having grown up within a 20 minute drive from the largest mall in New Jersey, I myself have witnessed (and participated in) a fair share of terrifying intra-mall stampedes in my day.
However, a much lesser known but still important shopping holiday is Small Business Saturday, which takes place on the day right after Black Friday. Started in 2010 by American Express, Small Business Saturday was founded to help bring holiday business to small and local establishments and support their patronage amidst a still-recovering economic climate. And although yes, there is something ironic humorous about American Express, a multinational financial services corporation, preaching the benefits of supporting local businesses, it shouldn’t prevent us from recognizing and appreciating the importance of the day’s message. In a world that seems to be increasingly dominated by global corporations, it’s important to support the small businesses that are at the core of our local communities.
You may be reading this right now and saying, “Sure, supporting local businesses is all fine and dandy, but why exactly is it so important?” Well, according to the U.S. Small Business Administration, small businesses — defined as independent businesses with less than 500 employees — accounted for 65% of net new jobs from 2000 to 2018. Additionally, the 2018 Small Business Economic Impact Study found that approximately ⅔ of every dollar spent at a small business in the United States stays in the local community. In other words, by supporting small businesses, you are also directly supporting the communities that they are a part of, from creating jobs to aiding the function of the local economy.
Another common complaint against small businesses is that they are expensive. And frankly, it’s true — especially during the holiday season, when steep discounts are often how companies attract shoppers, it can be extremely difficult for small businesses to compete against larger companies. However, it’s important to consider how exactly gigantic companies like Amazon, Walmart, and H&M can even afford to maintain such low prices. Often times, the answer is that it comes at a great cost to their employees, their factory workers, and the environment. In an era when the general public is becoming increasingly aware of shopping more ethically, it can be nice to know that your dollar is being used to support local families and individuals instead of a faceless corporation.
Although Small Business Saturday 2019 has come and gone, it’s never too late to support small businesses. With just a little less than a month left until Christmas, consider shopping for the holidays at a local business near you!
Written by: Rurie Yi | IQ Associate
