The holidays are all about giving, and one of the most practical ways you can support your community is by shopping small!
Today is Small Business Saturday—a day to celebrate and support small businesses and all they do for your community. The pandemic and current economy have posed many challenges to small businesses, including a lack of customers, supply chain issues, and workforce shortages.
Sandwiched between Black Friday and Cyber Monday, this celebration was officially established by American Express in 2010. What began as a fantastic marketing initiative designed to help small businesses compete against major retailers has blossomed into an opportunity to support your local economy—promoting a vibrant, diverse community. Here are five reasons to head out to Main Street and support your favorite small businesses today:
1) Small businesses give back to the community. Giving back to the community is a core value here at TDS, and there’s no denying that philanthropy is also a priority for small businesses in your neighborhood.
According to data compiled by SCORE, 75% of small business owners donate an average of 6% of their profits to charitable organizations each year. The best part? Small businesses tend to support causes near and dear to the people in their communities. Here are some of the ways small businesses support their communities:
- 66% give to local charities.
- 48% support youth organizations.
- 42% donate to local first responders.
- 39% support local religious organizations.
- 37% aid local service groups (Rotary Club, Scouts, etc.)
- 32% donate food or volunteer in soup kitchens.
2) Small businesses boost your local economy. Aside from supporting local charities, sports teams, and community clubs, shopping small directly benefits your community, financially. That’s because when you spend money in your neighborhood, the sales tax stays in your neighborhood. In fact, a recent study found that for every dollar spent at a small business, 68 cents funnels back into the community.When you shop small, you’re helping build a stronger community by funding public education, park maintenance, street improvements, natural disaster cleanup efforts—and more. Talk about a win-win!
3) Small businesses create local jobs. According to the Small Business Administration (SBA), since 1990, small businesses have introduced 8 million new jobs throughout the U.S. While less than 22% of all small businesses are employers, they provide jobs to over half the U.S workforce!
4) Thriving small businesses encourage innovation. If young people don’t see members of their community run a successful business, it may discourage them from attempting to start one themselves in the future. With the existence of small companies and successful entrepreneurs in the local economy, youth can see, firsthand, what’s possible through hard work, dedication, and creativity.
5) Small businesses create a sense of community. There’s something special about knowing the owner of the store you walk into. As human beings, we seek a feeling of belonging in the towns or communities we live in. By shopping local, we acknowledge business owners and employees for all they do for the community.