Did you know that small businesses make up 99.9% of all businesses in the United States? Even though they make up the majority of businesses in the US, ownership of a small business isn’t easy. According to the Bureau of Labor Statistics, 18 percent of businesses fail within their first year, 50 percent after five years and 65 percent by year 10.
So, what is a small business? Revenues earned and the number of people employed often define whether a company is considered a small business. Although it’s relative to the industry, it's safe to say that all small businesses aren’t owned by a large corporate conglomerate. Small businesses operate within a community, are typically run by a local, and employ other members of a community. JTI holds a WOSB certification from the Small Business Association (SBA) which stands for Women-Owned Small Business.
American Express created the term “Small Business Saturday” amidst the recession of 2010. The intention was to bring awareness to holiday shoppers, encouraging them to consider small businesses while shopping the Saturday after Thanksgiving.
The first Small Business Saturday was a huge success, and the nation took notice! In fact, just one year later, all 50 states started to participate after the Senate unanimously passed a resolution in support of the day. American Express coined the phrase “Shop Small” and neighborhood coalitions and community events popped up all across the United States, spreading the word.
When you support a small business, you’re supporting your local community. The local economy is boosted when small businesses are booming in your area. It also supports your neighbor’s lifestyles by creating and sustaining jobs, keeping your area vibrant and bustling with activity. However, you may not be in the market for what a small business has to offer. Still, there are so many other ways you can support them! Here are a few to keep in mind:
Engage with their posts on social media
Inquire about their services
Tell your network about the services they offer
Don’t ask for a discount
Leave a review
Cheer them on
What ways are you supporting your local small businesses this year?