Support Small Businesses on Nov. 24 and Beyond
20 Nov 2018
November 24 is Small Business Saturday, a shopping holiday that urges consumers to patronize small and independent businesses rather than online retailers or big box stores.
American Express was behind the first Small Business Saturday, which started in 2010. The initial goal was to counter the negative effects of the recession on small businesses and local economies.
The holiday quickly caught on. In 2011, the Senate passed a resolution in support of Small Business Saturday. Consumers have now spent an estimated $85 billion at independent retailers and restaurants over the eight Small Business Saturdays since its inception.
Small Businesses Make a Significant Economic Impact
Research has shown that independent businesses return triple the amount of money to local economies as their chain store competitors. Besides the direct impact of taxes and small business spending on things like wages and supplies, there’s the indirect impact of employee spending in the community as well. This multiplying effect is considerable.
Everyone knows that it’s appealing to buy from big online retailers; they bring consumers great convenience. But such mega companies do even less than chain stores for local economies — since the only locally employed person involved in the transaction would be a delivery driver.
Consider the impact on local economies if more Americans made the effort to consciously buy from local businesses — not just during Small Business Saturday, but year round.
Reasons to Buy Local
- Your small business purchase is powerful. It’s an investment in a local entrepreneur’s dreams.
- Small businesses pays local taxes and employ local people, which helps build local economies.
- Local business owners are neighbors, colleagues and friends. Supporting them helps build community and social capital.
- Small business owners typically have ties to the communities where they operate, which encourages them to give back and support area nonprofits and causes.
- Small businesses often cater to their customers, providing more personalized customer service.
- Local businesses are more likely to have handmade or one-of-a-kind products that can’t be found at chain stores or big online retailers.
- Buying from a local business is more sustainable. Small businesses typically have less of an impact on the environment (reduced packaging, fewer emissions from shipping, etc.).
Join Us in Supporting Local Businesses on November 24 and Beyond
The Elk River Economic Development Authority recognizes the importance of supporting small businesses because they play a critical role in our area economy and community. We encourage you to participate in Small Business Saturday.
Need some more tips on where to shop locally and make conscious decisions about your spending all year round? Peruse this small business directory to find independently-owned businesses near you.