According to the U.S. Small Business Administration Office of Advocacy, Washington State has 644,868 small businesses. Small businesses in Washington State make up 99.5% of all Washington businesses.
Read that last sentence again!
Years ago, when I was going to school for my Marketing Certification, I researched small businesses in the U.S. The U.S. Small Business Administration defines a business in a few ways:
- It must be organized for profit.
- It must have a place of business in the United States.
- It must operate primarily within the U.S. or make a significant contribution to the U.S. economy through payment of taxes or use of American products, materials, or labor.
- It must be independently owned and operated and not dominated in its field on a national basis. (source, 2019)
One thing, I distinctly remember is how this definition varies depending on the industry. It's not based on the number of employees or the amount of money a small business makes. For example, a construction company will have a slightly different size standard than a retail shop. Even electric companies will have different size standards than a start-up software company. This means, a business can have hundreds of employees and make millions of dollars and still be a small business. I find this fascinating and shocking all at the same time!
As we approach the holiday shopping season, I try to keep this information in mind.
It's also fascinating that American Express created Shop Small Saturday in 2010. American Express is a giant corporation, yet it believes small businesses are the cornerstone of every neighborhood across the country. In 2020, AE spent roughly $200 million to support small business all over the world. In the past 10 years, AE reported that $120 billion was spent at small business on Small Business Saturday (source, 2022).
Now, I wasn't intending to share this in my blog, but this was a great surprise in my research.
Both the U.S. Chamber of Commerce and American Express are partnering up to raise funding for a Small Business Hurricane Recovery grant program supporting small businesses impacted by Hurricanes Helene and Milton. American Express will be donating $1 for every purchase made with a qualifying U.S. small business on Small Business Saturday.
I think that's pretty cool!
Now, let's get back to my real focus... YOU!
What is your plan for holiday sales?
While, Small Business Saturday is important, the focus shouldn't be on that one day. Having an offer or promoting a product or service over the entire Thanksgiving holiday weekend is the key. The most important thing is that holiday shoppers dedicate a percentage of their holiday spending on small business. As a small business owner, it's important to capture that percentage. If you don't have a compelling offer, then holiday shoppers will be very unlikely to support small businesses.
A sad statistic I read was, "... consumers are expected to spend $191 less at small businesses this holiday season, a 40% downturn from last year..." (source, 2024) Wow! As inflation rises, thus does the pull back on spending.
All is not grim, though. 47% of consumers choose to shop at small businesses over larger retailers because they want to continue to support their communities and local entrepreneurial success (source, 2024).
According to Quickbooks, 39% of small business owners have already started prepping for the holiday season. This is good news for the 73% of consumers who say they will be done with holiday shopping before the 1st of December.
So, I'll ask this again. What is your plan for holiday sales?
Get on it NOW!
Wreath/Horse pic by Missy Palacol Photography
