Small Business Saturday: Why Support Small Businesses?
Mark your calendars: Small Business Saturday is coming up on November 28, 2020! We take great pride in being a small, locally-owned, independent company, so we’ll be running a couple of awesome holiday promotions for those who want to get an early start on their shopping list. More details to come on those shortly!
In honor of Small Business Saturday, we want to celebrate all the companies out there that help shape communities and strengthen local economies. Small businesses like Symmetry make up a huge part of the US economy, encourage growth and innovation, and create a huge number of jobs.
Unfortunately, with the challenges this year has brought, a lot of smaller companies are struggling. As your friendly neighborhood massage studio, we’d like to talk about why your support of local businesses matters so very much -- especially now.
History of Small Business Saturday
The first Small Business Saturday was celebrated on November 27, 2010. American Express helped create and promote the holiday in response to the economic recession that began in the late 2000s. It was conceived as a way to drive more holiday shoppers to small, local businesses rather than large corporate-owned companies.
Small Business Saturday also emerged partly as an alternative to Black Friday, when big-box retailers hold massive sales that draw throngs of people into their stores. Now, instead of braving huge crowds at the mall, customers could visit local neighborhood shops on the following day and enjoy some of the same sales and discounts -- all while knowing that their money was helping to support small business owners.
The idea caught on quickly, and in 2011, the Senate passed a resolution in favor of the new holiday. All 50 states now celebrate Small Business Saturday, and the yearly event has continued to grow and gain popularity.
Why Do Small Businesses Matter?
Small businesses can be enormously beneficial to their local communities and the larger economy. For customers, they provide valuable products and services with a unique, personal touch that you can’t find anywhere else. They add diversity to the marketplace and can respond to their communities’ needs and wants in ways that may be challenging for larger businesses to do.
On top of all that, these companies create meaningful jobs that offer a greater level of personal connection and satisfaction than many corporate positions can. Small businesses generate revenue for their local economies, help their neighborhoods thrive, and foster a sense of community among all who live in the area.
Companies like ours also help drive innovation and stimulate economic growth. In today’s world, it’s more doable than ever for entrepreneurs to take matters into their own hands and create the business they’ve dreamed of, and the creative possibilities are endless. The constant influx of new ideas offers us new solutions to problems and fresh ways to enhance our lives.
Still not totally convinced? Read on for some fun facts about small companies that help illustrate the vital role they play in society.
Fun Facts About Small Businesses
Small businesses account for 44% of all economic activity.
In Colorado, small businesses make up 32.1% of the economy, which is a little below the national average. But it’s still a significant percentage.
Two-thirds of net new jobs in the US come from small companies.
We may be small, but we are mighty: companies like Symmetry create a staggering number of jobs in the US. Small businesses have consistently created the majority of net new jobs since the 1970s.
There are over 1,000 times more small businesses than corporations in the US.
According to the Small Business Association (SBA), there are currently 30.2 million small companies in the US. These account for over 99.9% of all businesses in the country.
Small businesses employ about 47.5% of the total US workforce.
In February 2020, just before the pandemic struck, the total workforce reached a high of 164.6 million people -- which means that about 78 million of those workers were employed by small businesses at that time. In fact, if the small business workforce in the US were its own country, its population would make it the 20th largest nation in the world, just after Germany.
In the US, it takes an average of six days and $325 to start a business.
The relatively low startup costs and efficient processes we have for opening new businesses in the US make it easier to do here than in some other parts of the world. In India, the process takes 30 days and costs six times as much as it does here.
70% of new businesses survive for at least two years.
Although only half of new companies are still in business after five years, almost three-quarters of them are still around after two years. We’re still here after almost thirteen years in business, so we consider ourselves very fortunate!
Supporting Local Businesses This Holiday Season
As we near the end of 2020, we’d like to take a moment to thank you all sincerely for your support through this unprecedented year. We cannot tell you how much it means to us -- or how grateful we are to still be here to serve our community. Each and every one of you is a valued part of our family, and we literally could not do what we do without you.
We know that this year has been a challenge for many of you, as well. And no doubt these next few weeks of holiday preparations will look very different for many of us than in years past -- but if you are getting ready to start your shopping, we hope you’ll consider supporting your friendly neighborhood massage studio as well as other local businesses.
It’s your support and generosity that help companies like ours stay afloat through pandemics, closures, and other unforeseen circumstances that have forced other business owners to close their doors. We offer gift cards, service packages, and self-care goodies for your loved ones to enjoy -- make sure to stop by our Highlands or Golden store to check out our holiday offerings.
In any case, we hope this special time of year will find you safe and healthy, and that this will be a time of connection with your nearest and dearest. Until next time, take good care of yourselves, and stay well.