Money Minute: Embrace Small Business Saturday Principles Every Day

Think local - Shop local...That's the concept behind Small Business Saturday.

This is the opportunity to support and promote local and independently owned businesses both in-person and online. This year, Small Business Saturday was officially held on November 30, 2024. However, it is important to support small businesses every day.

This year, let your holiday gift giving reflect your consideration of the personal touch provided by small businesses, not to mention the sacrifices they make. When you shop local, you are contributing to various local businesses whose owners use each other's services in the creation of their own goods and services that they offer for sale.

I highly recommend that you consider local artisan businesses such as The Noyes Arts Garage of Stockton University (https://www.artsgarageac.com) for your gift giving needs. There are plenty of stores on both Atlantic and Pacific Avenues in Atlantic City and on Main Street in Pleasantville for you to patronize.

As much as I enjoy Dollar Tree, I also patronize local "mom and pop" owned stores where you can find lower cost items comparable to, and even superior and more diverse, than what you would find at both Dollar Tree and Family Dollar.

Don't feel like cooking? Well then...choose a local restaurant because not only will you be supporting a local business, you will most likely be supporting local farms, butchers, wineries, bakers, florists, etc..By dining at a local restaurant or 'watering hole' you are actually supporting multiple businesses and families.

Buying Local Has Wide-ranging Benefits:
● Job creation
● Increase local tax base (city/town and county)
● Stimulates economic growth
● Better customer service
● Unique items available for purchase
● Environmentally conscious
● Small business add to the culture and character of their community

Small Business Saturday (#SmallBizSat) was created in 2010 by American Express and is co-sponsored by the U.S. Small Business Administration (SBA). One way to remember this event is that it always occurs between 'Black Friday' and 'Cyber Monday' after the Thursday Thanksgiving holiday.

Small Business statistics:
● 45.9% of people are are employed by small businesses
[U.S. Chamber of Commerce]
● 33% of small businesses launched with less than 5K ($5,000)
[U.S. Chamber of Commerce] vvvvv
● Small businesses donate significantly more money to local non-profits, charities,
and various community causes compared to much larger businesses.

As a financial literacy and entrepreneurship educator, I would be remiss if I did not mention taxes. Small businesses are the economic engine of our nation, employing nearly half of the workforce in the United States. The revenue from taxes is essential to the city/town, county, and state. By actively seeking out and patronizing local businesses, you are also setting a good example for youth to follow so that they will develop a mindset to invest in their own communities.
Take a moment to reflect on the fact that many small businesses in the Southeast were destroyed by Hurricanes Helene and Milton. While they may no longer have a 'brick and mortar' establishment, some may have an online presence where you still can shop.

Use the following hashtags if you plan to post on social media about any of your Small Business Saturday experiences: #SmallBizSat #ShopSmall

Finally, show some respect and appreciation for small businesses because 'big box'
stores and large corporations have entire departments tasked with doing what the small business owner generally must handle themselves- Accounting, Human Resources, Marketing, Promotion, Distribution).
Think local - Shop local - Every Day of the Year!

(Paula Goddard is a contributing writer for Atlantic City Focus. She is an award-winning writer, personal finance advisor, community organizer, and educator. She can be reached via social media @paulasuniverse and via email at paulagoddard@atlanticcityfocus.com and via telephone
at (609) 908-2827.)

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