Before the trick-or-treaters even make it back home, big-box stores flood mailboxes and inboxes with Black Friday ads. But the big box stores aren’t the only place to find a good bargain.
Small Business Saturday, the day after Black Friday, offers shoppers an opportunity to find high-quality items at competitive prices and to invest in their community. It has become a great way to kick off the holiday season. What began 15 years ago as a way to promote small businesses recovering from the Great Recession has blossomed into one of the busiest shopping days of the year. Last year, shoppers spent roughly $22 billion at their local businesses.
Between rising prices, a tight labor market, and a decline in sales, small businesses across the country are heading into this holiday season with a little less cheer. But, back in July, Congress made the 20% Small Business Tax Deduction permanent, averting a major tax hike at the end of the year. Then, in November, voters overwhelmingly supported Prop 9 to raise the inventory tax exemption, resulting in annual combined tax savings of over $500 million. These federal and state tax victories will help our Texas small business owners navigate an uncertain economic environment.
On Small Business Saturday and every day of the year, shopping small plays a big role in supporting our communities. In Texas, small businesses are the beating heart of our economy, accounting for more than 99 percent of businesses in the state and employing 5.1 million working Texans, according to the Small Business Administration.
When you stop in at your favorite coffee shop, locally-owned boutique, or family-run hardware store, your dollars go further. Nearly 68 cents of every dollar spent at a small business stays within the community where it’s spent and creates another 50 cents in local business activity.
This holiday season, don’t forget to shop small. Our local businesses keep our communities strong and our economy growing. When Main Street prospers, we all prosper.
About NFIB
Jeff Burdett is the State Director of the National Federation of Independent Business, the “Voice of Small Business” in Texas. NFIB is a nonprofit, nonpartisan, member-driven organization that advocates on behalf of America’s small and independent business owners, both in Washington D.C. and in all 50 state capitals. For more promotional information from this nonprofit, go to NFIB.com.
