Local businesses hopeful on Small Business Saturday
Like Black Friday, Small Business Saturday is nationally celebrated every year. It is a national movement that was created by American Express in 2010 to encourage people to get out and support local businesses within their community.
As of 2014, there were close to 28 million small businesses nationwide, that is according to the U.S. Small Business Administration.
Small businesses account for almost 50% of employment in the Hoosier state. There are 493,832 small businesses in Indiana and 1,173,626 workers employed by those businesses.
According to the Indiana Office of Small Business and Entrepreneurship, $45 of every $100 spent in a locally owned store is returned to the community, compared to $14 at big box retailers.
"It's additional resources that are going right into the infrastructure of that community. The schools and the general quality of life. So it’s really important to take a look at small businesses as one of the largest economic drivers for the state," said Jacob Schpok, Executive Director of the Indiana Office of Small Business and Entrepreneurship.
As of 2012, the three Indiana industries with the most small business employment were manufacturing, health care, and food services.
Unlike big businesses, small shops do not typically have as many resources to advertise as much; however, they usually still have unique offers and services.
"Really what it comes down to for a lot of our smaller, independent businesses is leveraging the quality that they can provide and the customer service that they can provide that some of the larger stores might not be able to offer their customers," Schpok added.