Naperville Business Lawyer Discusses the Success of Small Business Saturday

small business saturday, local business, Naperville Business AttorneyIn what has become a cultural phenomenon, millions of Americans look forward to spending the day after Thanksgiving shopping for deals. Retailers—most especially big box stores—have turned Black Friday into a spectacle of sales and promotions, all designed to attract more and more customers, with some outlets expanding into the Thanksgiving holiday itself. Of course, the resulting encroachment on family time during Thanksgiving has created no shortage of controversy and strong public opinion, but on the other side of Black Friday, there is increasing support for a relatively new retail event known as Small Business Saturday. As a small business attorney, I am very pleased to see the growing participation in efforts to patronize small, locally-owned businesses during the busiest shopping season of the year.

Strong Numbers for Small Business Saturday 2015

Small Business Saturday originally began in 2010 as a marketing concept by the credit card company American Express, a longtime partner and supporter of small business owners around the country. This year marked the sixth version of the event and, according to reports, 2015 was the most successful one yet. A survey commissioned by American Express and released by the National Federation of Independent Business estimates that some 95 million customers patronized independently-owned retail shops, stores, restaurants, an increase of about 8 percent over last year. Total spending at small businesses exceeded $16 billion, a 14 percent jump from 2014’s $14.4 billion.

Large Company Support

In my practice as a business law attorney, small business owners regularly discuss with me their reliance on bigger companies to help keep them afloat. While it may seem counter-intuitive, independent owners often turn to larger partners like membership warehouse stores, hardware and home-improvement stores, vehicle rental companies, and technology providers. In recognition of the partnership, many such companies actively promote Small Business Saturday, even going so far as to become Official Supporters. This year, Official Supporters included Hertz, Sam’s Club, AT&T and Ace Hardware, many of which promoted the event with in-store displays and social media campaigns.

Capturing the Attention of Millennials

The generational group known as millennials, born roughly between the 1980s and 90s, represent a growing part of the consumer population. Millennials, as a group, tend to have little interest in traditional advertising methods and are fiercely loyal to small, independent brands and companies. They not only enjoy the unique products and services offered by small businesses, but also recognize that by patronizing such outlets, their money stays local and helps a friend and neighbor succeed.

Grow Your Business

If you are a small business owner or are looking to become one, you need to have the necessary tools for success at your disposal. One of the most important is responsible legal guidance from an experienced Naperville business law attorney. At the Gierach Law Firm, we are committed to helping independent business owners thrive, and we look forward to helping you take the next steps toward your entrepreneurial dreams.

 

Sources:

Forbes

American Express

CNBC