Op-Ed by Jerrod Shouse: In all likelihood, Black Friday sales have been hitting your inbox before you got your kids’ Halloween costumes put away. But the big box stores aren’t the only place to find holiday shopping deals. Small Business Saturday, the day after Black Friday, offers shoppers an opportunity to find great quality items at a competitive price and invest in their community.
This year, November 29 is Small Business Saturday. There’s no better way to kick off the holiday season than shopping small. What began 15 years ago as a way to promote local 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.
The holiday season is a time to celebrate and express gratitude. Here in Oklahoma, small business owners are particularly grateful for how elected officials in Oklahoma City and in Washington, D.C. have stood up for Main Street.
First, the Oklahoma Legislature passed and Governor Stitt signed into law several bills that make it easier to do business in the state, including tax cuts and caps on non-economic damages in civil lawsuits. Then, in July, Congress and President Trump made the 20% Small Business Tax Deduction permanent, averting a major tax hike at the end of the year.
These reforms on the state and federal levels will help our small business owners navigate an uncertain economic environment. Between rising prices, a tight labor market, and a decline in sales, small businesses across the country are heading into the holiday season with a little less cheer.
According to a recent NFIB survey, optimism among small business owners declined in October, as job creators reported reduced sales and profits. And while many small businesses want to hire, filling open positions is becoming nearly impossible.
With a looming state ballot initiative to raise the minimum wage headed before voters in June of next year, it’s incumbent on Oklahomans to reject SQ 832. Raising the minimum wage only stands to exacerbate the hiring challenges on Main Street.
Small businesses are the beating heart of our state’s economy, accounting for more than 99 percent of businesses in the state and employing more than half of working Oklahomans, 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.
Jerrod Shouse is the State Director of the National Federation of Independent Business in Oklahoma.
