Small businesses are what drive the American economy, and it’s estimated that over 33 million small businesses operate across the country. The Small Business Administration (SBA) defines a small business as any business that employs fewer than 500 people.
While a sole proprietorship is the smallest type of business possible as this form of entrepreneurship involves only one person, a sole proprietorship is not considered a small business.
Data suggests that small businesses have created 12.9 million net new jobs over the course of the past 25 years. Small businesses also accounted for 44% of all economic activity in the United States in 2019, making up a sizable share of the economy while providing job opportunities to people in all industries and from all walks of life.
To celebrate the accomplishments and hard work of small business owners in the United States, the SBA has designated May 2nd through May 5th as National Small Business Week in the United States. While this week is set aside to officially recognize small business achievements, independent organizations often have their own designations for days or weeks to recognize small businesses and small business owners locally.
What Happens During SBA Small Business Week?
During Small Business Week, the SBA often puts on business events around the country to support small business owners and their employees. In 2022, the SBA embarked on a bus tour that involved stops in nine cities. At each stop, SBA Administrator Isabella Guzman engaged elected officials and local business leaders in discussions surrounding issues near and dear to the hearts of small businesses in each area.
Additionally, the SBA hosted its National Small Business Week Virtual Summit to provide business owners from all over the country with tools and updates about how the small business community could further drive the American economy forward. This Virtual Summit was accompanied by awards that were given to leaders in the small business community.
Ways To Celebrate Small Business Week Locally
To celebrate Small Business Week, you’re encouraged to not only shop locally with small businesses in your area, but you can also take a moment to share your appreciation with local business owners. By simply stopping by a local business to thank the owner for the products and services the business provides to the community, you can offer encouragement and support.
You can also share memories of your favorite moments with a local small business on social media. This serves to not only offer encouragement, but it also does good for the business owner as it supports local marketing efforts. Small and locally-owned businesses typically thrive on word-of-mouth advertising, so anything you can do to spread the word is helpful.
How Business Owners Can Celebrate National Small Business Week
Small business owners can also celebrate National Small Business Week by performing outreach in the communities they serve. Business owners are encouraged to engage consumers in conversations surrounding economic issues and access to goods and services locally to see where improvements can be made and relationships can be strengthened.
Additionally, small business owners can consider offering special incentives to shop locally with small businesses during the week of celebration by offering sales and discounts. Furthermore, small business owners can look for ways to partner with other entrepreneurs in the community to support one another in a combined effort to build upon the hard work of everyone involved.
Is There a National Small Business Day?
Although consumers are encouraged to celebrate and patronize small businesses every day, there isn’t a nationally recognized day to honor small businesses. Even as this is the case, some individuals and groups have determined that National Small Business Day is to be celebrated on May 10th of each year. Others have deemed November 26th as Small Business Day or Small Business Saturday.
This latter date was selected due to its proximity to Black Friday, or the Friday following Thanksgiving when consumers generally spend the most on Christmas shopping. Once again, there is no official designation for this day, but the notion of November 26th being recognized as a day to patronize small businesses has gained a lot of traction in the public consciousness.
There is also no official designation for Small Business Month, but some people choose to recognize May as Small Business Month due to the official celebration of National Small Business Week falling within the month of May.
