Black Friday: An Overview for Small Business OwnersBlack Friday has become infamous in the twenty-first century for the bargain-crazed consumers that pack American shopping centers annually on the Friday following Thanksgiving. Each year, millions of Americans (over 70 million, to be precise) flock to the stores to buy over 50 million dollars’ worth of holiday gifts and products. Check out these fast facts for Black Friday:
Small Business Strategies for the Black Friday WeekendDon’t Feel Pressured to open on Thanksgiving Day--there is no need for you to open your shop on Thanksgiving Day in order to compete with Walmart or Costco. Remember, in order to survive as a small business, you must embrace your role as such. Your business prides itself on its intimacy with your community and embracing family values. What family wants their relatives to work on Thanksgiving? Stay home, see family, have an extra serving of desert and watch some football—your neighbors and your customers will respect you for it.
Consider Cross-Promotion--international franchises do it all of the time. Cross-promoting, when done effectively, can be extremely lucrative for small business owners. If there is another local business in your area that could profit from a temporary partnership, team up with them and offer a special Black Friday weekend joint sale. Perhaps teamwork will help both of your businesses compete against the strikingly low prices that franchise retailers will offer.
Use Small Business Saturday to your Advantage--there is a special day of the year dedicated to supporting small businesses. Use it! Small Business Saturday is a great opportunity for you to offer promotional sales and to brush up on your management skills with the Small Business Administration’s free, week-long webinars and events.
Check out the Infographic below, and make sure that your small business profits from the Black Friday Weekend. Looking for other ways to ensure that your small business turns a profit? Get in touch with us today and take a look at the benefits of invoice factoring.