Every year since 2010, Small Business Saturday highlights how important local businesses are to their communities. Small Business Saturday takes place on the Saturday after Thanksgiving (which is also the day after Black Friday). It’s a day dedicated to shopping in your own community during the holiday season and helping small businesses gain exposure which, in turn, helps the local economy.
In 2023, consumers spent $17 billion supporting local businesses on Small Business Saturday. Since 2010, spending on this day has totaled $201 billion.
That spending makes a big difference in the local economy. For every $100 spent at a local business, about $68 stays in the community. That amount drops to $48 with spending at a large business. So, when small businesses succeed, the whole community wins.
If you’re an insurance agent, you know how important local community connection is. These tips can help you support local small businesses this holiday season and beyond.
1. Become a Customer
It’s easy and convenient to shop at big box retailers and online. But when you have the opportunity, shop in-person at your local stores. In many areas, you’ll find florists, toy shops, bookstores, hardware stores and locally owned cafes and restaurants, as well as professional services like bankers, lawyers, accountants and real estate agents.
When you shop in your community, you’re not just making a financial difference, you’re building your professional network. As you make connections, you’ll naturally find clients.
2. Focus on Education
Educating small business owners will establish you as a trusted resource. Consider writing and sharing articles on LinkedIn, posting quick tips on your Facebook or Instagram account or hosting webinars or in-person seminars.
You could address insurance-specific topics or team up with other professionals to provide information. For example, maybe a local shares information on earning college scholarships, and you work with them to answer questions about auto coverage for teen drivers and insurance protection in dorms and student housing.
3. Offer Employee Benefits for Local Businesses
Local business owners know that one of the keys to success is attracting and retaining good employees. You can be the person these owners turn to for help building their benefits packages. Health insurance is a crucial employee benefit, and you may also want to help small business owners offer discounted auto, homeowners or renters insurance.
Plus, you may be able to help small business owners set up retirement savings accounts for themselves and their employees.
Helping local businesses with these needs can free them and their employees up to focus on serving their customers and clients and growing their shops and firms.
4. Provide Commercial Coverage
Small businesses have specific insurance needs. Depending on your community, you may have demand for:
- Commercial business insurance for owners of businesses like contractors, apartment or complex managers, auto repair shops and restaurants.
- Home-based business insurance to cover inventory, business use of a personal car and other risks not covered by a homeowner’s policy.
- Ag-based business insurance for the special coverage farmers and ranchers need.
- Employment coverage such as workers' compensation and liability insurance.
- Employee benefits such as retirement savings and health insurance.
- Loss control services to help lower risk.
- Business succession planning to help owners make arrangements for the future with partners or family members.
Providing coverage for small businesses in your community is a big responsibility. At Farm Bureau, our agents have the opportunity to work with a commercial marketing underwriter to help grow their business prospect list.
You can also work with a marketing coach to help you:
- Prepare your commercial marketing and prospecting plan.
- Develop strategies to reach out to small businesses effectively.
- Use a client management tool for tracking and following up to help meet your goals.
Small Business Saturday is a great time for commercial prospecting. Small business owners have worked tirelessly to build up their organizations. Why not reach out to them to help protect their livelihoods?
Help Small Businesses Succeed Every Day
As a Farm Bureau agent, you don’t just support small businesses on Small Business Saturday. You help them year-round. If you’re passionate about making a difference in your community, insurance could be right for you. Contact your local district manager to learn more.