What Election Day Could Mean for Small Business

November 8 is almost here. Why the big deal? It’s the 2022 United States midterm elections. Odds are good, says Business Wire, that you already have the date on your calendar since an overwhelming 86% of small business owners say they are definitely planning to vote in this election. It makes sense since US small business owners, while far from a political monolith, have a few shared key issues on their collective brains, including the economy and the reauthorization of the Small Business Association (SBA).

But this isn’t an article about issues: it’s about the election itself and how a simple calendar date can impact a business—as well as the best ways to prepare.

Election Day’s Small Business Booms and Busts

For some American small business owners, Election Day isn’t just important at the ballot box—it could also be a key day for your bottom line. Which businesses see a burst of business on November 8, and which should consider closing early (…maybe even to go vote yourself)?

Bars, Pubs, and Restaurants

You may be old enough to remember being unable to buy a beer on Election Days past, depending on your state of residence—and while these ordinances have since been repealed in every state that once held them, some local or city governments have the authority to enforce their own bans. (Why have an alcohol ban on Election Day, you might be wondering? Candidates used to offer drinks in order to influence votes—and some saloons even served as voting places.) So if you’re a bar or restaurant owner in one of these complex-coverage areas, brace yourself for a possible, but unlikely dip in sales. 

Food!

In contrast, some good news for restaurants and food-delivery services: in-person constituents voting after the traditional 9-5 workday will unquestionably need help with dinner (possibly even while in line). And for any district where schools are closed to facilitate ease of voting or to serve as poll locations, the need for childcare will likely increase. 

Services, like Gyms and Salons

What about letting off a little steam or practicing self care for a civic duty that’s become oddly contentious? Well, if you own a gym, nail salon, or other service-oriented small business that typically sees a majority of clients after work hours, Election Day might be a quieter one for you as well, as your customers use that time to head to the polls. Of course, it may all depend on how late you’re open since in-person voting includes a time limit.

Transportation

Companies that offer innovative solutions to voting access (e.g., free rides to the polls from a transport company) or small businesses that offer discounts to customers with “I Voted” stickers could also see a bump in sales on Election Day. 

Ad Agencies, PR Firms, and Media 

And last, but certainly not least: if you’re a boutique ad agency or small marketing firm working on Election Day-related content, no one needs to tell you how the day will affect your business—you’re living it already.

Policy Priorities for Small Business Owners

We said this wasn’t an issues-based article and we mean it, but there’s no harm in a quick mention of what’s bringing small business owners to the polls in this election season.

Economy and Pricing

Inflation is a top concern, with roughly one-third of American small business owners citing the economic phenomenon and how it’s being handled as their number-one priority. In particular, pricing challenges at smaller businesses have left 83% of small business owners noting concern about possible customer losses to corporate competitors with the ability to undercut them on pricing.

Employment and the SBA

Hiring is also a hot-button issue for small businesses resulting from increased costs for employee benefits and competition with larger companies for workers. These are the drivers for the 81% of small business owners to call for the US government to reauthorize the SBA. According to Joe Wall, the national director of Goldman Sachs’ 10,000 Small Businesses Voices organization, doing so will “put small businesses on stronger footing to compete with larger businesses.”

Regardless of the reason you’re heading to the polls as a small business owner, your choice to do so represents a vital investment in your small business and your community. “You certainly know politicians affect your taxes and regulations, but there’s so much more” to voting, says small business owner Rhonda Abrams for USA Today. “Who you vote for affects a dramatic number of policies and programs impacting your company. As importantly, who we choose to lead us also shapes the very nature of our society, our economy, and our democracy.”

_{The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Lendio. Any content provided by our bloggers or authors are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything. The information provided in this post is not intended to constitute business, legal, tax, or accounting advice and is provided for general informational purposes only. Readers should contact their attorney, business advisor, or tax advisor to obtain advice on any particular matter.}