Supporting local business isn’t just about helping that one person and their employee’s, there is a much wider ripple effect. From helping someone make their dreams a reality to strengthening the local economy, supporting local business is sure to make you feel good.
And with over 99% of America’s estimated 29 million firms classified as a ‘small’ business it would be unlikely that you haven’t ended up supporting at least one. It is estimated that over 630,000 small businesses are started each year but sadly, almost the same number close each year.
So, in order to help keep more small and local business stay successful for longer we need to support them. What are the benefits of supporting local enterprise? Let’s take a look.
Small business, better expertise
Most people who start a business do so out of passion and expertise for their subject. They appreciate and want to develop strong relationships with their customers. Small business owners rely on their customers to help spread the word to others and continue to help them grow and make a profit. They will work hard to ensure that every customer has a great experience to ensure they get recommend to friends, family, and colleagues. So not only are you more likely to receive a more personal experience from a local business but you are also likely to receive some expert advice.
You are also more likely to receive higher quality goods and unique items as they are not mass produced. While it is convenient to shop at the likes of Amazon, you are limited to the information you can obtain on the item before receiving it. A small business will have spent a lot of time and effort ensuring that the products they sell are of high quality and likely to keep customers coming back for more.
Connecting with the community
A small local business is likely to create and sustain jobs for the local area providing others with a means to support their family. This then multiplies and as small businesses grow more opportunities become available as well as keeping the area vibrant with shoppers and tourists.
This also strengthens community connections, as more local people regularly attend the small businesses in the area friendships are likely to be formed from the small talk that inevitably occurs. In turn often small business owners like to give back and get involved by providing and participating in fundraisers and local events.
And a strong feeling of community plays into our instinct to be part of a ‘tribe’; the idea that we are safer in numbers than alone. Being able to help others, share ideas, and collaborate makes us feel a part of something bigger than ourselves. After all community is defined by the draw on the feeling of ‘togetherness’. A sense of coming together for a common interest or belief and providing support to each other.
Strengthening local economy
When you spend your money locally with a small business it tends to stay local. In fact, studies have shown that when you spend with a small local business the money is twice as likely to stay in the local area. The money that a local business earns is likely to be spent with another local business for supplies, providing jobs to the community, and for their own general living expenses within the area. This provides a cycle type effect of money circulating within the local area.
The biggest benefit of this of course is that a strong local economy enables a better living environment, providing more funding for local events, housing, community spaces, and education.
Feel good Factor
Spending your money locally knowing that you are helping and contributing to something with beneficial impact, makes you feel good. Gives you a sense of purpose and giving back. Spending with a local business can literally change the lives of that business owner compared to a large franchise who may barley even acknowledge the transaction.
Supporting local also can reduce your environmental impact. Not having a product shipped miles or buying a product that is mass produced can have a really positive impact on reducing your carbon footprint. If this is an important element to your life, then shopping locally is sure to make you feel good!
Buying locally and supporting small businesses can have a profound ripple effect on the local area and the communities that support them. Nicole Franks came and talked to us about how her coffee business was a part of the ripple effect after having built a successful community in the midst of a global pandemic, take a listen here.
And if you need some support while growing a small business then be sure to book a complimentary chat with us here.