Recent times and events have caused a strain on many individuals and businesses. Therefore, in these challenging times, it is important that we support one another. Shopping and supporting your local businesses has an immediate positive effect on your community.
In an ever evolving and changing world, with shopping at our finger tips and the ease of online availability, why should we shop local? What are the benefits?
Firstly, shopping at your homegrown businesses stimulates your local economy. Independent, small businesses, return on average 52% of their revenue to the local economy. Reinvestment of your dollars not only builds but strengthens your community by creating jobs, and increasing the tax base to better support community infrastructure projects. Local companies bank locally, hire locally, and advertise locally.
Locally owned businesses create more jobs in the community and in some sectors provide better wages and benefits. For instance, small businesses pay 44% of US private payroll. Typically, homegrown companies do not lay off employees. As a result, this creates a greater impact on the prosperity of residents and local organizations.
Small business ownership ensures that important decisions are made locally by people who live in the area and who experience the effect of these outcomes. Many small businesses have product diversity. For instance, they buy, sell, and select products based on the needs and market of their local community. This precludes them from making product choices based on a national sales plan and perpetuates the requests and requirements of their clients. Furthermore, local businesses can frequently save you money. They have more flexibility in financing options, credit terms, pricing, and product upgrades.
Your neighborhood businesses contribute to your local, community causes. For example, they donate more than twice as much per sales dollar to local non-profits, events, and teams compared to big businesses. Small businesses have generated over 64% of net new jobs over the past 15 years. Local businesses produce 70% more local economic activity per square foot than big box retailers. Money spent at local businesses creates 3.5 times more wealth for the local economy.
To sum up, when you shop local you help small businesses and your local economy. Furthermore, you help support yourself and your family as well as assisting in job creation and community growth. Let’s all continue to support, the local small businesses and individuals who were severely impacted yet powered through, never waning in their commitment to serve their customers and local communities.
Sources: CAMEO, CustomMade, Andersonville Study of Retail Economics, HuffingtonPost, IndependentWeStand, ILSR, Advanced Imaging
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