Think Local, Thrive Local: The Economic Power of Supporting Small Businesses
The economy is on a lot of people’s minds, and with good reason. Some reports would have you believe that we are on shaky ground, but you have the power to make a positive impact on our economic future with one simple act: support small businesses in your community. In fact, if every family in the country spent just $10 a month at a local business, a whopping $9.3 billion would be directly returned to the US economy.
Small businesses are responsible for creating about half of the country’s jobs, which means they are keeping people in big cities and small towns alike working and thriving. Look around and you’ll find so many opportunities to make your dollars make a difference.
Farmers Markets
Shopping at farmers markets directs your dollars to the producers instead of a small percentage being passed along to them through a long supply chain. There’s also an environmental benefit, since the food and other goods travel just a few miles instead of thousands. Then there are the social benefits. Talk with the producers about heirloom varieties that you would never see in a grocery store. Ask about their favorite ways to prepare the foods they sell. If you have small kids, this is also a great chance to help them connect the food they eat to the real people who grow and raise it.
Retailers
Bookstores. Gift shops. Grocery stores. Clothing boutiques. Toy stores. The list of retail options is endless, which means you have endless opportunities to shop local. As you shop, you will likely find a higher level of service since owners often provide things like free gift wrapping, in-store events, and product samples to set themselves apart from chains and draw in more customers. In addition to elevated service, about $68 of every $100 you spend will stay right in your community as opposed to just $11 for every $100 spent at multinational retailers.
Service Providers
Whether you need to get your taxes filed, have your car fixed, or check a home improvement project off your list, there is sure to be a local company that can help you. Businesses like these (and all the others listed in this post) take pride in serving their community and donate 250% more than large corporations to local causes. Paying for high quality locally based services ensures that these companies will have the resources to continue supporting the causes that are vital to your community’s well-being.
Restaurants and Lodging
There’s nothing like dining at a local restaurant to get a true taste of a community. Whether it’s a bakery, coffee shop, or high-end restaurant, these establishments serve up every dish and drink with a sense of pride in their craft and their community. There’s also a very good chance that the ingredients they use are locally sourced. Do you have guests coming to visit? Recommend a locally owned inn or boutique hotel. Or, treat yourself to a staycation and play tourist in your own city for a weekend.
Local Events
From craft fairs to music festivals to art shows, communities of all sizes host events that showcase the talents of local artists, performers, and makers. These events nurture community pride and also draw out of town visitors, which means more revenue for participants as well as for surrounding businesses. Even if you don’t purchase a thing, you show your support with your presence…and build community by gathering with your neighbors.
Creating a stronger local economy starts with making the decision to support locally owned businesses. These companies are run by your neighbors, your friends – maybe even you! Their growth and sustainability means more local jobs and more revenue going right back into the community. Instead of worrying that there’s nothing you can do about the economy, we encourage you to focus on building local habits to create a powerful ripple effect that results in positive, meaningful change.
