In these difficult times, it’s more important than ever to support your local businesses instead of national chains. When you spend your money at a mom-and-pop store, local restaurant, or local dental clinic, you’re not only helping to keep your community strong, you’re also helping to create jobs.
It’s no secret that the economy is still struggling. Millions of Americans are out of work, and many businesses are still closing their doors. While it may be tempting to take your business elsewhere, it’s important to remember that supporting local businesses is one of the best ways to promote economic recovery.
When you spend your money at a local business, that money is reinvested back into the community and stays in the community. In fact, whenever you spend $100 at a local business, the community benefits by up to $68 returned to it through taxes, payroll, and other spending. By comparison, only $43 of every $100 spent at a national chain stays in the community.
When money stays within the community, it circulates and helps to strengthen the economy. It helps to create jobs and support other businesses in the area. This is important for community development.
National chains are notorious for sending their profits out of town. That means that communities that rely on them for economic development often see little benefit. Local businesses, on the other hand, are more likely to use their profits to invest in their community.
Local businesses also create more jobs than national chains. In fact, for every $10 million spent at a local business, 57 jobs are created. That’s in comparison to only 14 jobs created by spending the same amount at a national chain.
This is an important statistic because it means that local businesses are more likely to create jobs. When the economy is struggling, it’s essential to put our money into businesses that will create sustainable jobs. Local businesses are the way to go.
The Effects of Local Business Closures
If we don’t support our local economy and small businesses go out of business, the community will suffer. Small businesses are the backbone of the American economy. When they close their doors, it has a ripple effect throughout the community. The money that was once circulated within the community is now sent out of town. This hurts the economy and can lead to an even bigger recession. It’s essential that we do what we can to support our local businesses. Not only will it help the community, but it will also help to promote economic recovery.
How to Help Local Small Businesses
There are several ways to support local small businesses in addition to patronizing them. You can also encourage others to do so, as well.
Support Local Events
Many communities have local events that celebrate small businesses. Show your support by attending these events and bringing your business to the vendors there.
Advocacy and Networking
You can get involved with local advocacy groups that promote small businesses. These organizations often offer networking opportunities and can be a great resource for small business owners. They are a great way for local businesses to connect with other businesses in the community. They offer a chance for businesses to share ideas, collaborate, and learn from each other. This is important because it helps local businesses to grow and succeed.
Networking events also offer a chance for businesses to connect with potential customers. This can help to generate more business for local establishments. In addition, networking helps to build relationships with customers and create loyalty.
Local businesses can find networking events by contacting their local Chamber of Commerce or Economic Development Council. They can also find groups on social media sites like LinkedIn or Facebook. By participating in these events, local businesses can expand their reach and promote economic recovery.
Social Media Marketing
One great way to show your support is to use social media marketing to spread the word. Share photos of local businesses you’ve visited, mention them in your posts and use the hashtag #shoplocal.
When you post about your favorite local businesses on social media, you’re doing more than just promoting them. You’re actually endorsing them. And when you endorse a business, it has a powerful effect.
People trust endorsements from their friends and family more than any other form of advertising. In fact, word-of-mouth is the most effective type of marketing. That’s why social media posts are so powerful for local businesses.
When you post about a local business, you’re telling your friends and family that it’s worth checking out. You’re vouching for them and recommending them. This will help to connect like-minded people and raise awareness about the importance of supporting community businesses.
Helping Your Community and the Country
So the next time you’re thinking about where to spend your hard-earned money, remember the importance of supporting your local businesses. Not only will you be helping your community, but you’ll also be playing a role in promoting economic recovery. When we work together, we can achieve great things!