Did you know that local businesses reinvest nearly 70% of their profits back into the local economy, as opposed to chain businesses that only reinvest about 43%? That’s just one of the many reasons why it’s so important to support local businesses in your community. When local businesses succeed, communities thrive. Therefore, it’s important to support local businesses as much as possible.
What Are Local Businesses?
Local businesses are defined as any independently-owned and operated businesses that are based in the local community. This can include everything from mom-and-pop shops to family-owned restaurants to small, local retailers. Anything that is not a chain business or national corporation is considered a local business.
Local businesses are a vital part of every community. They provide jobs, generate tax revenue, and help to boost the local economy. When you shop at a local business, you’re not only supporting that specific business – you’re also helping to improve the overall health of your community.
Why Support Local Businesses?
There are many reasons why you should support local businesses in your community. Here are just a few:
Local businesses reinvest nearly 70% of their profits back into the local economy, compared to less than 30% for national chains.
Since local businesses reinvest their profits locally, they help to create more jobs in the community. This is good news for communities because it means that there are more opportunities for employment.
Local businesses also tend to use local suppliers, which further boosts the local economy.
When you shop at a local business, you’re helping to keep your community unique. Local businesses add character and charm to a community that can be lost when national chains move in. So next time you need to make a purchase, think about patronizing a local business instead of a national chain. Your community will thank you!
Local businesses are usually owned by people who live in the community, so they’re more invested in its success.
People who own local businesses are invested in the local community. They are more likely to give back to the community, whether through donations or sponsorships.
For instance, dental clinics local to the area may sponsor a local sports team or donate to a local charity. These are things that national chains typically don’t do.
When you support local businesses, you’re also supporting the local economy. Local businesses tend to buy from other local businesses, which creates a positive ripple effect.
Local businesses create jobs.
When you shop at a local business, you’re supporting your neighbors and friends who might be employed there. You’re also helping to keep your hard-earned money in the local economy instead of sending it off to corporate headquarters in another state or country.
Local businesses often use local suppliers, which also helps to boost the local economy.
Local suppliers are usually more convenient and can offer better customer service than national suppliers. Plus, local businesses are typically more invested in their communities and are more likely to give back.
How Do You Support A Local Business?
There are plenty of ways to support local businesses. Here are a few ideas:
One of the best ways to support local businesses is simply to shop at them. Make a conscious effort to patronize local businesses whenever possible.
Tell your friends and family
Be sure to tell your friends and family about the great local businesses in your community. Word-of-mouth is still one of the best forms of marketing.
Write positive reviews
If you have a good experience with a local business, be sure to write a positive review on sites like Yelp or Google. This can help attract new customers and grow the business.
Volunteer or donate
Local businesses often give back to their communities in various ways. You can support them by volunteering your time or donating money or goods.
Bring more customers in
You should also strive to bring more customers into local businesses. This can be done by shopping there yourself or recommending them to others.
Promoting Prosperity For Communities
Communities are more likely to prosper when local businesses are doing well. This is because they provide jobs, generate tax revenue, and support other local businesses.
When local businesses succeed, everyone in the community benefits. That’s why it’s important to support them. When communities thrive, local businesses are a big part of the reason why. Therefore, local businesses should never be neglected.
What Happens If Local Businesses Do Not Get Support?
If local businesses do not receive the support they need, they will eventually have to close their doors. This is bad for the local economy and can lead to a decline in the quality of life for residents.
It’s up to everyone in the community to make sure that local businesses are supported. By doing so, you’re helping to ensure that your community remains prosperous and vibrant.