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Why It Is Important & How To Support Small, Local Businesses During COVID-19

Written by Kristen McKenna | April 14, 2021

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Many people fantasize of being their own boss and creating a business, based on personal ideas and dreams. Whether the concept be clothing design, a restaurant venture, or product formulation, certain individuals present their merchandise or objective and hope the success rates beat the odds. According to stats from the Bureau of Labor Statistics, roughly 20% of small businesses fail within the first year. Despite the questionable future of a new, small company, they are the backbone of a healthy and sustainable economy.

In the United States alone, 31.7 million small businesses employ 47.1% of Americans. Privately owned enterprises play an exceptionally significant role for economic development and job creation. Now more than ever, small business owners have been hit especially hard by government mandates established to keep the public safe.

While some companies have adapted to the measures, many were forced to close their doors permanently. As active members of our communities and society as a whole, each one of us yields the power to boost the progress of our favorite mom-and-pop business. Refer to this post for justifications of promoting a small business, together with specifically how to go about this task.

WHY YOU SHOULD SUPPORT

Local Spending Keeps Money in the Local Economy & Increases Velocity

Shopping local ensures your dollars remain in the community and help local development. Money spent at independent businesses circulates in the local economy at a much greater rate than money spent at retail chains or multi-national corporations. For example, a family-owned restaurant may acquire ingredients from a nearby farm, and hire a local design firm – these collaborative relationships help the entire local business community prosper.

The velocity of money is the rate at which people spend money. When the velocity of money is high, it means each dollar rapidly moves to purchase services and goods. High velocity indicates high demand, which generates more production. Because money spent locally remains close to home, it often has greater velocity within the community as well.

Creates Jobs in the Community, Reduces Commutes & Transportation

Seemingly straightforward, yet vital for a healthy community. The emergence of a new, small business in town undoubtedly requires employees. With new positions available, local citizens have more opportunity for employment and community involvement.

When residents work in close proximity to their home, they save time, money, and energy commuting to jobs that may otherwise be farther away. Now having the option to take local transportation, bike, or even walk to work reduces pollution and one’s carbon footprint.

Support Community Development & Organizations

Local businesses prosper from tight-knit communities and active engagement of residents and other local organizations. Compared to owners and managers of large companies (who often don’t live in the area), small venture owners tend to be more engaged in the community. Thus, local businesses gravitate to aid with community improvement actions. By contributing to the prosperity of a locally-loved business, those investments eventually return to the customer.

“Main Street” becomes the heart of activity, where stores, entrepreneurs, and the local government mutually work together to create and preserve their town’s personality. New businesses appearing support the appeal of a shopping area and intrigues tourism dollars.

Fresh Produce from Local Farms & Reducing Food Miles

In most cases, food travels a far distance to reach the consumers table. An approximated 1,500 miles must be endured for meals in the United States to reach farm to plate. Large-scale transportation of food devours an extensive amount of fossil fuels. The international food trade market produces large quantities of carbon dioxide, while deceiving their customers to believe their purchases are healthy and natural. In preparation for long distance travel, the bulk of food is picked while unripe, sprayed with pesticides, and highly processed using preservatives amongst other means to remain stable for transportation and sale.

The happy solution to avoid the unsustainable harvesting of foreign produce is to purchase from local growers and suppliers. Oftentimes, customers can meet the farmer themselves and establish a relationship with the individual providing the food on their table. Investments toward local farmers guarantees fresh, minimally-treated, and more nutritious food. While the consumer physically benefits from healthier and less-processed food, the rancher maintains the growth of their environmentally beneficial business.

Strengthens Local Economic Resiliency

Stable local businesses influence a greater resilience of a market. Smaller companies can adjust to different and unexpected circumstances. Respectively, some small businesses struggle when markets are troublesome. However, an assortment of prosperous small businesses, helps to assure that one failure doesn’t jeopardize the only retailer in an area. When a community solely relies on one primary retailer for a particular market, the entire district falls subject to the decisions and welfare of that entity. Strong local businesses create greater resiliency for the community, even if a particular vendor can’t withstand a difficult circumstance.

Offers Exceptional Customer Service & Flexibility

A loyal customer base could result from many factors – effective products are the general cause, however, small businesses possess the quality to form strong relationships with their clientele and provide unique customer service. Business owners rely on individuals to support their career and livelihood, so to ensure repeat clients and referrals come about, owners often go out of their way to secure customer satisfaction. Lacking tiers of management and corporate policy, small business owners can make their own rules, meet personal requests, and remain modern on the ever changing market.

HOW TO SUPPORT

Buy Local

Change up your routine shopping habits, find a local or small business that specializes in the products you’re looking for.
Don’t forget about online shopping – many storefronts have an online presence that greatly aid in their revenue stream.
Buy gift cards!
Dine in & order take-out from a local restaurant instead of a chain eatery.
Tip generously.
Shop now for later – birthdays, gifts, or other purchases where you can buy now and give later.
Buy merch – wear a brands personal merch with their logo and name – spread the word!

Be Social

Write positive reviews – website and social media accounts.
Share products and services.
‘Like’ and share posts from business.
Tag the business.
Tag a friend.
Sign-up for newsletters.
Tell family and friends.

The Road Towards a Sustainable Economy

Until recently, many haven’t recognized the importance of backing a small business rather than a big-box store. When spending our dollars on locally grown or crafted items, we are quite literally helping a nearby resident put their children through college or set food on the table for the family. The foundation for the “American Dream”, small enterprises have undoubtedly played an essential role in the growth of a developing area. Beyond their size, these brands are defined by their spirit. Certain risks must be taken to achieve innovation that moves the world forward. In the long run, society needs small businesses just as much as they need us.