7 Reasons Why You Should Support Local BusinessSABJOL
Small businesses are the backbone of our local communities. Studies show for every $100 spent locally, $73 will stay in the community and $27 within the province. But what if you spend the same $100 at international corporations? Only $14 stays in the community, mostly in way of wages and salaries. The rest goes to the corporation and out of your country. In this blog, we’ll show you why you should support local business and how you can do that.
Local businesses pay local taxes, bolstering the city revenue available for improvements to roads, schools, and area green spaces. When shoppers spend their money locally, the taxes they pay benefit their community and better their own lives. Small business owners also spend their money locally majority of the time. The amount of dollars you paid at their business will most likely stay in your community. Keep in mind, small business owners tend to shop locally much more than shopping internationally.
What is Gross Domestic Product (GDP) & How is it related to Local Businesses?
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.
Though GDP is typically calculated on an annual basis, it is sometimes calculated on a quarterly basis as well.
Small– to medium-sized businesses contribute to approximately 38.4% of Canada’s gross domestic product (GDP). That is a strong reason for you to support local business.
A higher GDP means that the people in the country have a better standard of living and so they must be adding more value. An underdeveloped country is a country where people do not have the opportunity to add value. They do not have opportunities to work.
If GDP is growing, investors are more willing to finance start-up businesses or provide fresh capital for companies to expand their operations. The stock market will go up in reaction to strong GDP reports, and companies can get higher prices for any new stock offerings.
Reasons to Support Local Business
After we covered some economic reviews on the importance of small business and the great impact they have on our economy’s strength and growth, now we’ll go through reasons why you should support local business.
Unique Businesses Create Character & Prosperity.
The unique character of your local community is defined in large part by the business that reside there. Your taste and style reflects on what your local businesses offer you. That plays a big factor in your overall satisfaction with where you live, your values and property.
Most New Jobs Are Provided By Local Businesses.
Small local businesses are the largest employers nationally. Plus the more jobs you have in your local community the less people are going to have to commute which means more time and less traffic and pollution.
Environmental Impact Is Reduced.
Small local business usually set up shop in city/town center, providing a centralized variety that is much friendlier to a community’s walk score than out of town shopping malls. This generally means contributing less to sprawl, congestion, habitat loss and pollution.
Better Customer Service.
Local businesses often hire people with more specific product expertise for better customer service. Local businesses go beyond their customer service to guarantee your next purchases and recommendations.
Competition And Diversity Leads To More Consumer Choices.
A marketplace of thousands of small businesses is the best way to ensure innovation and low prices over the long-term.
As small businesses rarely rely on advertisements, the cost of products you buy is way more competitive than what’s there in the open market.
You Matter More.
It’s a fact that businesses respond to their customers but your values and desires are much more influential to your local community business than the large big box stores.
How can I Support Local Business?
As you now know why it is important to support local business and boost up your economy, here are actions you need to have your mind set towards when deciding to spend your dollars.
Try the menu at a local restaurant for lunch or dinner. Make an order and go pick it up if you can’t stay.
- Purchase a birthday present or cake at a local shop.
- Share local businesses products and services on your social media pages.
- Do your shopping holidays locally.
- Join a local gym.
- Visit a local nursery or hardware store for your lawn and garden needs
- Adjust the item location when you buy online to reflect your community, city, province and country.
- Get your car serviced at a local mechanic
- Visit your farmer’s market and purchase the ingredients for your family dinner.
- Start a local business network where people can engage with local businesses remotely.
- Donate to or even buy gift cards from their businesses.
- Write reviews and give recommendations.
As we reached the end of our blog, you now know how small businesses contribute to local economies, bring growth and innovation to your local community. Small businesses also help stimulate economic growth by providing employment opportunities to your people who may not be employable by larger corporations.
We added some of our affiliate links in case you like to shop online. They all have the option of choosing product and service providers from your local area. Adjust the item location and ensure the product or service you’re receiving comes from your local community, province and country.
Do share the blog with your friends and community to generate awareness. Don’t forget to Subscribe to receive 10% OFF your favourite Brands.