5 Top Reasons to Support Local Businesses

5 Top Reasons to Support Local Businesses:

Small businesses provide a variety of services and deliver a unique type of personalized customer experience. Here are the top 5 reasons why you should support local businesses:

Community Well-Being

Communities are strengthened when local businesses help to maintain lively town centers, connect neighbors in a web of economic and social interactions, and contribute to charitable organizations in their communities.

Local businesses, such as banks, service providers, and farmers, are more likely to use the services of other local businesses than they are to use national brands.

In comparison to chain competitors, independent merchants return more than three times as much money to the communities in which they operate per dollar of sales.

According to a study, independent restaurants generate more than twice the amount of money per dollar of sales as national restaurant chains.  Meanwhile, local businesses frequently collaborate with other local entrepreneurs, resulting in an increase in the tax base’s overall growth.

And, last but not least, by offering apprenticeships and internships, small business owners can pass on their knowledge and skills to the next generation, which is critical for the future growth and development of the town.

Product Diversification

A large number of small firms, each selecting products based on their interests and the needs of their local clients, rather than on a national sales plan, ensures a much greater selection of product options than would otherwise be possible.

More Individualized Service

Purchasing locally provides advantages that go beyond just convenience. Having the owner in close proximity also means that the owner is familiar with his or her consumers. Frequently, the business owner is familiar with the things you purchase or the services you seek and can modify services to make your shopping experience even better.

Customer Support is More Responsive

When you shop locally, the business owner is almost always in direct contact with each person in the establishment. This results in a more personal approach, which means that any problems you may be experiencing are more likely to be addressed seriously and promptly.

 

Keep Dollars in the Local Economy

Locally owned businesses reinvest a far greater proportion of their sales back into the local economy, thus benefiting the entire community. Studies also show that more than 60 cents of every dollar you spend at a local business will remain in the community.

Job and Salary Information

Locally held firms generate more jobs in their communities and, in certain cases, offer better wages and benefits than large corporations.

 

Entrepreneurship

Entrepreneurship is a critical driver of economic innovation and success in the United States, and it is a critical tool for families to move out of low-wage occupations and into the middle class. It also encourages young people to try their hands at going into a business venture, albeit small, and work their way to a successful entrepreneurship endeavor.