Top 8 Reasons to Support Locally Owned Businesses

Top 8 Reasons to Support Locally Owned Businesses

Locally owned businesses have often been termed the backbone of an economy and amazingly represent about 99.7% of all firms in America, contributing to 64% of all new job opportunities created. Small businesses are incredibly crucial to sustainable economic growth and to prevent more than half the nation from unemployment.

Benefits the Economy

Small businesses have the flexibility to try new strategies, experiment with new products and introduce new concepts and add to innovations in businesses. Locally owned businesses usually purchase from other locally owned setups; therefore, money is recycled within the community. This promotes small businesses and enriches the whole community as a result.

When small businesses are strong, they benefit the overall economy as well. Small businesses give back to the community through donations, fundraisers, and backing and funding of other smaller groups in the community.

Retaining Dollars in the Community

Compared to commercially operating chains, local businesses invest a large chunk of their revenue back in their communities, benefiting the entire community.

Creates Jobs

Locally owned businesses provide employment opportunities to many people in their community who are otherwise unable to secure jobs in commercially operating chains due to higher competition. Usually, the wages and benefits offered by local businesses are better than those offered commercially.

Negative Impact on the Environment Is Reduced

Since most locally operating businesses require less land, they are usually located within their communities rather than in town centers or malls at a greater distance from the neighborhood. Far-off locations would require automobiles to get there, but nearby locations can easily be accessed by walking or riding a bike for those who prefer it. These businesses reduce transport use due to proximity resulting in the conservation of fuel and land and reduction of traffic and air pollution.

Increases Tourism

Locally owned businesses add to the overall décor of the community. With their vibrant markets and attractive exquisite products, the local market is abuzz with visitors and tourists. Local markets add character and flavor to the communities, which attract tourists.

Increases Entrepreneurship

Entrepreneurship allows people to improve their living standards and move from low-wage jobs to a middle-class living. It is the driving force for America’s economy and innovative capabilities and helps promote prosperity.

Diversity in Products Adding To More Variety for Consumers

Locally owned businesses produce products specific to the needs of their communities. They don’t have to be standard or what is recommended by the national sales plan. Hence there is more diversity and variety to choose from.

Adaptability and Excellent Customer Service

Local business owners depend on their communities to thrive. They must keep them happy and satisfied and look after their personalized needs. They will go the extra mile to cater to your particular required products while maintaining a friendly and accommodating demeanor. You will not get this special attention at other larger stores.

Go Local

For the reasons mentioned above, it is always better to choose local products and services where you have an option as now you know the multitude of ways it benefits the overall community and economy of the country. To find out which local services are being provided in your city, visit Local Services Network and find a local alternative for the product or service you are looking for.