Locally owned businesses help drive the economy of a region. So it’s important to support small businesses —they are an integral piece of your local community.
Small businesses bring growth and innovation. 🏢🚚🏗️🏭
They provide opportunities for employment to people in the community. 👷👩💼👨🏭💁
They help invent brand new products or new solutions that help the majority of Americans. 🇺🇸
When you support small businesses and shop local, you are helping not only the business owner but the entire community as well.
Take, for example, Guadalupe, who supplies produce for restaurants. Because the local people support small businesses, he was able to access capital to buy new trucks and hire three more employees.
Keep reading to know what happens when you shop local and support small businesses in your community, as well as some ways you can support locally owned businesses.
What Happens When You Support a Small Business?
According to the U.S. Small Business Administration, small businesses make up 99.9% of all businesses in the States. That means that when you support small businesses, you are helping drive the economy.
While the SBA defines small businesses as those with a maximum of 250 employers, the ultra-small businesses have a huge impact on the economy. In fact, in 2015 alone, businesses with 20 or fewer employers created 1.1 million new jobs.
When you shop local, you are supporting the local community by helping small businesses create new jobs.
The best part is the majority of the people small businesses hire are members of the local community. So, not only are you taking care of business owners when you support small businesses, but you are supporting your neighbors, too.
Another main benefit to supporting locally owned businesses is that they pay taxes directly to your local community. These businesses also collect sales tax, part of which goes to the community.
In a way, then, when you support small businesses, you are giving back to your community.
Local municipalities use the money they collect from taxes to fund the services they provide. The more thriving businesses there are in a community, the more that community is able to make improvements in areas such as:
- Schools 👨🎓🏫🚸
- Police and fire departments 🚓👮♀️🚒
- Roadwork 🛣️🚧👷♀️
- Parks and recreational areas 🚵⛲🌳
- Community events 👩🏾🦰👦🏻👴👧🏿👵🏽🧔🏼
Communities that have a strong stable of small businesses are often very attractive places to live. This also means that when you support small businesses, you are in a way helping to improve the value of your home and that of your neighbors.
All in all, when you shop local, you are making a decision that will have a profound positive impact on the people in the community in which you live.
🏡 🏘️ 🏠
How to Support a Small Business? 5 ways to help
As a small business owner yourself, you may be wondering how it is that you can support other small businesses in your community. Other than simply deciding to shop local, you can get creative in how you support locally owned businesses.
Here are five ways that you can do so.
1. Partner with other small businesses
By partnering 🤝 with another small business to provide complementary products and/or services to what your company provides, you will be increasing the opportunity for local sales and helping multiple businesses out at the same time.
2. Talk about why people should shop local
As a small business owner, you have the power of being an influential member of your community. One way you can use that influence is to tell people all the benefits they get when they support small businesses in their community. Write a blog or simple messages on your social media accounts to get the word out, for example.
3. Offer specials or discounts for members of the community
A creative way to get the local community to shop local is to offer special pricing, packages or discounts to people who live in your community. Maybe you can offer a 5 percent discount to all residents of your town.
Start this community-discount trend and soon other business owners will follow suit, this will incentivize your neighbors to shop at local businesses.
4. Help create a local small business association
There is power in numbers, as they say. One way to create that power (and harness it for good) is to join with other small business owners to create a local merchants association. Together, you can create marketing campaigns, help beautify the downtown shopping district and even host special sidewalk sale days.
5. Create a guide to small businesses
Taking the marketing idea one step further, one way to encourage people to support locally owned businesses is to create a printed guide to all the small business in your community. This guide won’t cost much to produce, but it could result in big benefits to your businesses. You can put stacks of the guide at popular spots such as libraries 📚, town hall 🏛️ and even in local coffee shops ☕ for visitors to pick up.
These are just a few simple ideas for how you can support small businesses in your community yourself and also encourage others both inside and outside your community to do the same.
When You Support a Small Business, You Support a Dream
When you support small businesses, you are helping to support that dream.
Locally owned businesses are the lifeblood of a community. That’s why it’s so important to shop local.
When you support small businesses in your community, you are contributing to the profound impact they have on the community at large. You are helping to create new jobs, increase tax revenue for the community and increase the value of homes.
At Camino Financial, our number one goal is to support small businesses in the local community. That’s why we do what we do —provide accessible financing to local business owners just like yourself. We work hard every day to live up to our motto of “No Business Left Behind.”
We are also committed to shop-local-initiatives and supporting locally owned businesses through education and guidance. Subscribe to the Camino Financial Newsletter today to receive more marketing ideas and ways to grow your business.