The Importance of Supporting Local Businesses
A country’s progress and development can be measured in a number of ways. One of these ways is measuring the number of businesses that operate in it, as that is a measure of economic welfare.
But apart from that, new, local businesses are not only a statistic for economy, but also an important part of the society and the community.
Here are a couple of reasons why it is important to support local businesses in your community:
1. Community’s Welfare
The local business in your area will give back to the community unlike the chain stores. Anyone who starts up a small, local business is most probably one of your neighbors. By helping and supporting them, you will help them earn their living, which they will spend within the community itself.
2. Community Engagement
Small business owners are an important part of the community themselves. By encouraging and supporting their business, they will be able to grow and prosper enough to actively engage in the community. For example, they will be able to sponsor local events and functions to spread awareness or raise funds. They could also donate to NGO’s that work to serve the community positively.
3. Community Representation
Small businesses are an ideal representation of the principles of your community. They also work effectively in encouraging tourism. Have you ever heard of the Indian food street culture or the food truck vendors by the Californian beaches? People all around the world visit these local businesses because of their vibrancy and colorfulness. So, by supporting the local businesses in your community, you are actually building a character for your community that can be attributed to it.
4. More Jobs
This is another benefit of supporting local businesses. If the whole community supports a local vendor, their business will grow and flourish. It is obvious they will need help around, giving a greater job opportunity for the residents of the community.
5. Lower Prices
When there is just one, big chain in a community, that store has a monopoly. This allows them to exploit the community by charging prices of goods and services too high. But when there are plenty of small businesses in a community- that monopoly breaks. Because more stores and shops will be offering the products and services, people will have more options, which will reduce the prices automatically. So by supporting local businesses in your community, you actually encourage competition, and enjoy more affordable prices.
6. Innovation And Variety
When a store has a monopoly, they offer just one kind of product or service. However, when there will be plenty of stores, you will have a greater variety of different types of goods to choose from. This way the community as a whole will enjoy an increased customer variety.
7. Economic Prosperity
The more the entrepreneurship culture expands, the greater the monetary circulation will be. In this way, the economy thrives towards prosperity.
By supporting local businesses, you’re contributing not only to a collective cause, but also, to your own, individual cause.
So support local businesses and bring a change!