- By Dwaipayan, 05 October 2020 | 6 MIN READ
Local businesses are assets to the local community. Cities and regions spend time, efforts, and resources trying to attract and convince large corporations to relocate to their area, while a focus on the local businesses can be a better fit. Local businesses could be as good for the economy from a micro-level context.
10 ways small businesses can make a sizeable local impact:
1. Community Identity
From the mom-and-pop shop to an antique emporium, coffee shop, yoga studio, and beyond, small businesses are the community’s identity. Take a stroll down the main street and you’ll likely see that your neighborhood has its unique character and charm. Municipalities and tourism take efforts to preserve the unique character a vibrant small business community creates– giving business owners the tools to flourish in the new economy.
2. Community Involvement
Small business owners tend to be involved in the community. To remain in the business, they participate to sponsor local Little League teams, donate to the city’s homeless shelter, join the chamber of commerce, participate in community charity events, or contribute to a local non-profit organization. You can also often see some of the successful business owners' guest lectures at the local community college, technical institute, or small business center.
3. Small Business Personal Touch
Small business owners build personal relationships with their customers, many of them know their customers by name. Did you ever happen that you walked into a large chain store and were greeted by name? Small business owners group together, establishing casual or formal relationships. These relationships leverage the expertise of the participants to contribute to the business community’s long-term growth.
4. Environmental Benefits
Small businesses clustered near residential help reduce automobile use and traffic congestion, promoting better air quality and less urban sprawl.
They add immensely to reducing air pollution from vehicles by encouraging walking, bicycling, or taking transit.
5. Increasing the Tax Base
When you shop at small businesses within the communities, you help to improve the economy of the community. Likewise, local small businesses tend to buy locally as well, pushing more of the profits from their economic activity back into the community than their chain store counterparts, triggering economic development.
6. Generate Local Jobs
Small businesses create job avenues, and most of those jobs are local jobs. Instead of having to commute to another city, employees work closer to home. Endorsing local businesses also helps your fellow community members who work at them. A community with a vibrant commercial center creates ample opportunities for these workers to shop at other local small businesses. They in return spend on lunch or dinner in local restaurants, grab a drink from local bars. This keeps money local and further generates a tight-knit community vibe.
Small businesses are an entrepreneurial Journey. By beginning a small business, the business owner is taking charge of his or her future. Entrepreneurship fuels economic innovation and prosperity and transforms lower-income families to move into the middle class.
Entrepreneurs with a small business credit to get their operation up and running. Governments have put such initiatives is to inspire entrepreneurship and promote small business development in the local community.
8. Originality and Competition
Small businesses innovate services to survive the competition. Small businesses strive to be unique, innovative, and better can result in a healthy marketplace and well-served customers.
9. Minimal Infrastructure and Low Maintenance
When you compare small business to shopping malls and chain stores, local shops tend to require fewer public services and less infrastructure. Business proprietors who require a business license and occupancy permit find it less challenging in the city planning department than building on a new department store.
10. Varied, Locally Made Products and Services
Locally made goods come in a diverse variety and also alluring to residents who want to minimize their carbon footprints, support local businesses, and keep their tax dollars close to home.
Small businesses benefit local communities by boosting local economy. Championing small businesses isn’t just about shopping on Small Business Saturday but rather a tradition, a habit and a way of life. So next time as you’re heading to a large chain store, think local and buy local.
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