Reasons to Support Local Businesses
Choosing to shop locally and support small businesses has tons of benefits. From supporting your local community to reducing your impact on the environment, we look at just some of the reasons you should support local businesses instead of larger chain businesses.
Support the local economy
Shopping at a local business is actually better for the economy of your community. Research shows that when £10 is spent with a local independent shop, an additional £50 goes back into the local economy! This is simply because local business owners, are more likely to put money you spend on their business back into the local community (e.g. local pubs, restaurants and shops). Studies have also shown that thriving businesses can help boost local house prices. Small, local businesses are also provide the most local jobs to communities. A supply of local jobs is so much better for the community than having to commute to work in a national business. Independent employers often provide better wages and benefits than big corporations too!
“Supporting local businesses is critical to the local economy. It helps self-employed people stay in business and the money goes back into the local area rather than heading to a massive corporation and heading offshore.” – Christy from www.welshmum.co.uk
Reduce your Impact on the Environment
Choosing to buy from a local company is usually better for the environment than buying from a larger chain. Local companies are usually within walking distance meaning you don’t NEED to take a car to visit your local shops. Reducing the distance you travel when shopping helps to alleviate our dependence on fossil fuels, reduce air pollution and cut back on greenhouse gas emissions. Eating locally sourced food also protects farmland, land which might otherwise be developed for industrial or commercial use.
Back Local Entrepreneurs
Through supporting your local businesses, you are actually helping to support local entrepreneurs. Through more people choosing the smaller, local option over the larger chain businesses it is allowing more entrepreneurs to get their foot in the door. Independent businesses are run by people – not by boards, stockholders, or algorithms.
“You should support local independent businesses because they don’t run on the same budgets as big chains, and they are more in need of your support. When you buy from a local business, you’ll often be helping out an individual or a family who have started their business from scratch and grown it from the ground-up.” – Kacie from www.therarewelshbit.com
Support Local Charities
Buying locally means that you are actually supporting your own community in more ways than you think. This is because many local businesses support local charities. By shopping locally you are helping to increase the number of local donations. Of course, large chain companies do support charities, and there is no right or wrong one to support, but if you would prefer to help support a local one then buying locally is a great way of doing this.
Keep the cost of Council Tax down
Local governments often provide tax incentives to entice nationally-owned companies to their communities. However, if these corporations are paying less in taxes it means that local residents are paying more. But, when you buy from local companies it lessens individual tax burdens and creates up to 75% more in tax revenues for your community.
Local Businesses = Better Deals
Big companies often sell products at a suggested rate based on the manufacturer’s suggested retail price. Whereas, locally owned businesses are more flexible when pricing their products. A bit of healthy competition between local businesses will help to keep prices low. Bigger chain companies with a monopoly hold over an area can dictate whatever prices they want. No local competition = higher prices.
“I live in a wonderful small “urban village” area of London where we have all the traditional food shops as well as a lovely florist and a few ethical clothing and home decor shops. By choosing to support them, I find I’m ending up with less plastic packaging at home and usually end up spending a bit less on my weekly shop because there’s far less opportunity for impulse shopping than when I go to the big superstores.” – Kelly from www.sissiboonutrition.com
Hopefully this post will inspire you to support your local businesses! I’d love to know how you’re supporting independent business owners in the comments section! Small business owners – I will be hosting a new support thread on twitter every Sunday from 5pm – get involved @beemoneysavvy