You’ve likely heard many times about the importance of supporting small, local businesses. Small businesses contribute to a thriving community in a variety of ways, making a significant impact that reaches beyond the business owners and employees.
Small Businesses Keep More Money in the Community
One of the most significant benefits of small businesses is the way they keep money circulating within the local economy, sometimes called the Local Multiplier Effect. When you spend $100 at a locally owned and independent business (which includes many small businesses) $52.90 of comes back to your community. When you shop at a chain business, only $13.60 recirculates locally.
Supporting small, local businesses has a ripple effect, generating more local wealth, charitable contributions, jobs, and increased opportunities for everyone in the community. Every dollar spent will touch an average of seven hands within the community before it leaves.
Small Businesses are Important for the Job Market
Small businesses provide a chance for entrepreneurship and serve as a training ground for those entering the workforce. There are currently around 33 million small businesses in the US. That number is likely to go up, considering a recent Microsoft study showed 62% of those in Generation Z have indicated they have started, or intend to start a business.
Small businesses have added over 12.9 million jobs in the last 25 years. The open positions at small businesses can help diversify the job market, creating a range of opportunities for a variety of skill sets and interests.
Small Businesses Build a Sense of Community
Small businesses are often deeply invested in their communities. They often sponsor local events and fundraisers. Owners of Small Businesses who are engaged with their community, fellow businesses and legislators help create a cohesive and engaged community. With many small businesses, the owners are local. They are your neighbors, and therefore more accessible.
Union County is full of unique, high-quality, impactful small businesses. You can learn more about them and how you can support them in our member directory. By supporting small and local businesses your tax dollars stay here and support our schools, infrastructure, emergency services, and help our community thrive. It also saves you money, since Union County has a lower sales tax rate.
Small business really is the heartbeat and the backbone of a community. We hope you will take the time to support those in our community. There are many ways to support local businesses, including:
- Switch your chain restaurant and try a new (to you) locally-owned establishment
- Shop online. Many local businesses have online shopping access
- Engage with local businesses on social media. Like, comment, share a post, or leave a review.
- Consider a gift card from a small local business for the next birthday, graduation, or anniversary party you go to.
Which will you do today?
Last modified: April 28, 2023
