There are far-reaching advantages to deciding to “shop local.” By supporting local businesses, you are in turn supporting your local economy; significantly more money stays in a community when purchases are made at locally owned – rather than nationally owned – businesses. The positive impacts of small, independent business on local economies:
1. Local businesses are more likely to utilize other local businesses such as banks, service providers, and farms.
2. For every $100 you spend at local businesses, $68 will stay in the community.
3. Independent retailers return more than three times as much money per dollar of sales to the community in which they operate than their chain competitors. Independent restaurants return more than two times as much money per dollar of sales than national restaurant chains.
4. Small businesses employ 12 million individuals in Canada
5. Local businesses are owned and operated by your neighbours! They care about and are invested in the well-being of your community and its future.
6. Local businesses are more accountable to their local communities and donate more money to non-profits.
7. Supporting local businesses is good for the environment because they often have a smaller carbon footprint than larger companies.
Here are some ways you can help support your local economy:
Try the menu at a local restaurant for lunch or dinner
Purchase a birthday present at a local gift shop
Join a local gym
Visit a local nursery or hardware store for your lawn and garden needs
Get your car serviced at a local mechanic
Visit a local farmer’s market or grocery store to purchase the ingredients for your family dinner.
In lean times especially during these crazy times of COVID lockdowns, consumers pinch pennies and eliminate most luxuries. From cutting back on extras to more prudent spending and budgeting, people inject a degree of caution into their financial habits. During these volatile environment, smaller, local businesses count on your support in order to stay afloat; every transaction is precious to them. So when deciding where to spend your hard-earned dollars on tonight’s dinner or a gift for a friend, consider the benefits of turning to local, independently owned businesses within your community.