In the United States, there are nearly 29 million small businesses operating today which represents 99.7% of all businesses in the US according to the Small Business Administration (SBA). Small business is the backbone of the economy which means the more jobs they create, the faster the growth will be. From retail stores which sell products to important services such as plumbing, accounting, and garage door repair, supporting the small businesses in your community is a vital part of economic growth.
Admittedly, it may seem difficult in today’s world which is based around the internet that provides businesses a way to reach outside their local communities. With more people shopping and finding services they need online, the need to support local businesses is now greater than ever. The good news is that many local small businesses are active online which means you can find and order their products or services as conveniently as you do from larger companies.
What follows are good reasons why you should support local businesses when you can. The more products and services you purchase, the better it will be for you and those in your community.
Boosts Local Economy
Studies have shown that purchasing more from local small businesses boosts the economy in communities to a far greater degree compared to shopping at chain retailers or online. One study estimated that of every $100 spent when purchasing from local businesses, $68 remained in the community while only $43 were left when paying at chain retailers.
This is because the money spent at small businesses does more than just support those who work at the store, but also to keep them in businesses so they can provide the one-to-one service you enjoy. It was not long ago when the downtown areas of towns and cities were bustling with small, locally owned businesses or “mom and pop” stores as they were known. When chain retailers moved in, the number of locally owned businesses dropped considerably. This means that you should consider spending your money at locally owned stores to help maintain the economic health of your community.
A chain retailer may have more items to offer at low prices, but they lack the personal service that local small businesses provide. Because a locally owned business cannot hope to match the selection of a large retailer, they instead focus on providing the best in customer service. The personal experience provided means when you hire the local plumber or garage door repair company, they are more likely to show up on time and perform the services needed quickly and efficiently.
Plus, the personal experience means not having to wait on the phone when contacting the customer service department at chain retailers. The best locally owned businesses answer their phones and respond quickly to your needs. For example, if you hire a locally owned garage door repair company, they not only answer the phone, but work with you in a more personal way to ensure you are getting the best in customer service. This is the edge they provide over chain or national retailers in terms of the services offered.
You are more likely to receive additional services from local businesses compared to chain retailers, especially in terms of fast or emergency services. For example, if your garage door is stuck and will not open, you are more likely to get same day service from a local garage door repair company compared to a national or chain business service.
This is because chain retailers and national franchises must follow certain rules while local businesses have more flexibility because they are locally owned. This means that you are more likely to find services that are geared towards serving you and your community. This means that same day repair and service and emergency services that respond immediately can be found at many locally owned businesses. Plus, you may find special rates for services that are more popular in your community compared to chain retailers. This is because a business that is locally owned is more likely to be in touch with the pulse of your community and respond with services geared towards your needs.
Lower Costs Over Time
It is true that many chain retailers can offer low prices for their products and sometimes their services because their overall costs of obtaining goods is lower. This means that they can pass the savings on to you while locally owned retailers may not be able to match their discounts. However, over time local companies that provide services such as plumbing, electrical, and garage door repair to name a few can offer lower prices for the continuation of their services.
For example, getting a garage door maintenance plan for your garage door means that you pay a low, annual price to have a technician maintain your garage door so that it operates properly. This also means that many potential repair issues are avoided such as replacing worn out garage door parts or correcting small problems before they become big ones.
Maintenance plans, discounts, and specials are just some of the many ways that locally owned businesses serve you and those in your community. You can save money in the long run by supporting local businesses for several reasons. If anything, the competition they provide to chain retailers means that they must keep their prices low as well.
Supporting your locally run businesses, from the small mom and pop shops to those that offer services such as tax preparation, plumbing, and garage door repair is an important part of supporting your local economy. After all, true economic success is not what happens nationally, but in your own community where it really matters.
By supporting local businesses when you can, you are providing for the potential of job growth, a greater selection of products and services, and assistance for charities and programs within your community. This is because many local businesses contribute their time, money, and effort to support those in need that live in your city or town, so keep that in mind the next time you need help with your taxes or garage door repair services.