Date: 11/27/19

7 Ways Small Businesses Benefit the Local Community

Small Business Saturday is Saturday, November 30. The nationwide event was created in 2010 as a way to encourage people to support their favorite small businesses throughout the holiday shopping season.

When you shop locally, you are choosing to reinvest in the place you call home. Here are 7 ways that small businesses make a profound local impact:

Community Identity
Take a walk down Main Street in any town, and you’ll likely notice that the community has its own unique charm. From coffee shops and restaurants, music stores, antique shops, dog groomers and much more, small business contributes to a communities' identity.

Community Impact
Small business owners tend to be very involved in the community. For instance, they sponsor local sports teams, donate to the city’s homeless shelter, join the Chamber, participate in community events or donate to nonprofits.

Increasing the Tax Base
When local residents shop at small businesses within their communities, their tax dollars stay within the local economy, helping to improve their community as a result. Likewise, local small businesses tend to buy locally as well, pumping more of their profits back into the community rather than their chain store counterparts, helping with economic development.

Local Jobs
Small businesses create local jobs. Rather than having to commute to another city, employees work closer to home. When a community has a vibrant commercial center, it also creates ample opportunities for these workers to shop at other local small businesses. They grab lunch from local restaurants, run errands on their break, and grab drinks from local bars. This keeps money local and further creates a tight-knit community vibe.

Entrepreneurship
Small businesses are the product of the business owner’s entrepreneurial spirit. By starting a small business, the business owner is taking charge of his or her future. Entrepreneurship fuels America’s economic innovation and prosperity and serves as a key means for families to move out of low-wage jobs and into the middle class.

Innovation and Competition
Small businesses, like any business, need to stand out from the crowd in order to survive. They must serve a legitimate need in the community and do it better than their competitors. Having multiple small businesses all striving to be unique, innovative, and better can result in a healthy marketplace and well-served consumers.

Unique Local Flair
One-of-a-kind and locally made products can attract customers to a community, bolstering tourism and contributing to the local vibe. Locally made goods are also attractive to residents who want to minimize their carbon footprints, support local businesses, and keep their tax dollars close to home.

From: www.shopkeep.com

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Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.