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The Importance of Supporting Small Businesses in Forest Park

The Importance of Supporting Small Businesses in Forest Park

 
 
 
From time to time,we hear about how small businesses are the backbone of any developing community. Still, few of us actually understand the importance of locally owned business and how it impacts us personally. In the spirit of #shopsmall and #buyinglocal, we’ve decided we would give you the top reasons why you should shop smallthis holiday season.

Small Businesses Support Their Local Communities

 

Small business owners are oftentimes known as “wealth creators” in our neighborhoods. They create jobs, provide goods or services, and support local charities. According to the IRS, small businesses donate more to local charities when compared to national chains or big box stores. However, it is important to note that many small businessescan provide something a little more personal to your local community.

In the cases where a small business has a brick and mortar location, let’s say a coffee shop for example. Can serve as a community hub for the people to fellowship. Some host events like talent shows, Christmas tree lightings, cookoffs, and lectures. It is important to measure just how much a small business bringsto your community just by existing there.

How a Small Business Impacts the Economy

 

According to the SBA (Small Business Association), a small business is categorized as a business with 1-250 employees. For even more mind-blowing data;small businesses account for amost 65% of all net-new private sector jobs. This translates to 77 Million Americans nationwide! If you compare this to a company like Amazon, it employs about 650,000 employees nationwide. If you were to compare this to [small businesses| locally owned businesses]207] it only totals to less than 1%! Now that's amazing!

These private sector employees work for funds which are then used to purchase goods and services from other businesses. The cycle continues and gives the public a chance at employment and even a higher quality of life. This is the basics of the money cycle. However, did we mention that money that is spent in your community normally stays in that community? We’ll touch more on this later, but just know that more money for your local community is a good thing.

A Case for identity and Diversity

 

Many small businesses offer unique products, services, and reimagined business models. Take for example. your local Walmart.What is unique or different about that Walmart from another that you may have visited before? If we had to guess, we’d say not much. Not to go into too much detail, a national chain like Walmart has spent millions of dollars on analytics to determine the most “optimal” store layout. Walmart is the largest big box retailers in our country. Its size and simple layout are not actually made for your convenience. It's actually designed with the intention to entice you to spend more of your money. Haven’t you ever wondered why the milk and eggs are in the back of the store? It’s a calculated tactic. An innovative one, but honestly, it is nothing to write home about.

When was the last time you checked out a small business? The design and layout can be amazingthings of beauty. Sure, some cannot afford the decor of the large chains, but the layout is more original and for some, more inviting. Small businesses have the ability to tailor their stores to fit their needs and personal tastes. It is more diverse can could be a way to find interesting products that you’ve never considered.

This Small Business Weekend, make it a point to check out a locally owned store you’ve never visited. The layout, offerings, and personality, just might amaze you.

Taxes Stay Local

 

In many cases, small business taxes stay local. We won't say all the taxes stay local. But keep in mind that national chains often have headquarters, quarterly earnings goals, international expansions, shareholders, etc. that all need the profits to trickle up. In many cases, these national chains may not have a presence in your local community, even less your state.

If you account for all the individuals who spend their money in your local community, you just might start to see an improvement in your local library’s media offerings, an increase in budgetary spending on education, new equipment for local sports teams, or maybe that community project isn’t so crazy after all. If we’re being completely forthright, small business helps to keep your community developing.

The Chain Effect - Businesses Growing, Supporting Communities, Changing Lives

 

Did you know, that there is a direct relationship between the success of businesses and the value of your home This could mean a direct impact on something so vital like the health of your home. According to Independent We Stand, a movement for recognizing the importance of small business; Residential neighborhoods served by a successful independent business district gained on average 50% more in home values than citywide markets. This means that by having a successful business presence in your local community everyone improves!

How about a more individual impact? Many smaller businesses are unique in not only their location but even as far as the products and services they offer. Some products are one of a kind, handcrafted, and locally made. The small businesses that retail these types of products continue to support artists and creators of all kinds. Some small businesses like your local Schauer's Hardware serve as a hub for information as well. We can recommend other small businesses that offer the exact service you’re looking for. Need a great idea for a gift for a loved one? Why not check at a small business? They just might have something there that you haven’t considered.

Bring back the passion for shopping. Bring back the professionals. #Shopsmall #Shoplocal

 
 
 

To learn even more about small businesses and Small Business Saturday check out the two resources below:

Independent We Stand

American Express Shop Small

 

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