Supporting Locally Owned Small Businesses in 2024

The new year brings about the promise of new beginnings and opportunities. One of the best opportunities we can take advantage of is supporting locally-owned small businesses.

Small businesses are the backbone of every community, contributing to local economies, providing jobs, and giving back to the neighborhoods they serve. It’s no secret that small businesses have a tough time competing with larger corporations, which is why we need to make a concerted effort to seek out and support them.

Let’s discuss some of the best reasons to support locally owned small businesses in the new year.

Unique Products and Services:

Small businesses tend to offer unique and specialized products and services that you won’t find in larger stores. These products are often locally sourced, handmade, and of higher quality. For example, a local artisan may sell handmade candles with natural fragrance, unlike mass-produced candles made with synthetic fragrances. By supporting small businesses, you are not only getting unique products, but you are also helping keep these specialized crafts alive.

Local Economy Boost:

When you buy from a local small business, your dollars stay within the community and help boost the local economy. Local businesses tend to spend their money locally, which means your money has a multiplier effect, creating more jobs, income, and overall growth for the community. Studies have shown that for every $100 spent at a local small business, $68 stays in the community, compared to just $43 when spent at a chain retailer.

Personalized Customer Service:

Small business owners take pride in providing personalized and attentive customer service. They know their products and customers well and can offer tailored recommendations and advice. Small businesses also have a more intimate customer base, meaning they care more about satisfying their customers and building a loyal following.

Encourages Entrepreneurship:

When we support small businesses, we’re encouraging entrepreneurship. Small business owners often take significant risks to pursue their passions and dreams. By supporting these businesses, we’re not just supporting the owners but also encouraging other entrepreneurs to follow their dreams.

Philanthropy and Community Support:

Small business owners typically have a strong connection to their community and are more likely to give back. They may donate their time, services, or funds to support local schools, charities, and events. When you support local small businesses, you’re not just supporting the business itself, but you’re also contributing to philanthropic efforts in your community.

Summary:

The new year offers the perfect opportunity to support locally owned, small businesses. By doing so, we’re supporting unique and specialized products, helping to boost the local economy, receiving personalized customer service, encouraging entrepreneurship, and contributing to philanthropic efforts in the community. In 2024, let’s make a concerted effort to seek out and support small businesses for the betterment of our communities and society.