Taking a stroll through the farmer’s market on a beautiful summer day, shopping for back to school essentials in the fall, and eating at my favorite breakfast joint in the dead of winter. What do all of these have in common? Local business. If you are anything like me you have your favorite local eats (check out Zionsville’s best here), shops (Shopping Features), and seasonal traditions (current events), but in order to keep these favorites around we have to be willing to provide them with business.
So here’s five reasons to buy local:
1. Buying local builds a sense of community
You know that sense of pride you get when telling people about your favorite places from your hometown? That’s a feeling I like to call “community,” and you wouldn’t get that feeling if it weren’t for the local business that reside only in your town. Each local business adds an element of character and uniqueness making it easy to brag on the place you call home. When you go on vacation do you eat at Red Lobster, or do you go to the local sea food restaurant that is going to give you a taste of the culture and a sense of belonging? Why not do that in your own community?
2. Buying local creates job opportunities
The more you buy local the more a business will grow, and the more help they will need. This will provide job opportunities to people in the community. Buying locally is an economic advantage to communities. I will go more in depth about the economic benefits in a little bit, but simply put buying locally is a way for you to help families that may be struggling in your community.
3. Buying local promotes competition
The same rules apply to everyone when it comes to competition, the more small businesses in one area means the consumers get the lowest prices. To add to the benefit of low prices, customer service also drives competition. Employees of local businesses tend to know more about their products since they are working so closely with them on a day to day basis.
4. Buying local results in product diversity
Similar to competition, the more local businesses there are in one area means these businesses will have to provide more options to their customers. And let’s face it, you’re probably getting better quality when you buy from a local business instead of a chain. But if you’re like me and still want to have name brands there are all kinds of local boutiques that sell name brand items.
5. Buying local keeps money in the community
Buying local increases the velocity of money, for those of you who slept through economics this simply means that money will switch hands at a quicker pace. A higher velocity of money means more people have benefitted from the purchasing power of the money. Since small business don’t make as large of a profit as chains, more of that money is spent on advertising, printing, or paying employees which puts the money back into the community. With all that extra money being put back into the community buying locally can generate 3.5 times more wealth for a community.
So how do you get the sense of community, competitive prices, and benefits to the local economy? Next time you pass by a local business stop in and take a look around. You might be surprised at what you find, and all the benefits it could bring to your community.