Small businesses have been elevating their local economy by encouraging consumers to shop in their neighborhoods. Of course shopping local benefits the shop owner, but there is a bigger impact than just that. Shopping local helps impact our community, our neighborhood and our economy.
Many endeavors have been launched to encourage consumers to frequent local small businesses, and as Small Business Saturday embarks upon its fifth year, it’s a good opportunity to take a look at why shopping small can have big payoffs in our community.
At the peak of the holiday shopping season, Small Business Saturday falls after Black Friday and before Cyber Monday. Over the years, the impact of Small Business Saturday continues to grow and to generate revenue within the local economy. According to a Small Business Saturday Consumer Insights Survey conducted in 2014, an estimated $14.3 billion dollars were spent at small, independent businesses on that day.
But Small Business Saturday is just one day out of the year. Shopping small throughout the year can have a massive positive impact in our region. Here are four reasons why shopping local on the regular can benefit our region:
1. Shopping small strengthens our economy.
According to Support Our Local Economy (SOLE), buying local directly impacts our economy’s bottom line. For example, of $100 spent locally, $68 stays in the local economy. When $100 is spent at a big-box store, only $43 dollars remain local.
2. Shopping small creates jobs and opportunities.
Locally owned businesses create more jobs locally. And typically small businesses like to do business with other locally-owned companies. This creates a dynamic within the economy allowing local dollars to stay local.
3. Shopping small creates supportive communities which attract entrepreneurs.
Entrepreneurship fuels America’s economic innovation and prosperity. Columbus continues to attract more entrepreneurs every year, in part due to the strong support of local business within the region.
4. Shopping local offers character and diversity.
No cookie cutters allowed. The small business community is vibrant and unique, and offers character to our community.
As a supporter of small businesses in Central Ohio, the Columbus Chamber of Commerce encourages you to shop small on Small Business Saturday, and on every day of the year.