BENEFITS OF BUYING LOCAL
Rumor has it there is a trend moving toward supporting local businesses and moving away from huge impersonal businesses. While some of those have their place, I hope this rumor bears some truth. Supporting local business can have so many benefits, for our communities and our families.
Having been a locally owned business owner for over 15 years now, I obviously stand to benefit if this trend continues. However, I am also a strong supporter of other local business for a number of reasons. Here are a few of the benefits of supporting, shopping, and eating local.
In many instances when you keep your business local you have some sort of a connection to the owner. Many of these people pour their heart and soul into building a business. Most of the time, when I am eating out or shopping local I end up meeting the owners because they are present. That’s what getting a business off the ground requires. It’s really hard work to build a business from the ground up and it’s nice to meet the person behind the concept.
In many cases their passion comes through, which is what keeps me coming back time and time again. A few nights ago I dined at Southern Rail and ran into one of the owners. Talking with him you could tell how invested they are in their restaurants and how much pride they take in them. The service was excellent, might I add, and the overall experience really impressed me. Knowing the people who are working so hard to offer great services and products makes a difference to me. It evokes an entirely different experience and it’s one that I value.
SUPPORTS THE LOCAL ECONOMY
According to study featured on the Local First Arizona site, for every $100 earned by locally owned business only $27 leaves the local economy. Contrast this to non-locally owned businesses where $57 leaves the local economy.
“The findings of this analysis show that locally owned companies with a vested interest in the community in fact do create a greater economic impact, indirectly supporting more jobs, payroll and output locally. They also create a greater revenue impact in that more of the taxes they pay, and their employees pay, stay in Arizona,” said Local First Arizona. Plus local businesses often support other local businesses and that creates a chain reaction in our economy. This in turn enriches the entire community at large.
BUILDS CHARACTER AND UNIQUENESS
Our world is becoming more homogeneous each day; however, locally owned business are often known for their uniqueness. They have character and this is what makes our communities distinct. Uniqueness can also benefit tourism because when people travel they typically want to try something new. Tourism fuels the local economy, which is another benefit for maintaining that individuality found in local businesses.
Having many independent businesses promotes product diversity as each has the choice to select what they wish to utilize individually. Decisions can be made by personally understanding their customer base and not having to conform to a large national uniform plan. This encourages diversity in a variety of ways and allows for consumers to have more choices.
One the best things I’ve done as a locally owned business is join Local First Arizona. This network of people has been a tremendously valuable resource to me. I’ve been a sustaining member of Local First Arizona for 5 years now. I find the opportunities LFA offer to be exceptional for me personally, as well as the growth of my company. I’ve enjoyed the chance to network with other like-minded individuals, support local businesses, and share passions. I highly recommend getting involved in this excellent organization.
Read more from David DeLorenzo on the Bar and Restaurant Insurance Blog.