With the huge growth of the internet and the near-death of high street shops, a revolution to ‘support local businesses’ has emerged. Here are our top 5 reasons as to why it’s still good to support locally owned businesses despite the internet boom on business today:
1. Community well-being
When consumers support local businesses, they get to know the staff and the owners behind the business. This helps local consumers and local businesses form organic connections and helps to build relationships built on trust, loyalty and personal experiences within the local community.
Moreover, naturally-sourced goods, foods and health and fitness services can provide tremendous health benefits for people’s well-being. Additionally, there are those one-of-a-kind products and services that add value to a community. Consumers locally supporting a business of this nature can ensure that the originality of the local business is preserved.
Community well-being works all round in the sense that local businesses happen to serve the local community, in return the local community serves them.
2. Local economic advantage
When consumers buy products and services from local businesses, more money stays in the local community creating a wealth of local job opportunities. According to the National Federation of Self Employed & Small Business (FSB) UK Small business statistics:
"At the start of 2018 small businesses accounted for 99.3% of all private sector businesses and 99.9% were small or medium-sized (SMEs).
Total employment in SMEs was 16.3 million; 60% of all private sector employment in the UK.
The combined annual turnover of SMEs was £2.0 trillion, 52% of all private sector turnover.”
3. Public benefits
Local businesses in town centres or even those who operate solely via the internet require comparatively smaller expenses relative to larger sized and more globalised businesses. They work just as hard if not harder to serve and value their consumers because the success of their business depends on it. Public benefits include but are not limited to local incentives, faster delivery, free delivery, local collection, local meetups, community groups and community events.
4. Environmental sustainability
Local businesses can help to sustain the local environment and the local community by running and promoting an environmentally friendly business which can involve recycling, reducing reliance on natural resources, reducing pollution and more. Consumers who are in support for the local environment and the general well-being of the community should have more reason to support an environmentally friendly business over one that does nothing to help the environment and consequently the community.
A multitude of local businesses are in competition with other like-for-like local businesses as well as larger businesses or mainstream cooperation’s that operate in multiple locations.Competition is generally good for consumers because it provides a broader scope of product or service offerings. Competition can also be good for businesses and in many ways, for instance, it can inspire innovation and improve efficiency. Consumers that support locally owned businesses can help a business win at market share.