Unique Reasons to Shop Small Businesses

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The numbers don’t lie. Local businesses can be classified as “small”, but they have a big impact on the national economy.

According to the Bureau of Labor Statistics Business Employment Dynamics report, small businesses created 10.5 million net new jobs between 2000 and 2019, or 65.1% of the net new jobs created since 2000 in the United States. The Government of Canada reports that the number of small businesses in Canada in 2020 was far greater than the number of medium and large businesses, accounting for 97.9% of all businesses in the country.

Supporting local businesses is a great way to support a neighbor, but it’s not the only attraction. Here are several reasons to shop small.

The well-being factor

Doing for others certainly has an impact on the recipient, but it also benefits those who are beneficent. A survey conducted in November 2020 by Union Bank found that 72% of Americans said supporting small businesses was more important than getting the best deals. This may be due to the feeling of helping a neighbor.

Create employment opportunities

Purchases in small businesses keep these establishments afloat, as well as their employees. Small businesses are the largest employers in the United States. This is also true in Canada, where 68.8% of the total labor force works for a small business. A person may never know when they or a family member will need a job. Maintaining the viability of small businesses provides a strong labor market for residents.

Keep more money in the community

The Small Business Administration says $ 48 out of $ 100 spent in a small business stays in the community. Spend the same $ 100 at a national retailer and only stay $ 14.

Enjoy a more local flavor

National retailers and other businesses follow a global business model that may not allow a lot of customization, but small businesses can provide products or services directly related to the needs of the communities they serve. These same small businesses may also be more inclined to work with local suppliers and start-ups than domestic companies that have global supply chains.

These are just a few of the many reasons to look for small businesses when they need products or services.


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