In an established city or tiny town, business alliances created to support locally-owned enterprises have shown to have a positive impact on the community. According to the New Rules Project of the Institute for Local Self-Reliance, here are the top 10 best reasons for supporting locally-owned businesses:
1. Preserves local character and prosperity. Communities that maintain their one-of-a-kind businesses and distinctive character have an economic advantage in a homogenized world.
2. Enhances community well-being. Business owners contribute to local causes, strengthening economic and social relationships.
3. Ensures local decision-making. Local ownership means decisions are made by those who live in the community and will feel the impact of them.
4. Keeps dollars in local economy. Compared to chain stores, locally-owned businesses recycle a much larger share of their revenue into the local economy.
5. Creates jobs and better wages. Successful businesses create jobs, and in some sectors, provide better wages and benefits.
6. Promotes entrepreneurship. Small business ownership fuels innovation and prosperity, building the middle class.
7. Offers public benefits and fewer costs. Local businesses often require comparatively little infrastructure and make efficient use of public services.
8. Promotes environmental sustainability. Sourcing locally decreases transportation energy consumption and pollution.
9. Encourages competition. Thousands of small businesses ensure innovation and low prices long term.
10. Delivers product diversity. Distinctive small businesses collectively offer a broader range of choices based on the needs of local customers.
