The way Americans shop and travel has dramatically changed over the past few years due to COVID-19. The idea of supporting ‘mom and pop shops’ has re-ignited as people realize they want a robust local economy that supports their friends' and neighbors' livelihoods. The places we meet others are small businesses in our communities that need our help to keep their doors open and pay their employees. Local restaurants, boutiques, coffee shops, and other small businesses risk closing without support. Here are ways you can support small businesses and help foster a thriving local economy:
Show your support in person.
- Buy gift cards to give later
- Tip generously
- Buy locally made items
- Order takeout from a locally-owned restaurant
- Buy branded merchandise from a local shop
- Shop now for later
Show support digitally
- Write a positive review
- Follow on social media
- Buy online from a local business
- Attend virtual events
- Sign up for newsletters
- Refer friends and family
- Check-in with owners and employees
- Thank them and say something nice
These 2021 statistics provide insight into small businesses across America, and they impact our economy:
10.5 million jobs' created - Small businesses created 10.5 million net new jobs between 2000 and 2019, accounting for 65.1% of net new jobs created since 2000, according to the Bureau of Labor Statistics’ Business Employment Dynamics report.
$48 of every $100 spent at a small business stays local - When you spend $100 at a small business, $48 stays in the community, according to the Small Business Administration. Spend the same $100 at a big-box store or national retailer, and only $14 stays.
Source: Small-Business Statistics: By the Numbers as of 2021, Nerdwallet.
Small businesses help keep the local and U.S. economies stable by providing jobs and financial support to their communities. This summer, remember to shop small in your community to help create a more vibrant and sustainable local economy.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Fresh Finance.
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