Melbourne-local-shops

Supporting Local Businesses

Why are local businesses so significant to us?

When crisis strikes, all consumers strive to eliminate all luxuries and squeeze out every penny possible. Their financial habits get injected with an air of caution, and budgeting becomes very effective. In such times, local businesses bank on us to stay afloat.

But why should we decide to spend our hard-earned money on local businesses? Well, because they are essential for our well being. They are prime examples of giving back to the landscape and community that have bred you all along.

Let’s stretch the matter further and try to understand its importance in today’s scenario.

Running a local business.

Starting and running a small local business involves a lot of risks, especially when compared to working for a large MNC. But the rewards derived out of it can be well worth it both in terms of quality and quantity. It not only provides broad-based prosperity to you but also stretches the web of symbiotic relationships within the local environment and its community.

Running a local business gives you the opportunity to support the local economy and help it grow, thereby helping your local community to thrive amidst the circumstances. As more and more transactions are made at local shops, more money stays within the local community instead of getting displaced to nationally or internationally owned businesses.

Consequently, it impacts the local economy largely and provides a huge boost to the people in terms of livelihood.

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Importance of Local businesses

1. Autonomy and Independence

Small local businesses have been traditionally posing as a way of earning a livelihood for local people for a long. But local businesses differ from large organizations that consolidate and build large economies spreading homogeneity throughout large geographical locations. For instance, a pharmacy chain located throughout the country will reflect the same standards of services irrespective of its location.

On the other hand, local businesses are independently owned and hence reflect the culture and the requirements of their neighbouring localities. For example, local restaurants flaunt regional dishes and food that might not be available at some other geographically located restaurant. It provides autonomy to the neighbourhoods as we can find many instances where the local neighbourhood is known for hosting well-known local businesses such as restaurants, sweet shops etc.

2. Creating jobs

If we look at private-sector jobs in the modern work scenario, then 66 per cent of them are created by local small businesses. This trend has been fairly consistent for the last two or three decades since the end of the Great Recession. Local businesses not only create a significant number of new jobs, but they are also known to provide a higher level of job satisfaction when compared to high profile MNC job roles.

It is easier to pride your job and value your contributions to the company in case of local businesses where your relationship with the boss is direct instead of being connected through a complex hierarchy. This feeling of connectedness to the business provides more meaning to the job role and results in happier employees.

3. Integral to the local economy

Local businesses have become an indispensable part of the local economy by creating webs of financial interdependence that garner prosperity on multiple levels. The money sent at a locally owned store goes on to pay a local worker who lives in your neighbourhood. This way, the local business leverages the worker’s ability to support his livelihood and hence, creates a thriving community for local business.

During a crisis, this mutual support is essential for sustenance. Struggling local businesses require communal help from members of the locality. This kind of energy and support can only be garnered through a local business that is indispensable to the local economy.

4. Environmental sustainability

As mentioned earlier, we need to maintain a symbiotic relationship with our ecosystem where the give and take must remain seamless. Local businesses help us maintain just that. With local stores cropping up in the neighbourhood, compact, vibrant town centres are created, which facilitate a reduction of automobile use, sprawl, and in turn, air and water pollution.

5. Boosts entrepreneurship

Entrepreneurship is vital in boosting the innovativeness within us. It fuels the country’s economic as well as social innovation and prosperity. It also provides a way out for families to convert from low-income jobs to middle-class business owners. Local business is the best way to fuel this entrepreneurship within us and create something productive.

Conclusion

The importance of local businesses is immense and diverse, impacting the well-being of all within the local community. From preserving local heterogeneity to providing livelihood to many, it has its fair share of advantages that cannot be overlooked. Boosting entrepreneurship and environmental sustainability is simply the cherry on the top. We must do our best in helping local businesses thrive amidst these critical times and henceforth.

Credit:

Photo by Heidi Fin on Unsplash

Photo by Tim Mossholder on Unsplash

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