4 Reasons to Support Small Business
During the week of April 30 through May 4, the SBA is sponsoring its annual Small Business Week to promote the importance of supporting local entrepreneurs. Most people know the big reasons to support small business – great products and great service. However, here are four reasons to support small business that many don’t consider.
Local Decision Making
The most important reason to support small business is ensuring the power to make political decisions stays in the community. Many times, when national (or even regional) stores open a business in a town it gives them the opportunity to voice their opinion on laws and/or other municipal projects in the area. Unfortunately, decisions made by outsiders are not always the best for the residents or the community overall.
Diversity of Business
A group of small businesses that sell products based on personal passions rather than analytical data creates a unique and diverse shopping environment. In addition, a strong local business district helps creates a vibrant town center with a distinctive character. This type of character gives a town a definite advantage over towns with strip malls and chain stores.
Money Stays In the Community
Research (and common sense) suggest locally owned business are much more likely than a chain franchise to recycle profits back into the community. Therefore, supporting small business is deeper than ensuring a town has great local products. Supporting local businesses actually helps to improve the town’s overall economic well-being.
A small business district with dozens or even hundreds of thriving small businesses is the best way to encourage and ensure quality products at the lowest possible prices. That’s because competition brings out the best in entrepreneurs. However, competition requires community members to financially support their business district.