Local Economies

How Important Are Small Businesses to Local Economies?

Local economy comprises more of smaller businesses than larger corporations. They have been around ever since people first began trading for goods and services. Small businesses may not invest large sums of money or generate revenues in millions, they are still very much part the backbone of local as well as national economy of any country.

Small businesses serve as the building blocks of any country’s economy therefore any country in order to witness economic growth and stability should have local communities that are economically strong and well contributing. However, with the increase of large corporations and chain stores, many local businesses have closed down or sold their assets and ceased operations. This is a problem on a number of levels.

It is important to support local businesses to help strengthen not only the local economy but national as well.

They Employ Local Staff

A local business of any sort is like a support system for other smaller businesses or service providers. This is the biggest advantage of a local business to the local economy that they usually hire local services whenever they need to add to their facilities. For example, if they require cleaning services, food services, a tax preparer, an auditor or an accountant they will turn to the individuals available in their local community which ultimately generates business for people other than them.

They Sell Locally Made Goods

If you have a product that you manufacture at home or on a very small scale and need to sell, you can always turn towards a local business that will buy your goods. Larger chain stores usually purchase stuff in bulk from bigger suppliers while the smaller business in your local community do purchase stuff from those available locally. That’s how smaller individual suppliers are able to sell their goods and services in the local market benefiting everyone.

The Money Circulates in the Area

The strength of an economy does not depend on the reservoirs of money anyone has but actually depends on the amount of money circulating in the community. When you support your local businesses you are actually giving money back to your local community. A flourishing local business pays taxes depending on the revenue it generates which is then used in the development of the same community. That’s how the money that is spent on a local business practically stays in that local area benefiting everyone living there.

They Offer Opportunities To New Talent

Small businesses are known to take chances with newer local talent and providing them a platform to showcase their skills. . Small businesses tend to attract talent who invent new products or implement new solutions for existing ideas. They also offer job opportunities to local people who otherwise may not get a job in a bigger corporation and hence contribute to the local economy by bringing forth the hidden talent from their local communities who with their new ideas bring growth and innovation to the community.

They Can Turn Into Bigger Corporations

Small businesses do not always stay that way. There are a number of corporate giants like Nike, Microsoft, and Apple that started off small either in small offices or garages and have now turned into major players in their fields both nationally and internationally. All that success starts from somewhere. Such companies often remain rooted in their local communities where they were first established and provide jobs for them and in that way continue to strengthen local economy.

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