Why Should You Care if a Local Small Business Succeeds?
According to Intuit Canada, 15% of new start-ups fail in year one, while 50% won’t be able to celebrate a five year anniversary. Knowing this, should you feel a sense of protection for the new shop that just opened up down the street? If you didn’t invest in the venture, you have nothing to gain or lose, right?
Consider this: 98% of Canadians work in small businesses.
It may very well be your place of employment was once that budding new venture itself. Not only is that new shop providing local jobs, but there are many other benefits a locally owned business brings to the community you live in.
Tax Paid In Your Town, Stays in Your Town
Shopping at a local business earns sales tax money that stays in, and enhances your town. You are doing your part to help protect your community and improve your schools by adding funds to the local municipality.
More Money Back Into the Community
According to a study by The 3/50 Project, for every $100 spent at a local business, $68 remains in the city while only $43 of each $100 spent at a chain retailer stays. Another study by the Civic Economics Firm found an even greater buyback siting, “Independent retailers return more than three times as much money per dollar of sales than chain competitors.”
Accountability to You
A local business owner has more than just dollars to lose if you are not satisfied. You know where he lives! You also know the other patrons who frequent his establishment. The business owner has a vested interest to keep you happy and served well.
There is a popular story being circulated on social media of a local appliance store living up to their warranty on a robot vacuum cleaner that had been dropped in a bathtub with the battery, after running over a present from a new puppy in the middle of the night. The man sharing his story, with his local friends initially, ended it with, “if you are buying anything expensive, and they sell it, I recommend buying it from them.” Small business owners know that they can be ruined by a local patron’s social media post gone viral with the opposite tone.
Community Involvement
Whose name do you usually see on the back of your kid’s little league jersey? Is it the big box store you get office supplies from or is it more likely to be your local accounting office or Hardware store? Local business owners are more apt to sponsor group activities because they are a part of the populous, and they want to give back to it. (You can also get a local business involved with your sports team or social cause by inviting them to be a part of your community on GetAssist.)
Your local business community is certainly supporting you, don’t forget to pay them a visit and get familiar with the unique things they have to offer. When you need their help, you can count on them being there for you.
GetAssist does its part by giving back 3% of Business Membership Revenues into the communities they work in. That means that the local businesses in your town that are members of GetAssist are directly investing back into your home turf in yet another way.
