The Importance of Supporting Small Businesses
Believe it or not, small businesses are more common than they may seem. Whether it’s a family-owned business, single-person operation, or even multiple employees, quite frankly they’re everywhere. But there may be some method to the madness when it comes to the stereotypical “buy local” mantra. For a business to be considered, “small,” the requirements may surprise you. According to the U.S. Small Business Administration, “to qualify a business as small are 500 employees for most manufacturing and mining industries and $7.5 million in average annual receipts for many nonmanufacturing industries.”
Economical Impact of Small Businesses
Small businesses play a crucial role in our economy because it’s been found that majority of the job market today are small businesses. With 65 percent of the jobs available today, our economy thrives on small businesses. When you support small businesses you’re not only helping out those individuals in the company, you’re helping yourself by watching your dollar travel from a small business that flourishes back into our national and local economy. Along with supporting the economy, you get afforded the chance to help other people out by securing jobs, helping a company grow, giving more opportunities for Americans to work, afford health insurance, and even a better retirement. Your dollar travels a long way!
Sense of Community
Buying local has a different feel to it than going to the corporate supermarket. When you invest in local products and services it has a sense of togetherness, belonging, and purpose. It feels better to have a hand-made product from a local business that you know was personally taken care of, then something that was aimlessly thrown together in a factory. Having that close attachment to your product and knowing where your money is going leaves you with a peace of mind and personal satisfaction. Small businesses are constantly starting and failing seemingly every day. A new company always struggles to maintain during its infancy, which is why it is important to support these new companies. Behind every company name or logo is someone living their dreams and trying to reach out and help the populous. Lending a hand to your neighbor and watching them grow is a worthwhile experience for anyone and the ripple effect of one growing company can lead to the positive impact of many lives along the way.