How Your Support for Local Business Is Helpful For The Economy?

Local business provides goods and services to the local population. There is a connection that is already established with the business and the consumers. Our economy consists of wide ranges of local businesses as well as global businesses.

The coronavirus pandemic has hit the world economy heavily. We have all seen it. We have all been affected by it in several different ways. According to the estimation of IMF, the global economy shrunk by about 4.4%, which the worst decline since the Great Depression in the 1930s.

Local businesses have been the nearest service provider, but with lockdown and increasing unemployment, many local businesses have been hit hard. Many have had the pandemic’s hit; the travel industry, the fashion industry to regular craft industries. Shoppers remained home that reduced the retail footfall.

This brings us to the question of why do we need to support local businesses?

The local business has been our go-to shops when we need anything in urgency. They have been our friends in the time of pandemic when we needed our basic necessities to spend our time in lockdown.

Many local businesses, startups, or firms have gone bankrupt or have shut down due to their inability to maintain the management cost. Going down the breakeven cost with the hefty rents swallows up the least of the encouragement for the shopkeepers to continue with their business.

Why is Local Business important?

Local business provides you with plenty of benefits, and you can benefit the local businesses. The local business aims to fulfil the local population’s needs and fill in the supply gap in a shorter time. Local Businesses also achieves the larger goal of contributing to our economy.

Local Business Benefits you.

It provides you with benefits in terms of time, community, services, local authentication, homeliness and communication.

Time has a huge role in our lives. We all use some sort of imports products. With the shortage of these products, sometimes we feel we do not have any option and waiting for it to arrive or restock eats up a lot of our time. But if it is a local product, you can save your time and get that particular product anytime you want. Reduces delivery time or restocking time.

Community is benefitted. Many local people get employment in these businesses. Positive progress in the community helps in increasing the quality of the services provided. Any complaints about its services can be quickly submitted too. 

Communicating any queries or problems get easier. Rather than waiting for your question to be answered from across the world, it gets solved quickly. 

Local authentication, homely touch can be reflected from goods and services provided locally. You can get the exact product of your taste with a unique style representing your local area. 

Your Investment benefits the Local Business

Any form of investment in terms of time or money or participation has a huge production value to the local businesses.

Most importantly, it encourages such local businesses with local products to come into the market and work. The majority of investment that you do in local businesses stays in the local area or the community itself. Such investment is very fruitful as it promotes further development project in the local community too.

Local businesses promote locally produced products that give rise to the local economy also. This also increases the possibility of export of these goods. 

Local businesses connect to other chained businesses that are present locally. They utilize other local service providers, services and banks creating a sustainable and profitable cycle of production with positive effect on the community.

It also gives employment opportunity to the local people in the business. Exposure to local businesses leads to expansion of it that requires human resources too. Employment opportunity aids in reducing poverty, illiteracy and other social problems also. 

With new jobs opening up and increasing money flow gives rise to the GDP of a country too. A significant increase in the quality of life in the community can be seen.

Consumer Behavior towards Local Business

As we talk about local businesses, we also need to understand the locally produced goods and their service. We all in some way, need products for numerous reasons. Searching for new products in and out of the market gets tiresome, but it is the only way to find the best reliable products for ourselves.

With the growing influence of globalization, foreign products have gained a lot of market share in the local economy. We don’t find good reliable products locally, or we think so. Influence of foreign products with so many reviews, widespread and promotion, we often ignore more natural products that our local market provides us.

What I am saying may not be one hundred per cent accurate, but there is a higher possibility. Most of us haven’t explored our local products for reasons concerning the quality, the purpose of the product, and price.

Many of us think of quality and thinking of switching local products, we lack the assurance of the quality. We comment before we try. Part of the fault goes to our advertisement and promoting sectors that lack potential awareness. 

Local business marketing needs to grow in our community. Better communication needs to be established to ensure that the supply of such goods and services fulfils the consumers’ demand.

Let’s change our perspective towards local brands, local business and local market.

How Can You Support Local Business?

Local business is everywhere around us. We all need goods and services daily. Although local options might not be the easiest every single time, local companies can be convenient and different most of the times.

You can try local businesses rather than a long-chain foreign or global business. These tips aren’t complicated for you to try out. These take minimal efforts.

Let’s start the list of our tips for trying out local independent businesses.

  1. Try out local grocery shops that give you fresher products than the imported ones.
  2. Next time you feel like eating out, go to local shops, cafes, restaurants or hotels. There are also good options out there that provide tasty authentic and qualitative food.
  3. Have your friends birthday coming up? Go to local gift shops and buy something that connects to your roots, gives a homely feeling and your relation. There are plenty of handmade gifts out there that you can try out too.
  4. Bored with your current room decor? Jump into the local stores, and you can find several different and unique pieces of furniture to serve your taste.
  5. Explore local clothing shops, there are so many shops in your local area trying out useful natural fibres with unique designs and style.
  6. Shop your skincare and haircare products from local brands. Nowadays, many local brands also ensure that their products are nature-friendly, harmful chemical-free, and organic.
  7. You can get your tools and machines mended in a local shop, and it wouldn’t cost you much either.

These are really small minimalist things that do not cost you too much of your time or money. Next time you have to get something, go to these local independent shops for grocery or some little shopping. You can also promote local business if you like them.

How to Promote Local Business

Once you have tried out local business goods and services, we likely recommend it to our relatives, family, and friends. This chain of communication helps in promoting such businesses. 

In the age of social media, your short, simple review can also significantly impact these businesses. Use your technology to help a business that has so many positive effects on our economy. We all can promote local businesses online and offline very efficiently. 

In essence…

Local business is run by our community members. They have the goal to serve the local community. This pandemic has brought a decline in the income of many households and brought people down the poverty line also. In such difficult times we all need to come out together and help our local businesses to flourish.

Empowering and encouraging good, reliable and sustainable local business is very important. Our small efforts can really help out someone. there are many local brands that provide good quality products in a reasonable price too. If quality is our concern then we all can explore products from local businesses the same way we explore products in the online platform for foreign brands.

Local business should not just be an alternative or a substitute rather it should be a choice that we love. We can promote some of them in social media or by recommending it to someone.

Economically speaking, if the money flow increases within a country than the infrastructural projects speed up simultaneously. Quality of life increases significantly too. Trade deficit can also reduce if import reduces.

Let’s change our perspective towards local products, local business and local markets. There are plenty of good reliable options that you can get here in the local market too.

Support local! Promote Local! Grow Local! Want to know about How you can shift to alternatives to plastic? Click here.

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