With consistently warm weather sure to make its way here eventually, it’s almost time for window shopping, more spring cleaning, auto repairs, eye exams and more. Locally owned businesses may be classified as “small,” but they have a big impact on the economy.
The Government of Canada reports that the number of small businesses in Canada in 2020 was far greater than the number of medium and large businesses, accounting for 97.9 per cent of all the businesses in the country.
Supporting locally owned businesses is a great way to support a neighbour, but that’s not the only attraction. Here are several reasons to shop small.
Doing something for others has an impact on the person on the receiving end, but also benefits the do-gooders. A November 2020 survey by Union Bank found that 72 per cent of Americans said supporting small businesses was more important than getting the best deals. That may be due to the feeling of helping out a fellow neighbour.
Create job opportunities
Shopping at small businesses keeps those establishments afloat, and it also keeps their employees afloat. Small businesses are the largest employers in Canada, where 68.8 per cent of the total labor force works for a small business.
Keep more money in the community
The Small Business Administration says $48 out of every $100 spent at a small business stays in the community. Spend the same $100 at a national retailer and only $14 stays.
Enjoy a more local flavor
National retailers and other businesses follow a global business model that may not allow for much customization, but small businesses can provide products or services that relate directly to the needs of the communities they serve. These same small businesses also may be more inclined to work with local vendors and start-ups than national companies that have global supply chains.
These are just a few of the many reasons to seek out small businesses when in need of products or services.