How Small Businesses Benefit Our Economy and Communities
Many communities work hard to support their local businesses. Advocates organize small business shopping days and social media campaigns ask shoppers to #ChooseLocal when they have the chance. Especially since the pandemic rocked the economy, the importance of giving business to local establishments over massive corporations has been emphasized again and again. While there are many advantages of upholding small businesses, one of the main benefits is keeping money circulating in the local economy. This helps communities flourish.
VaVa Virtual was built around assisting entrepreneurs and encouraging small businesses to grow. We’ve seen firsthand how our clients and partners make a difference in their communities every day. Small businesses contribute more than you probably think to our society. From inspiring creativity to fulfilling vital needs, they make our communities stronger. In today’s blog post, we’re highlighting several amazing ways that small businesses improve our local communities.
Entrepreneurs and small businesses benefit the economy by providing local jobs. The experience of working at a small business differs greatly from employment at large corporations. These jobs provide an opportunity for workers who excel in the hardworking and creative atmosphere unique to small businesses.
These environments often promote mentorship and career development in a deeper way than other organizations. An aspiring entrepreneur can gain invaluable knowledge from simply working alongside a small business owner. Apprentices can learn a trade and venture out on their own. In this way, small businesses spur new small businesses. Small businesses also increase the wealth of an area. This, in turn, increases the tax revenue that ensures communities offer essential services and continue to be maintained.
Creativity and Innovation
Small businesses often run on creativity. Artisans and crafters bring their artistry to market as small businesses. This introduces arts and crafts to communities that might not have access otherwise. These types of businesses inspire residents to pursue their own art. They provide new opportunities for families and students. Businesses supporting the arts, like an art supply store or photography business, contribute to the vibrancy of an area. They generate cultural growth.
Creative entrepreneurs also supply communities with novel products and services contributing to diversity in the market. They approach existing problems in new ways and design brand new offerings. New business ideas are often the genesis for technological advancements and scientific evolution. These efforts promote competition and push all businesses to be more creative. Competition accelerates progress and leads to industry growth.
Entrepreneurs succeed when they identify gaps in the market. Opportunity exists in the areas that existing business does not serve. This leads small businesses to fill community needs that are not currently being met. Seizing those opportunities is often hugely meaningful to the lives of community members.
For example, urban areas with limited access to affordable and healthy food choices, known as “food deserts,” would be uplifted if a family-owned grocery store were to open its doors. Communities in short supply of learning opportunities like libraries would benefit from a used bookstore. By meeting these needs, small businesses become the backbone of revitalized communities. In a way, small businesses pick up the slack when other areas of society falter.
Feeling of Community
Small businesses help communities feel more like communities. When local businesses have been around for a while, they become embedded in the identity of the community. They become essential to what it means to live in a certain area. Residents are proud to live in towns or cities with unique or memorable businesses.
Small businesses also provide spaces for communities to get together, whether that’s in person or online. They give community members something to rally around, something to brag about. Seeing new businesses pop up is often a reason to be excited. It becomes a topic of conversation. Depending on the business, it might even be an excuse to see friends and family. When community members enter into business, they are wished well and encouraged. This creates a culture of shared support.
Finally, small business owners often feel a responsibility to give back to the communities that welcomed them when they started out. Local charities and nonprofits look to the small business community for backing. That’s why you see small businesses running important initiatives like food drives or fundraising. Small businesses also do what they can to help fellow small business owners. They form partnerships and grow together. Without small businesses, our communities would have less of a structure to depend on when times get hard.
Whether this post gives you a new appreciation for the small businesses in your area or even inspires you to take the leap into owning one, we hope it at least offers a new perspective on the important roles all small businesses play. We’re proud to continue supporting small businesses in the work we do every day.
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