One of the biggest challenges a small-business owner faces is contending with big businesses, and we’re not just talking about profits. Trying to compete in a market like Las Vegas where it seems like The Strip rules is a bigger gamble than you might imagine. These larger companies—with their big marketing budgets, bulk purchasing power, and the “cache” of well-known names including world renowned celebrity chefs — can easily overshadow small businesses, especially restaurants. This is perhaps most relevant when it comes to attracting top talent as employees.
Employees make your business, so naturally, the better workers you have, the more successful your business will be. Big businesses may have more employees, but we all want the best employees—something customers will notice.
Competition is a natural part of life as a small business, but it can be daunting when you go head to head with a much larger competitor. They can use economies of scale to undercut you on pricing, they can use their resources to buy bigger, better stores or fancier equipment, and they can offer higher wages and more benefits.
So how can we compete? Well, small, local businesses have their own advantages. For example, according to the 2016 Edelman Trust Barometer, in North America, 80% of people trust family-owned businesses, compared with just 52% for public companies. Let’s face it, if you don’t take interest and invest in your staff as a small independent company, you simply can’t compete with the big guys!
You should shop/dine/work at locally-owned small businesses because:
Local Character and Prosperity
In an increasingly homogenized world, communities that preserve their one-of-a-kind businesses and distinctive character have an economic advantage.
Locally owned businesses build strong communities by sustaining vibrant shopping centers, linking neighbors in a web of economic and social relationships, and contributing to local causes.
Local ownership ensures that important decisions are made locally by people who live in the community and who will feel the impacts of those decisions.
Keeping Dollars in the Local Economy
Compared to chain restaurants, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community.
Creating Job Opportunities
Locally owned businesses create more jobs locally and often provide better work life and job satisfaction than chains do.
Entrepreneurship fuels America’s economic innovation and prosperity and serves as a key means for families to move out of low-wage jobs and into the middle class.
When a consumer supports local business owners, he/she enjoys benefits one can’t possibly get from shopping or dining at national chains. Local business owners often have incentive to support other local businesses, patronizing local establishments for both business and personal reasons. Chain businesses, on the other hand, tend to get their supplies from corporate, as well as having store managers and employees that aren’t as personally invested in buying local.
Local businesses like Paymon’s Mediterranean Café and Lounge give a community its flavor. The Las Vegas area may have many restaurants you’re familiar with from across America, but Paymon’s is one-of-a-kind.
The presence of the massive Las Vegas Strip restaurants and other chain restaurants make it very different from every other community in the world. By supporting the local businesses instead of chains, whether by patronizing the business or by working there, you ensure that uniqueness is preserved as a part of your community.