The Benefits of Supporting Locally-Owned Businesses 4

The Benefits of Supporting Locally-Owned Businesses

Posted on by Paymon's Las Vegas in

In recent years, many consumers have moved away from patronizing large, impersonal big-box retailers and chain restaurants, and instead are making a conscious effort to introduce themselves to the people doing business in their very own cities. These are local entrepreneurs, farmers, craftsmen, antiques dealers, and other product providers, with items made locally and sold on a small scale, that are supporting their communities in a way no outside interest ever could. Spending money with local retailers helps keep the local community alive. The places where we eat, shop, and have fun all have the potential to make a community feel like home. Many communities are choosing to take control of their own economic makeup and personality by supporting unique local businesses.

The benefits of a thriving local independent business sector are not limited to economic benefits. Maybe just as important is that independent businesses define the community’s self-image and create a sense of pride for the people who live there. National chain retailers, on the other hand, can homogenize a community and reduce its element of uniqueness and originality.

When consumers support local business owners, they enjoy benefits they can’t possibly get from shopping at national chains. Here are some top reasons to support your local entrepreneurs:

  • Creates jobs and opportunities – Not only do independent businesses employ more people directly per dollar of revenue, these employees also are the customers of local businesses, expanding opportunities for local entrepreneurs. Small local businesses are the largest employers nationally and create two out of every three new jobs. Spending locally means that employment levels are more likely to be stable and may even create more opportunities for residents to work in the community.
  • Product diversity – A multitude of small businesses, each selecting products based, not on a national sales plan, but on their own interests and the needs of their local customers, guarantees a much broader range of product choices. Because they have a smaller consumer base, local businesses have the advantage of tailoring their sales strategies to the local customer and community rather than having to stick with nationwide marketing plans.
  • Know the people behind the product – When you personally know the people behind the business where you’re buying local products and services, you enjoy a connection you would not otherwise have.
  • Create a healthier environment – Independent, community-serving businesses typically consume less land, carry more locally-made products, and locate closer to residents. Local businesses help to sustain vibrant, compact, walkable town centers, which in turn are essential to reducing sprawl, automobile use, habitat loss, and air and water pollution.
  • Give back to your community – Locally-owned businesses contribute more to local charities and fundraisers than do their national counterparts. 91% of local business owners contribute to their community, including schools, nonprofits, and community groups, by volunteering and making donations. Local business owners invest in the community and have a vested interest in the future of the community.
  • Local character and prosperity – One-of-a-kind businesses are a fundamental part of the distinctive character of a community. A community where large chain stores exceed the number of independently run small businesses becomes less personal, with less product diversity.  A growing body of research shows that in an increasingly homogenized world, entrepreneurs and skilled workers are more likely to invest and settle in communities that preserve their unique businesses and distinctive character with multiple consumer choices. Local businesses owned by people who live in the community, are less likely to leave and are more invested in the community’s future. Independent businesses help give your community its distinct personality.
  • Enhance health of residents – Research shows a strong correlation between the percentage of small locally-owned firms and various indicators of personal and community health and vitality.

When you support local business owners, you get a better level of service, as well as helping make your community a better place to live. Paymon’s has been locally run and operated for 30 years in the Las Vegas area. In addition to offering our delicious, authentic Mediterranean food, fabulous signature cocktails, and the original Hookah Lounge experience, we are committed to the wellbeing of our community and the health and welfare of our customers. Visit any of our 3 locations for a unique dining experience right in your own neighborhood.