I've been talking a lot lately about being fiscally beneficial in your community and it's a topic I hope to continue covering through the next year. To get this party started, I thought I would share with you five ways you can benefit your local economy.
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1.) Shop and Spend Locally
This one is kind of a no-brainier. If you asked Joe Schmo on the street what he could do to help his local economy, he would probably say something along the line of, "Shop local." It's simple, it's obvious, and it's true. One of the best things that you can do to stir the stagnant waters of economic placidity is to dip your toes in and begin to immerse yourself.
2.) Recommend Local Businesses to Friends, Family, and Co-Workers
So you're feeling good about yourself because you bought some $28 socks from an artisan in an up-and-coming part of town. You fed a starving artist, really. Good for you! Show off your socks while you're bragging about that great little place where you had lunch downtown last week to someone else. And another someone else. And another. Word of mouth is a very powerful tool for local businesses. It can really help spread the word about the great things they're doing but it can also be very harmful. Give your recommendations but always remember to choose your words wisely.
3.) Take it Seriously.
I think people have a hard time taking small business owners seriously until they are the small business in the area. Once they have commercials and the family is doing well, they become name you can trust. In the mean time, though, I feel like people don't actually care if a small business fails because, "They can always get a job somewhere else." That may be true but these people are putting their best foot forward in a time when it is terrifying to be a small business owner and the risk is high. These people are putting their livelihoods on the line and sometimes they do everything right and have a great product but the people just don't come.
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4.) Bank Locally.
This is not one I had considered until I started thinking about all the changes I would have to make in my life in order to fulfill my promise to #ShopSmallLiveBig in 2018. Large national and international banks often have some really cool options and apps and such. If you're like me, though, you don't really need any of those things. If you choose to go with a local bank or credit union, it might even cost you less. Plus, these guys are some of the first to give back to the community. When you go to your next festival or high school football game, check out all of the financial institutions that are listed as sponsors of the team or event.
5.) Make a Commitment.
Whether you realize it or not, all of your local restaurants, pubs, yoga studios, thrift shops, gas stations, bakeries, etc., have made a commitment to the community to provide their own product and/or brand of service. It is only expected that we allow them to continue to serve. I have personally decided that I want to commit to shopping exclusively at local establishments in 2018. This may not be realistic for you. Perhaps for you making a commitment looks like ordering from a local coffee shop or bakery in the morning instead of Starbucks. Maybe your commitment could be going to your date night at a locally-owned restaurant instead of a chain. There is more than one way to make a difference.
With the hustle and bustle of our modern age and the very real appeal of a one-stop-shop, it's no wonder why people favor large national and international retailers. People also talk about the added cost of shopping local. I fear that the cost of not developing a healthy local economy is much higher than any retail markup.
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If you have any other ideas for how to strengthen your local economy, or experiences you'd like to share from putting plans into action, please reply so we can continue this very important dialogue!