According to the U.S. Small Business Administration, Arizona is home to 611,097 small, local businesses which account for 99% of the state’s businesses. It is also estimated that these businesses are employers to 1.1 million individuals which represent 43% of the state’s workforce. But why is this important? Well because the success of Arizona’s small, local businesses is critical to the economic success of those business owners, their families, their employers,, the communities they live in and the state.
There are plenty of local businesses you can support that offer a variety of goods, services, and experiences. Below we offer you seven reasons why supporting local has big impacts for the state’s economy and overall well-being.
- Your Money Has Power:
Supporting local businesses means your money has more power. For every $100 you spend at a locally owned business $43 remains here, in the Arizona economy. While every $100 you spend at a non-locally owned business, only $13 remains in the local economy. More money is kept in the community because locally-owned businesses often purchase from other local businesses, service providers and farms. Purchasing local helps grow other businesses and impacts the growth of the local economy.
- Local Influence:
Entrepreneurs that own local businesses have the power and influence to impact policies and decisions made at a state and local level. This means that people that live in your community and truly understand the needs of it are the ones representing you and your experiences.
- Workforce Development:
Local businesses are responsible for employing close to half or the state’s workforce. By supporting local you are not only helping businesses keep individuals employed, you are also aiding in job creation.
- Environmental Impact:
By shopping local, you are also helping the environmental impacts that larger companies tend to have. Local businesses tend to use local suppliers which leads to cutting their carbon footprint. These businesses also tend to be located in communities and are easier to access by walking to them.
- Community Building:
Supporting local isn’t only supporting the business and the economy, you are also more likely to have an indirect social impact. As local business owners tend to be more connected to their communities, they also are more likely to donate and support local non-profits and charities.
- Builds Culture and Character:
When you think of your community, you can usually think of a local coffee shop, restaurant or boutique that you associate with the area. This is because the unique character of your local community is defined in large part by the business that are located in it. This plays a big role in how you feel about where you live and the value of your home and property.
- Fosters Entrepreneurship:
When individuals see local businesses thriving, it motivates others to follow their own passions and open their business. Local entrepreneurs are also more likely to be available to mentor and be a resource to aspiring entrepreneurs.
Are you excited to start supporting your local community business or restaurant? Here are a few ideas to get your started:
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