Small businesses add a lot of value to high streets besides much-welcomed employment opportunities for local residents. They also provide locals with a more devise range of goods and services. To help you learn more about the important value of such businesses, outlined below are seven ways small businesses contribute to local communities.
#1 Help Define A Community’s Identity
Just about every high street has at least one or two small businesses that add a unique charm and character to the area that helps distinguish it from other communities. These unique outlets could be coffee shops, dog grooming parlours, mom-and-pop shops, yoga studios, antique furniture stores or more. Local tourist boards and forums such as Find Your Fleet, and county councillors often use these businesses to attract visitors and funding to the area. Here at ShopKeep, we also understand the value of small businesses and can provide owners with all the tools and platforms necessary for their continued success.
#2 Participation In Community Events
Small business also contributes hugely to community events as owners often know the needs of the local community best and understand how to make life better for residents and fellow small businesses in the area. Many owners will take part in local events, such as sponsoring local sports teams, making donations to homeless shelters, providing resources to non-profit organisations and mentoring young entrepreneurs. Some owners also serve as guest speakers at community colleges, small businesses centres and technical institutes.
#3 Reduce A Community’s Carbon Footprint
Small businesses are often situated near or within residential areas, which reduces the need for long car trips to pick up supplies. This means areas have less air pollution and traffic congestion, allowing residents to enjoy healthier, fresh air. The environmental benefits of small businesses are often undervalued, but they are one of the most important for many areas.
#4 More Local Jobs
One of the great things about small business is that they create local jobs for community residents and allow more people to find employment near to their homes. When locals support all the small businesses in their area, they benefit from having vibrant commercial activities nearby including businesses opportunities, employment training and investment opportunities which keep money circulating in the area. What’s more, more employees in a local area means other businesses such as bars, cafes, and grocery stores will benefit from their custom.
#5 Inspire Local Entrepreneurship
Small businesses succeed as a result of the entrepreneurial spirt of owners. Many owners become a valuable source of motivations for aspiring entrepreneurs and help to promote innovation and prosperity. Thriving small businesses in the local area also provide those in low-income jobs with inspiration for turning their ideas into money-makers.
#6 Competition and Innovation
When there are several small businesses operating in a local community, the increased competition drives owners to develop better and more inventive offerings for consumers. Healthy relationships often develop between local businesses as they all try to attract varying types of customers and deliver unique goods and services. As a result, customers get to enjoy access to better products and services as well as more competitive prices.
#7 Require Less Infrastructure and Business Maintenance Services
Compared to erecting a new department store, a new small business requires significantly fewer resources from a city’s planning department. While new small business owners may need to obtain a business licence and an occupancy permit, the chances of such applications being approved are significantly higher and the processing time is significantly lower than applications for, for example, a mall construction. In addition, small businesses don’t require as many business services nor as much infrastructure.