The Sustainabilty of Buying Local
4 Ways Being a Local Business IS Sustainable
As we look ahead to 2021 and 2022, the two words that appear virtually everywhere are: local and sustainable. Customers are looking to frequent businesses in their own communities that offer unique, quality ingredients and engage in ethical practices. They want to support the place where their friends and neighbors live!
Here's how being a local business helps the economy, social/community, and the environment, three key pillars of sustainability.
1. DONATIONS
Small businesses donate almost 2.5x more to local charitable causes than national chains, therefore lifting up their community both economically and socially. In addition, local business owners tend to be more engaged in the community and support development activities and community organizations at a higher rate than large companies.
2. ECONOMY
Buying local boosts the economy. The velocity of money enters back into the community at a higher speed. Local businesses also tend to buy from other small businesses to strengthen community and economic bonds.
For every $100 spent at a locally owned business, $68 recirculates and remains in our local economy. Conversely, only $43 stays in our community when it's spent at a national chain.
3. ENVIRONMENT
When residents and neighbors work locally, they commute less, therefore reducing pollution. If you're lucky, you can even ride a bike or walk to work! Entrepreneurs and skilled workers are more likely to invest and settle in communities that promote their one-of-a-kind businesses and distinctive character.
4. JOBS
Local businesses created up to 90% of new jobs in the US. making them the largest employer nationally, and provide the most jobs to community residents. In addition, they tend to invest more in their employees through wages and opportunities, while large chains are often known for depressing wages and benefits for their employees.
In addition to anything you are or aren’t doing to promote sustainability, the good news is that you being a local business IS sustainable. It’s one of the most important ways to promote healthy communities, contribute to economic growth, and reduce your environmental footprint.