When small businesses see success and start to grow, they can create a number of jobs. From hiring someone to interact with customers, to a store manager, or even a business partner. That friendly face you see at a local business is one that also wants the best for the community because it’s their home too.
Budding businesses are also more likely to spend their hard-earned dollars with local suppliers and partners. According to both Canadian and American studies, for every $100 spent at a local business about $65 goes back to the local economy, talk about a sound investment.
Reference: For every $100 spent, approximately $65 gets put back into the community
One Chicago study found that for every $100 spent at a local business, $68 remained in the city while only $43 of each $100 spent at a chain retailer.
Multiple studies show that these small businesses reinvest in the local economy at a higher rate than chains do. For every $100 spent at one of these businesses, for example, $68 stays in the community, according to Amy Hartzler, director of communications for the Business Alliance for Local Living Economies, a nonprofit that advocates building strong local economies. That’s more than twice the amount chains reinvest.
According to Loco Independent businesses recirculate up to $63 of every $100 in revenue in the local economy, compared to $14 for multinationals
Edmonton is not like other places. The support, openness and collaboration between local business owners is inspiring. They not only support each other, they come together to support causes that affect Edmontonians.
Our citizens are creative entrepreneurs who can make great experiences come to life. Local shops create more choice for shoppers and build the culture for an area of the city that is reflective of the diverse people that live there increasing not only property value but also a sense of community.
Edmonton creates the felling of a close-knit community whether you’re from here or just moved here. You can bet the person behind the counter or on the other end of the call someone with passion who cares that you’ve had a great experience with their product or service. And if you grew up here, odds are you went to high school with them so now you can also catch up!
Heading to a farmer’s market to purchase from local growers is one way to reduce your carbon footprint or walking to your neighborhood coffee shop instead of driving to a big chain one. Many Edmonton companies are also using their business to create positive change for our environment. With your collective support the future can look a whole lot greener.