We've all heard of "Shop Small" and "Shop Local" campaigns. Let's take a look what that means.
Did you know, a "small business" is defined as one that has fewer than 500 employees?
In 2018, there were 30.2 million small businesses in operation in the United States, accounting for 99.9% of all businesses in the country. As of 2015, 58.9 million people have been employed by small businesses in the United States (Spoton.com).
According to SCORE.org, 91% of Americans patronize a small business at least once a week.
Statistics also show that nearly half of American consumers (47%) go so far as to frequent small businesses between two and four times a week. Another 17% visit local businesses even more than that.
Consumers’ Favorite Small Business Destinations
Food and beverage businesses are Americans’ favorite destinations with 77% of them patronizing independently owned bakeries, restaurants, bars and pubs. Clothing, accessory and shoe stores are next at 40%, while bookstores (32%) and gift, novelty and souvenir stores (30%) round out the list.
Americans’ support for small businesses makes a lot of sense. Besides being the nation’s top employers, small businesses are where we gather to see our friends and neighbors. It’s where we get to know one another and build relationships. Small businesses tend to be more attentive to customers, thus they deliver a higher level of customer service.
The Economic Impact of Small Businesses
Small businesses also keep money in the community. For every dollar you spend at a small business, 67 cents stays in the local community, and a majority of that (44 cents) goes to the small business owner and the wages and benefits of their employees. The benefits don’t stop there, either. Small businesses reinvest 23 cents of every dollar into other local businesses.
Ultimately, that dollar you spent at that small business creates an additional 50 cents of local economic impact, which means when you shop at small businesses, your dollars go a lot further. Thirty cents of that economic impact comes from small businesses using local vendors and 20 cents gets spent locally by the owner and their employees.
Whether it’s at your local coffeehouse or the hardware store around the block, shopping at local businesses gives you the opportunity to better connect with other members of your community. Towns with a higher number of local businesses are proven to have stronger social ties and more participation in civic affairs (Spoton.com). Also, small business owners are more likely to hire locals, so shopping at these businesses frequently creates more job opportunities. These businesses also tend to source products locally, thus supporting fellow local businesses.
You Get Personalized Customer Care
Anyone who’s shopped online has received an order that just didn't work out, resulting in the dreaded package return. On the other hand, local small business owners will go the extra mile to ensure you benefit from personalized support with local expertise.
You Enjoy Product Diversity
Would you prefer to purchase a unique, one-of-a-kind product or one that’s owned by thousands of other people? Shopping at a local business gives you the benefit of not only getting unique products that are often only available regionally.
You're Supporting Mount Prospect
Many of the products, food and beverages purchased in Mount Prospect include a home rule sales tax or local food and beverage tax. These taxes serve as an additional revenue source used toward funding Village operations, and helps reduce the Village's reliance on property taxes. You can learn more about Village taxes on the finance department page and read details on various Village revenue sources in our Annual Budget Document.