10th December 2022
Top strategies for small business survival
Do you have a restaurant or coffee shop that serves as your home away from home? A bookstore that might as well have your name emblazoned on the armchair? It's not just you: people like to find a place where they feel good, and stick with it. So when your favorite small business is facing closing its doors, it's time to take action. Check out our small business survival strategies.
Why are local businesses so important?
As of 2016, over 51% of consumer purchases were made online , not in physical establishments. If this trend continues, you and your family stand to lose more than you think. Let's take a look at some of the benefits of keeping a small business up and running.
Preserve the local culture
Whether it's a grocery store, an eyeglass shop, or an ice cream parlor with the most mind-blowing milkshakes around, these small businesses contribute to the community you live in. They are where your memories are made.
Improve your local economy
For every $100 spent at a non-local business or corporation, only $43 goes back into the community in taxes , wages and donations. Compare that to the $68 that goes directly back into the community when you spend $100 at a local business. Buying local has a more positive long term impact on you and your neighbors.
Create jobs
In the post-recession period from mid-2009 to 2011, over 67% of new jobs were in the small business sector . And for every $10 million spent at a local business, 57 jobs were created .
How can you keep your favorite local business?
There are simple butimpactful actions you can take to keep your local business.
Exercise your purchasing power
While this may seem like a no-brainer, if you want to keep a business open, spend your money there. Another bonus? Nonprofit organizations receive on average 250% more support from smaller business owners than they do from big businesses. That means your hard-earned bucks are doing more than just keeping your favorite place thriving - they're also helping the neighborhood grow.
Start a fundraising business
Whether it's a quaint little shop or a favourite restaurant , you have a whole network of people at your fingertips to raise money for. Why not engage them to help raisethe funds your local business needs to thrive again?Organising charity campaigns(crowdfunding) for small businesses has helped many people get back on their feet. There are many examples of how you can make this happen.
Are you ready to support local businesses?
Regardless of the reason why your favorite corner store is falling on hard times, organizing charity campaigns(crowdfunding) can help businesses get back to the good old days. Help your favorite local business stay in business and thrive. Use our small business survival strategies to help get your small business fundraising started today.
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