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Top 10 Reasons to Support Locally Owned Businesses

 

Gatsby's On The Bay

You, The Resident, Business Men and Women of Downtown Staten Island,are the cornerstone of making our economy work for everyone.  Small business is always at the forefront of growth & innovation. Organizations that support local ownership & self reliance have been advocating on behalf of those communities for decades. The Institute for Local Self Reliance is one of those organizations and is celebrating their 40th anniversary. Here is their top 10 list which TWOB supports & endorses.

According to the Institute for Local Self Reliance, here are 10 reasons to support locally owned businesses:

1. Local Character and Prosperity

In an increasingly homogenized world, communities that preserve their one-of-a-kind businesses and distinctive character have an economic advantage.

2. Community Well-Being

Locally owned businesses build strong communities by sustaining vibrant town centers, linking neighbors in a web of economic and social relationships, and contributing to local causes.

3. Local Decision-Making

Local ownership ensures that important decisions are made locally by people who live in the community and who will feel the impacts of those decisions.

4. Keeping Dollars in the Local Economy

Compared to chain stores, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community.

5. Job and Wages

Locally owned businesses create more jobs locally and, in some sectors, provide better wages and benefits than chains do.

6. Entrepreneurship

Entrepreneurship fuels America’s economic innovation and prosperity, and serves as a key means for families to move out of low-wage jobs and into the middle class.

7. Public Benefits and Costs

Local stores in town centers require comparatively little infrastructure and make more efficient use of public services relative to big box stores and strip shopping malls.

8. Environmental Sustainability

Local stores help to sustain vibrant, compact, walkable town centers-which in turn are essential to reducing sprawl, automobile use, habitat loss, and air and water pollution.

9. Competition

A marketplace of tens of thousands of small businesses is the best way to ensure innovation and low prices over the long-term.

10. Product Diversity

A multitude of small businesses, each selecting products based, not on a national sales plan, but on their own interests and the needs of their local customers, guarantees a much broader range of product choices.

[via ISLR.org]

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