The Importance of Small Businesses in an Urban Landscape
photo credit: GR Now
Close your eyes and imagine your local community. Your downtown area is likely riddled with small businesses and restaurants, alike. Now, imagine your local community without those small businesses. Instantly, your community loses its charm.
Small businesses account for 48% of American jobs and 43.5% of GDP. While these small businesses are the backbone of our community and economy, they’re often the most fragile. With recent disruptions caused by the pandemic, it’s no surprise many small businesses have closed their doors.
Supporting small businesses and nurturing their health in the urban landscape is essential. Here are a few reasons why we need to double-down on our small businesses support efforts, especially during financial turmoil.
Unique Urban Landscape Identity
Locally-owned restaurants reflect the flavor profile and the fresh foods of that region. From full-spread brunches to carefully constructed desserts, get a taste of local flavor and fare from chefs who have a heightened appreciation for the area.
Additionally, cozy coffee shops, boutiques and restaurants illustrate vitality and growth, which is attractive to tourists and those interested in moving to the area. The more tourists drawn to our communities, the more our community businesses will prosper.
Small Businesses Give Back
As small business owners live and work in the community, they often invest and interact with other small businesses and individuals in that community.. Whether it’s volunteer work or charitable donations, this also provides an opportunity for businesses to advertise and increase their reach.
Small business owners give back more than just monetary donations. They’re often willing to share their knowledge to fellow entrepreneurs in local networking groups or community colleges. This is an excellent way to educate and motivate the next generation of entrepreneurs and community stakeholders.
The Multiplier Effect
According to the Small Business Association, in 2020, small businesses created 1.5 million jobs and accounted for 64% of the new jobs. Every job created allows more people to stay in that community and support the overall economy and growth.
Refurbishing & Maintaining City Spaces
Large shopping malls often require new construction and significant amounts of locally-owned land. For small businesses, they typically only require storefront and small office space. This allows small businesses to build out and refurbish existing infrastructure and even bring new life to rundown buildings.
Additionally, refurbishing existing buildings is an environmentally friendly option compared to building large shopping malls.
It’s time to show your support.
Small businesses have a large impact. Next time you’re craving coffee or looking to start a new project, consider seeking out a local business. Their process (us included!) is tailored to each client, rather than one-size-fits-all. From making that latte just the way you love it, to ensuring the specs match every single detail you’ve dreamed of for ages, it’s the local business hospitality that shines the brightest.