Simple acts like encouragement, sharing on social media, and volunteering your skills can make a big impact on small businesses in your community.
Supporting local entrepreneurs strengthens community bonds and boosts financial wellness for everyone involved.
GreenPath Financial Wellness can help small business owners achieve their financial goals. Connect with us for a free financial counselingfree financial counseling session to learn more.
Supporting local businesses, entrepreneurs, and side hustlers in our neighborhood is more than just a transaction between funds and goods. It’s a way to foster a sense of community, where individuals support each other’s financial success and wellness, creating a bond that goes beyond business.
According to Forbes Money, “The tax revenue made through sale taxes from local businesses support the local government. This is then used to reinvest in the community. However, big box retailers often receive tax breaks from local governments that don’t give local businesses such a luxury.”
Consider the boost these tax dollars could offer your community if they were to go toward your local government and resources. Think about the friends and family members who invest money and countless hours into their business and the positive impact support can have on their trajectory. The best part about the recent surge in new businesses is that social media has made supporting your community, family, and friends more accessible than ever!
According to the U.S. Department of Treasury, “Entrepreneurship continues to surge: the United States is averaging 430,000 new business applications per month in 2024, 50 percent more than in 2019 and over 19 million new applications since the end of 2020.”
Supporting someone you know who leaped to open a brick-and-mortar, dove into entrepreneurship, or is pursuing a passionate side hustle can help those closest to you advance in their business endeavors and overall financial wellness.
Here are three easy and impactful ways to support a small business.
1. Offer positive and supportive encouragement.
Running a small business or being an entrepreneur can sometimes be exhausting and discouraging. Encouragement and support can inspire and motivate local business owners to keep pushing forward in their entrepreneurial journey.
2. Like, Share, Comment, And FOLLOW!
It’s true. Sharing is truly caring and costs little to nothing compared to the increased reach and engagement a shared post can have. When you like, share, or follow a small business online, your followers notice, and since they follow you, they are more likely to support you because you are advocating for the service or product.
Imagine sharing a post by a small business you support, and that repost converts into a sale because you inspired someone else to support.
To take it a step further, if you are handy with creating content, helping them by creating user-generated content (creating a post or video featuring their product or service), collaborating on giveaways, or posting a testimonial can make a huge difference in visibility and high-quality lead referrals.
3. Volunteer time or offer skills and services
It’s common for many of us to know someone who owns a business and wears many hats, including production, marketing, and sales. If you are skilled in one of the areas, offer to wear a hat for pro bono or for exchange of products or services. There could be an opportunity to support an event or day-to-day operations if you have time and the skills to match the need.
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