Why is it important to support locally owned businesses?
Top 10 Reasons to Go Local.
"...reconnecting eaters with farmers, investors with entrepreneurs, and
business owners with the communities and natural places on which they
-Business Alliance for Local Living Economies
Independent businesses gained healthy sales growth in 2015, thanks to increased public awareness of the benefits of supporting locally owned businesses, according to a national report released by the Institute for Local Self-Reliance and the Advocates for Independent Business.
Download the full report.
The Independent Business Survey, now in its ninth year, gathered data from over 3,200 independent businesses -- including 83 businesses from the Monadnock Region.
The survey found that in 2015 independent businesses:
In terms of obstacles, the survey notes that independent businesses struggle most with:
Download a print quality pdf of graph
The Monadnock Region Indie Impact Study details the amount of revenue returned to the local economy by locally owned, independent businesses in the Monadnock Region of New Hampshire.
Download the Monadnock Region Indie Impact Study
The report found that locally owned retailers return 62.4% of their revenue to the local economy, while national chain retailers return just 13.6% of revenue – meaning that locally owned businesses return over 4x more money into the local economy compared to chain retailers. The study also concluded that shifting just 10% of purchases from national chains to locally owned retailers would keep $27 million in the regional economy.
“The results of this study will help us better educate our community on the power of spending money at independent businesses,” said Jen Risley, Program Manager of Monadnock Buy Local. “We now have great numbers relating to how money spent locally recirculates through our economy, creating new jobs, more charitable contributions and a better quality of life for more residents.”
This study is one of a series of Indie Impact Studies carried out by Civic Economics, an organization that measures the “local multiplier effect” in communities throughout the United States. Their studies found that locally owned businesses return 44 to 71 cents of every dollar in revenues back to their local economies compared to their chain competitors. Read more information about Civic Economics Indie Impact Study Series.
“A community armed with this powerful local data can use it to make better-informed decisions about where they spend their money,” said Jennifer Rockne, former Co-Director of the American Independent Business Alliance. “This goes for citizens as well as local governments and other area institutions. This is important knowledge particularly now, as we enter a season of greater personal spending. Spending locally is a gift we can give our community.”
Civic Economics provides a data-driven approach to business and community initiatives. They are noted for the innovative application of industry-standard tools and the development of proprietary methodologies that provide credible guidance and evidence to their clients: www.civiceconomics.com.
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