Ways Your Small Business Impacts the Community
When you run a small business, it can be easy to feel like your impact is small too. But in reality, small businesses form the backbone of any community because they create jobs for locals, they encourage economic growth and they lessen the environmental impact. Small businesses also each bring personality to the community and add something unique while also sharing common values and characteristics.
Your small business is incredibly valuable and not just because it puts food on your table and keeps a roof over your head. Small businesses are an asset to the local community because they have a connection to the town and people that big corporations will never have.
Small and local businesses have more community impact than on their designated once-a-year Small Business Saturday awareness events. Celebrating a small business is about recognizing and cherishing the positive impact it holds around your community and local government, plus all of the independent and unique products or services not found with big businesses.
As a small business ourselves, we at Stance CRE know that providing the right service can set you apart from the big brands. We also live, work and play in Riverside and we want to see you succeed. We also want you to know the impact your business has on Riverside.
So here are some ways your small business is helping your local community.
Local Jobs
This one seems obvious, but it is likely the largest contribution as local small business has. With the increase in local small businesses comes an increase in the number of available local jobs. Local jobs are ideal because they reduce the amount of traveling and commuting employees need to do to get to work and encourages more people to stay in the area.
By opening local jobs, your area’s unemployment rate can start to see a decrease, producing great numbers for your economy. Those who work locally also tend to shop locally because they do not need to commute away from their city. When people support a local business, by working there or buying there, they are supporting their local economy too. Picking up lunch at local delis, buying from local crafters and even drinking at their local brewery all give a community feel.
More Money in the Local Economy
When customers patronize a local business, most of the money they spend will end up circulating back into the local community. Local businesses pay local taxes which means more revenue goes back into the community. That additional revenue means more money for improvements to city roads, schools, and other needs. Small business owners also tend to outsource with other local businesses – for example, if a local coffee shop wants to add a mural to their wall or if a local retailer needs to do some renovations, those small companies are more likely to seek out another small business in their local area instead of going with a large company.
Similarly, small business owners themselves tend to shop locally as well, as a way to encourage others around them to do the same. Owners of small businesses tend to eat at local restaurants and shop at local retailers, and often encourage their friends and family to do the same.
While shopping online is easy, it does not keep tax revenue local. This is a problem many small communities face. Another issue is large warehouses and shopping centers. They often strain local resources rather than create more improvements for the community. The development of these large companies can also stretch a city’s budget.
Increased Tax Base
As mentioned above, small local businesses contribute hugely to the economy in the local area and nationally. With the revenue that small businesses generate, taxes paid to small businesses, and the local taxes paid by small businesses, end up paying for community improvements such as schools, green space, public transit, and health care. Conversely, taxes paid to big corporations, or when shopping online, may not stay within the local circuit.
In addition, when local residents shop in local stores, their tax dollars are put back into their local community. This creates a ripple effect. Those small businesses are then more likely to shop with local suppliers and distributors, ultimately growing the economy in that area.
Encourage Entrepreneurship
Small businesses, freelancers and partnerships on the small side all contribute to the entrepreneurial spirit of a location. By starting a small enterprise, you are taking charge of your own future in a really big way. Successful small businesses inspire others to consider starting their own small businesses, encouraging innovation and healthy competition in your local area. This is essential for any city to thrive and generate new ideas to create diversity in a community.
Entrepreneurship requires a lot of effort and patience, and involves more than just having a good idea. Often the advice and information from a person who is from a smaller business can feel more relatable than a CEO of a big corporation who did not necessarily start the company he/she is working in. The general idea is that when you see someone in your community doing something, it is not a far stretch to envision yourself doing it as well
Small businesses also encourage entrepreneurship by providing hiring opportunities to local high schools and community colleges, giving students hands-on experience to learn professional skills and what it takes to run a business. This can help students discover their passion and gain practical experience that they will carry with them. Finding new ways to make a living is more innovative than it has ever been.
Community Identity
Forming and shaping the identity of a community might be one of the biggest roles of small businesses. They reflect the communities from which they come – having been founded by local entrepreneurs and maintained by local employees, small businesses are a portrait of the local area. Each small business fills a specific need with a personal touch that often reflects the community around them. Small business owners can connect with their clientele on a more personal level and get to know their needs and desires.
Their participation in the community can help reflect an important history that is crucial to the town. Being a substantial presence within the local community can shape the character of the people as well, directly influencing tourism in the area as well as connecting with everyday individuals passing through. This can encourage more innovation with diverse, locally made products and allows small businesses to tailor their inventory to reflect their community’s specific tastes and demands.
There’s a small-town feeling that arises when anyone walks into a local business — the staff is polite, the owner is present and friendly and customers always feel welcome. Think about it like this – if you are walking down the streets of downtown Riverside, the collection of restaurants, coffee shops, and boutiques create the unique charm of the city.
Product Diversity
The role of a small business is to be innovative, new and diverse. To stand out from the larger companies, small businesses need inventory and products that are fresh, new and unique. An independent retailer will generally provide one-of-a-kind products that are unable to be found at larger retailers.
With small businesses, there is the ability for cooperation with other local businesses. Many products can be made because of the goods and services of other local outfits, allowing the profits to return to the local economy. Technology can also help small businesses thrive, especially regarding online shopping. Providing multiple shipping options can enable community members to be flexible with their shopping, viewing all of the different and innovative products available in a local setting.
Local Decision-Making and Involvement
Incorporating small businesses into local government decisions can help ensure the small town culture within the community. By actively producing wealth in the economy, small business owners should be invited to participate in governing meetings and decision-making processes.
Aside from direct political involvement, a small business should join the Riverside Chamber of Commerce to get involved in the community. Many small business owners will hold a weekend event or fundraiser with other local businesses, donate portions of their sales to local charities or organizations, volunteer at fairs and festivals. Some schools and sports teams even reach out to local businesses for sponsorships of tournaments and events. Small business owners tend to sponsor, organize and host local events to maintain a lively community.
Less Infrastructure and Low Maintenance
Small businesses do not require as much work and maintenance as your standard large corporation. Your smaller store will have much fewer rules and regulations to adhere to. Meaning you can spend much more time working on your goods and services than trawling through paperwork. Because they are often placed in the middle of a city or downtown area, these small businesses can be added to already existing buildings. This positively affects the economy because there is less city planning that needs to be done.
There is also less labor and work involved than mapping out and building a new mall or department store. When someone needs to speak to the manager, chances are you are going to be able to help them in ways that a bigger chain just cannot. The personal touch matters and smaller companies have it in bulk.
When a big business can get tied up in red tape, your application processes, insurances, permits and even just the process of opening the store will be more straightforward.
Better for the Environment
Local businesses tend to set up shop in pre-existing buildings. Bigger companies and corporations often build new infrastructure, leading to less green space in the community and more harmful materials. Small businesses do not take more space – they typically use the space that is already there, which is what environmental conservation is all about.
Small businesses also tend to adopt environmentally friendly practices, such as using more recycled materials, as well as reuse and update old buildings to include more sustainable features.
How Stance CRE Can Help You
Navigating the commercial real estate market can be an intimidating task, especially in a fast-moving market such as the Inland Empire. Any commercial real estate situation can change in the blink of an eye, leaving you to face challenges that you never anticipated. And to make a sale that meets your pricing and timeline goals, there are even more factors to keep in mind.
Stance CRE can be a great resource regardless of which type of business owner you are. We have been adding value to business owners’ decisions right here in Riverside for years. We are not just market experts, we are your neighbors! We are a local business with local interests.
At Stance Commercial Real Estate, we live and breathe Riverside culture. We are not only working in the community, we live here… we love it and we want to help you succeed in it!
Call us today at (909) 772-1212 and let us help you decide which type of role is best for you!
