With billions of people all over the world affected drastically by the Coronavirus economic impacts, there is one group that has been hit the hardest; small businesses.
Small businesses are run by everyday people in the community. With so many people only leaving their house for essentials during these unprecedented times, it has left locals struggling to stay afloat.
A survey found that three out of four small business owners are worried about the devastating economic impacts caused by the Coronavirus. This survey also found almost 40 percent of small business owners are unsure about their economic future.
Local stores, however, may be considered non-essential are a crucial part of the financial futures of towns. It is necessary to shop small to support the community. These businesses make a large economic impact locally. With every dollar spent, 67 cents of it stays in the neighborhood. This supports the town by helping locals make their income and supporting business taxes for the community.
Along with the giving back to local owners, shopping small helps the greater economy. The Small Business Administration reports that in the last 25 years, 66 percent of all news jobs have been created by small businesses.
Junior Reese Lienemann commented on her support for local businesses. “I always try to shop small, especially now with the Coronavirus,” she said. “For example, instead of getting coffee from Starbucks or a large cooperation, I’ll go to Coffee Hound to keep my business local,” stated Lienemann.
Although supporting local businesses at all times is needed, it is vital during this pandemic. The U.S. Chamber of Commerce reports one in four small businesses have temporarily shut down and 43 percent believe they have less than 6 months until a permanent shut down due to the Coronavirus’ destructive impact.
COVID-19’s lasting impacts have hit local businesses the hardest. The community needs to come together to support the small business owners in this time of economic uncertainty.
The benefits of shopping small are endless and most importantly is mutual for both the producer and consumer. Shoppers get their essentials in a timely fashion and are giving back to their community by shopping local. Owners can stay in business and keep a steady income.
Shopping local is an “essential” in the wake of the Coronavirus economic impacts and is an important role in supporting the community.
