The Importance of Supporting Local Family-Owned Businesses - Money Tip Tuesday

Did you know that family-owned businesses have their own national day? June 23rd is National Family-Owned Businesses Day and we’re sharing a couple of ideas on how you can support the local businesses in your community. 

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.     

Local businesses are everywhere; chances are you've already shopped at one. The best way to support a family-owned business is to buy and shop locally! Next time you need to purchase anything, visit a small, local store instead of going to a big-box retailer or shopping at Amazon. Not only is it good for the family-owned business, but it also helps boost the local economy.  

When you shop locally, you give money to that business, which means that that money will most likely be invested in your community. An American Independent Business Alliance analysis found that for every $100 spent at a local business, around $53 is recirculated in the community. Compare that to spending $100 at a big-box retailer, where only around $13 recirculates in the community. So not only are you getting your shopping done, but you are also giving back to the community when you shop at local businesses. If you prefer to shop online, check if the local company has a storefront and shop there instead of Amazon.   

Another great way to support local family-owned businesses is to buy a gift card from them and give it to a friend or family member. Not only are you buying from the local business, but you're also incentivizing someone else to go into the store and buy from them. It helps them bring in more income and increases awareness of their business or service through increased market exposure.   

If you're ordering takeout from a local restaurant, the best way to support them is to order directly from them. Third-party delivery services often charge restaurants a commission, anywhere from 6 to 30 percent;  this can take a sizeable cut from the local restaurant's profits, so instead, order directly from them.    

Another easy and free way to support local family-owned businesses is to leave them a positive review. If you enjoy their company, let others know. Businesses with positive online reviews are more likely to get more customers.   

You can support other local small businesses if you own a small business. Use other small businesses as your supplier; this keeps the money local and suits your community. If a customer asks you for something you don't have, refer them to another local business.   

Supporting family-owned local businesses is a great way to shop and supports the community in general. Next time you shop, consider shopping locally instead of giving your money to a large corporation.    

If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.  

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.