Let's begin with some statistics which were reported by the University of Southern Maine's Institute for Family-Owned Business:
- Some 35% of Fortune 500 companies are family-controlled.
- Family businesses account for 50% of U.S. gross domestic product.
- They generate 60% of the country's employment and 78% of all new job creation.
Yes Family-owned businesses form the backbone of the American economy.
Here are 5 good reasons to THINK LOCAL and Buy from small family owned businesses in your neighborhood:
- Create more good jobs: Small local businesses are the largest employer nationally and in our community, providing more jobs to residents.
- Get better service: Local businesses have a greater understanding of the products they are selling and take time to get to know you, the customers.
- Invest in community: Local businesses are owned by people who live in your community, they are more invested in the community’s future.
- Reduce environmental impact: Locally owned businesses can make more local purchases requiring less transportation and generally set up shop in town or city centers as opposed to developing on the fringe. This generally means contributing less to sprawl, congestion, habitat loss and pollution.
- Buy Local = Support yourself: Several studies have shown that when you buy from an independent, locally owned business, rather than a nationally owned business, significantly more of your money is used to make purchases from other local businesses, service providers and farms, continuing to strengthen the economic base of the community.