5 Ways Small Businesses Benefit The Community
The sustainable growth of small businesses is essential for a thriving economy. When small businesses prosper, it benefits both the business owners and the community as a whole. Here are five ways small businesses help strengthen local economies.
The sustainable growth of small businesses is essential for a thriving economy. When small businesses prosper, it benefits both the business owners and the community as a whole. Here are five ways small businesses help strengthen local economies.
1. They create job opportunities
The vast majority of people tend to leave small and medium-sized towns and cities in search of better employment prospects. However, a city with a thriving small business environment encourages people to stay and makes it economically viable to do so. Local employees also have the opportunity to shop within their community, helping to keep money circulating within the town. By working closer to home rather than commuting to a nearby city, many people have a higher quality of life.
2. They enhance the economic well-being of the community
Local businesses often support each other by patronizing other local businesses for their needs, such as cleaning services, legal advice or accountancy. This conscious effort to boost the sales of other local businesses fosters a strong sense of community and helps keep money in the local economy rather than going to corporate shareholders.
3. They help to maintain local tax revenues
Local businesses contribute to the city's tax revenue, which can be used to improve infrastructure such as roads, schools and public parks. When consumers buy goods and services locally, the taxes they pay benefit their community, which ultimately improves their own lives. In addition, small business owners typically purchase raw materials locally, which generates tax revenue for the town and strengthens the local economy.
4. They boost environmental sustainability
Small independent businesses offer not only economic benefits but also environmental benefits. Large national chains tend to have a significant environmental impact as they often outsource their products, resulting in increased transport requirements. In contrast, small businesses often source their products locally, which is more sustainable and helps to mitigate the negative environmental impact of extensive transport.
5. They enable business owners to engage more with the community
Getting involved in volunteering and community activities can be the most effective way to promote your small business, regardless of the products or services you offer. Promoting a small business-friendly environment goes beyond financial contributions. Some founders contribute to community development by sharing their knowledge as well. They may offer guest lectures at local community colleges or high schools to inspire a new generation of entrepreneurs.
How Businesses from Our Platform Impact the Community
As a platform that facilitates investment in UK consumer brands, we have a unique opportunity to support businesses that create products and services that benefit their communities. These businesses are often founded by local entrepreneurs who are passionate about meeting the needs of their customers and improving the lives of those around them. Here are some great examples of these brands.
Freestar. This company is dedicated to making a positive impact on both the community and the planet. They have developed a pioneering manufacturing process that emits 50% less CO2, uses 60% less energy, 75% less water, and produces 40% less waste. They have also partnered with organizations to set up a Mentoring Hotline to help young people struggling to find work. In addition, Freestar works with a charity called Street Elite to provide training and employment opportunities for young people affected by serious youth crime.
Better World Brewing. The company's mission is to produce quality beer while supporting people, communities and the planet. They work with local suppliers, use recyclable materials and aim to reduce their carbon footprint to help the environment. They also give back to the community by supporting vital projects and creating a safe, caring and fun atmosphere for everyone.
FUNGTN. The company decided to switch from bottles to cans as part of its commitment to reducing its environmental impact. Through an audit of the entire production process, shipping and recycling, cans were found to be the more sustainable option. This decision demonstrates the company's commitment to making choices that prioritize the health of the planet and encourages others to do the same.
By investing in these companies, our platform also offers investors the opportunity to support businesses that prioritize sustainability, social responsibility and community development. You can always learn more about our brands and their founders on our website.
