Small businesses play a big role in Canada. Here are 7 reasons why we all can feel good about supporting small and local businesses.
Successful startups are in the business of employing people.
Of the 1.18 million employer businesses across Canada, 1.15 million (98%) of them are small businesses, according to a 2017 survey by the Government of Canada. In the private sector, 70% of all employees are employed by small businesses of 99 employees or less. Chances are, you know someone — or many someones — who work at a small business. Let’s keep it that way!
Small businesses make up a large part of our economy. Canada’s export of goods in 2017 generated $483.6 billion, of which 42% can be attributed to small businesses. Small businesses generate 45% of the national income, according to a recent Shopify survey.
Furthermore, the money spent at a local business usually stays local. Small businesses often support other small businesses, putting their profits back into the community and stimulating local economic growth.
Small businesses prevent monopolies and encourage healthy competition. When businesses strive to stand out from one another by offering better goods and services, innovative design begins. This results in a diverse market where consumers can afford to be picky and make the decisions that are best for them.
Most people—76% in fact – expect CEOs to take on systemic change rather than wait for government regulation and policies that enforce these, according to the 2019 Edelman Trust Barometer. In other words, social change is important.
Entrepreneurs of every industry are finding innovative solutions to pressing issues like climate change, equality, diversity, and access to food or healthcare. Supporting small businesses means supporting the issues you care about.
Small businesses provide the individual, customized care that larger, anonymous corporations often cannot. Small businesses work hard to create and keep their customers by delivering the best results. It’s service with a smile.
There’s no denying that local businesses— independent cafes, restaurants, and shops– add a little charm and uniqueness to their neighbourhoods. This, in turn, benefits the residents who see added value to their place of living, making the neighbourhood a great place to live, work, and play in.
You can and will feel good about spending your hard earned dollars at the small businesses you care about. It’s a win win for everyone.
Now that you’re convinced, there are many practical ways to support local. Tell us about your favourite local business in the comments.