7 Ways To Support Local Businesses

Now more than ever, look for ways to support small businesses in your local community. As the cost of energy rises, many SMEs are going to plow through their savings. In particular little restaurants, print shops, coffee shops, retailers, etc will struggle to keep the lights on (literally). Remember when you buy from a small business your money really does stay in your local community and it directly benefits the families who run that business. If you like having small businesses near you - shop with them.

Seven tips for shopping locally and supporting your community ...

1. Private Equity vs Locally owned

A private equity fund is designed to dominate a category of business and extract as much money for the fund as possible. Every decision is made to maximize the return to fund - even if that means saddling the business with debt and then liquidating its assets. In your high street, you'll have PE-owned bakers, coffee shops, hair/beauty businesses, dental practices, etc. You'll also have independently owned ones.

2. Local retailers for big brands

You might want to buy Apple headphones or a Hugo Boss shirt. These items can be bought at John Lewis and about 30% of the money stays with the local retailer (John Lewis/Waitrose is also owned by the employees). If you buy that same product direct, you will pay the same price but your money goes straight to HQ.

3. Farmers Markets / Stalls

Most communities have local food festivals, farmers' markets, and stalls where local makers exhibit and sell their products. That seafood is probably sold to you by the daughter of the guy who caught it. The person selling you eggs has probably seen the chickens that laid them. The slightly expensive tea towels and baby clothes were made by the lady who took your money - it costs ￡1 more than a cheap one in Tesco but you are making her day and she's spending that money in your neighborhood too.

4. Churches

You might not be religious but a church is just another type of local community center. Your local church runs a cafe selling quiche and coffee (with free WiFi) that was made by someone in your community who really needs a place to start. The money you spend goes straight back into the community work your local church is doing. Your local church knows exactly which families are struggling and they are doing small and essential things for them.

5. Cleaning, Gardening, Car Washing, and Data-entry.

In your local neighborhood, someone is going to pucker up the courage to knock on your door and ask if you need something cleaned or cared for. They are probably really in need of an opportunity and they can free up your time to do something more valuable. Say yes and don't haggle on price.

6. Amazon, Etsy, eBay or FB Marketplace.

Support local people who are selling some of their stuff online. Etsy/eBay and Marketplace tend to be more supportive of small retailers. If you do want to buy online, see if you can buy from a local/independent person. If you know someone who needs an opportunity, ask them to sell a bunch of your stuff you don't use anymore online and split the money 50-50.

7. Encouragement and Public Praise

When you encounter a good local business, take the time to give them a 5-star rating on Google. Make sure they list their site on Google Maps too. Also, tell them directly to their face "you are doing a great job - thank you!". A little encouragement might make all the difference that day.