Local business is a type of business which provides goods or services to a local population. Though most often used when referring to a locally-owned business, the term may also be used to describe a franchise or corporate branch operating within a local area. It is one that sells its products and services to consumers in its own city, town, or geographic area.
Local businesses are owned and operated by your neighbours. They care about and are invested in the well-being of your community and its future. Local businesses are more accountable to their local communities and donate more money to non-profits. Supporting local businesses is good for the environment because they often have a smaller carbon footprint than larger companies. Local businesses are more likely to utilise other local businesses such as banks, service providers, and farms.
According to a study, for every $100 you spend at local businesses, $68 will stay in the community. Independent retailers return more than three times money per dollar of sales to the community in which they operate than chain competitors. Independent restaurants return more than two times money per dollar of sales than national restaurant chains. Small businesses employ 77 million Americans and account for 65% of all new jobs over the past 17 years. Therefore, small and local businesses are of prominent importance.
Northeastern University has also launched an initiative to help Boston-based businesses grow and build their capacity to compete for contracts from the university and other large institutions, an effort that will help boost the local economy. This is the local economy plays a very vital role in the overall economic growth of a country. It also facilitates local people. Also, through it, a consumer can be saved from various kinds of fraud.