Why Buying from Locally Owned Businesses is So Important

The Greater Lafayette community continues to grow and attract new residents and families.  This growth has also encouraged a number of businesses headquartered outside of our area to set up branch offices in Lafayette, West Lafayette and surrounding towns.

More competition challenges every business to be better and find new ways to serve their customers.  But when you buy from any business not based in our community, there is an overall impact that takes away from our local economy and community.

Strengthens Local Economy
When you buy local it strengthens the local economy by creating new job opportunities for people within the community.

Studies show locally owned businesses employ more people per unit of sales and retain more employees than large national chain retailers.  This leads to a more stable, recession resistant local economy.  As of 2018, the SBA estimates there are 30.2 million small businesses employing a total of 58.9 million workers.  Many of them work in our local community!

Our Money Stays Local
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 — further strengthening the economic base of the whole community.

An additional study found that local retailers return a total of 52 percent of their revenue to the local economy, compared to just 14 percent for the national chain retailers. Money circulating through the local economy benefits everyone who receives a transaction.

Better Public & Community Services
Locally owned businesses contribute to a stronger tax base and better use of public services compared to nationally owned stores.  This means better public services like schools, transportation, emergency response for you and your family. Local non-profit organizations, like youth sports leagues and social services, also receive strong support from locally owned businesses.

Support Locally Owned Businesses
So when given the chance to buy from a locally owned business we’d encourage you to do so.  We think it is a great investment in our community and those that live here.