Build Online Networks
To create a thriving local economy and sense of community, you can build online networks. This could be through social media channels or through creating an online directory. Here, everybody in the local community can let people know what services they offer, what rates they charge, and if they are open to receiving energy exchanges other than financial compensation. In this way, everybody in a community can support each other. It will make it easy to find the services or products you need and provide free advertising for local businesses.
Create a Local Newsletter
A local newsletter could provide a lot of useful information and serve as another platform for local businesses to advertise. It could be weekly or monthly. You could include some local news and updates, local events and could also ask for articles written by people in the community. Distributing the newsletter in all the local shops and venues could enable you to reach the whole community without having to go door to door.
Start a Local Market
Local markets are a fantastic opportunity for people to sell their wares and advertise their services. People can sell food, their own arts and crafts, or products that they purchased in bulk. These events can help to foster a wonderful sense of community. They are attractive to tourists and people passing through the area. They can provide an opportunity for people to make money without paying expensive rent on a shop or office space.
Amplify Your Support
One way to help local businesses that will cost you nothing is to help them with promotion. You can tell your friends and family about a product you really like. You can promote their social media channels or leave an online review. You could sign up for their newsletters, comment something nice on their social media or tag a friend on one of their promotional posts. You could even post a picture of their shop, product, or service and tag them, saying how much you enjoy their product or service. All these are wonderful ways to offer support.
Always Shop Locally
Instead of supporting Jeff Bezos with his next trip to space, make sure that you buy everything you need locally. This is a simple and easy way to give back to the community. Do some research about where and how you can use local products and services. Rather than buying everything in the supermarket, you can support smaller shops by making regular purchases there. You have the opportunity to make friends with shopkeepers of smaller businesses and there is more likelihood of you having a personalized shopping experience. If you happen to be interested in opening your own small business, you can get some ideas for profitable businesses to open start here.
Buy Gift Cards
If you want to support a local business but you really have no need for their product or service right now, consider buying a gift card for friends or family. In this way, you are helping their cash flow and helping them to stay afloat without making a purchase for yourself. If it’s a small business, they may have never considered offering gift cards before. You could be inadvertently showing them a new way they can generate profits.
Check In With Them
Times of financial difficulty causes a lot of stress and strain. Helping local businesses doesn’t only have to mean giving them money. It can also be simply checking in with them and asking how they are doing. Show a genuine interest in their life and business. You can also show your sincere gratitude when using their product or service.
Tip Generously
If you know times are hard for your favorite local restaurant, be sure to leave generous tips. This is a good way to offer a bit of extra financial support that won’t make anybody feel uncomfortable. You simply follow the usual custom but give more than you normally would. This could be a huge help.
Order Takeaway
Many restaurants were hit very hard during the pandemic as they were restricted in how they could run their business. One way to support your favorite local restaurants without having to be present is by ordering delivery.
Donate To A Local Nonprofit
It isn’t only profitable businesses that get hit by times of recession, it also affects nonprofit organizations. As well as losing money, they may lose volunteers. You could help by donating either time or money. This will help them to maintain their operations and keep doing good work in the community. If you want to support multiple people in the community, you could buy gift cards from a local business and donate them to a nonprofit. For example, buying a gift card from the local pet store and donating it to the pet shelter.
Take Online Courses or Workshops
Many businesses find new and creative ways to make money during times of recession. Restaurants may offer cooking classes. Your local gym might offer group workout sessions. Your local financial advisor could be teaching classes on how to invest money as a starter. Find out what local businesses are currently offering and get involved. You could learn a ton of new skills while you help the local community to thrive.
Buy Early
Maybe you don’t need a handcrafted cutlery set right now or maybe you don’t need to sign up for a 12 week Tai Chi program right now. But if you want to support local businesses during times of hardship, you could always buy these things before you need them. Maybe you can give the cutlery set to your friend on their birthday. Perhaps you can recoup those Tai Chi classes when you have a bit more time. You will certainly be helping the cash flow of local businesses.
Invest in Local Businesses with Mainvest
Investing in your favorite small businesses with Mainvest is a great way to offer support for their growth while also potentially benefiting financially. Mainvest is structured using Revenue Sharing Notes which entitle investors to a percentage of the small business’ revenue without taking away ownership. To learn more on how Mainvest works for investors, visit this link. To get started investing in small businesses within your community, sign up here.
In Summary
There are multiple ways to help small businesses thrive during tough economic times. This involves finding creative ways to donate your time, energy, and money. During times of recession, we need to stick together. You can be a vital cog in your local community and help those around you to stay afloat.