Did you visit a local business, either in person or online, a few days ago, on Small Business Saturday?
Fun fact—Small Business Saturday began in 2010, organized by a credit card company to encourage people to "Shop Small" in the midst of the Great Recession. In 2011, the Senate actually passed a resolution in support of the day!
In this era of Covid, shopping small is needed more than ever. In fact, 62% of U.S. small businesses reported that they need to see consumer spending return to pre-coronavirus levels by the end of 2020 in order to stay in business1. For every dollar spent at small businesses, about $0.67 stays in that business's local community.2
If you follow my blogs, you know I typically share my thoughts on saving money. However, with the holidays approaching, here are a few tips on spending—by shopping small and local for the holidays:
Tip #1: Purchase Gift Cards
Considering buying a gift card from your favorite coffee shop, restaurant, or local store, to use at a later time. These are also terrific gifts for friends or family . You may be able to buy them online, eliminating the need to visit in person.
Tip #2: "Shop Small" Online
Check out the online merchandise offered from local stores, restaurants or coffee shops. Whether it’s a branded t-shirt, hat or coffee maker, purchasing products from local businesses can help sustain them during the pandemic. You can also consider purchasing art, posters, or other "merch" from smaller artists or musicians who will miss out on extra sales from canceled events, art shows and concerts.
Tip #3: Order Meals for Delivery or Take-Out
Many restaurants have ramped up their delivery and take-out options. Some now even ship meals frozen across the country. Consider tipping a bit more to help out the workers who may be struggling.
Tip #4: Be an "Influencer"
Spread the word about your favorite small businesses! You can do this by leaving online reviews, interacting with their social media posts and sharing their accounts with your own following. These small marketing efforts can go a long way when it comes to attracting new patrons.
We all hope that the good news regarding vaccines brings us closer to a "return to normal". However, as the spread of Covid increases, the financial implications for our communities are becoming that much greater. By supporting local businesses in creative ways, you can help sustain your favorite shops, restaurants and bars through this extraordinary period.
Shari Greco Reiches
Shari co-founded Rappaport Reiches Capital Management with one goal - to maximize the return on life for her clients. Please connect with Shari below. She loves to talk about investing, financial planning, and Barry Manilow.