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How Small Businesses Help Their Community
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Small business numbers far outweigh large enterprises, but what about the impact on their community? Just like large enterprises are able to give back, so are small businesses. In fact, some local businesses have a greater impact on their community compared to large businesses.
Common ways the small businesses help their community include sponsoring local events, funding public work projects, driving foot traffic, and saving you money on goods and services.
Sponsor Local Events
How many times have you gone to an event at a school or other organization and saw that the sponsors were local businesses? Probably pretty often. Small businesses are directly tied to the community and are one of the top sponsors of local events.
Monetary donations, free products, or discounted services are common items that small businesses give to local events. This promotes community unity and growth.
Fund Public Work Projects
Tax time is a burden for everyone, not just individuals. Business owners pay taxes to local governments as well as the Australian Government. GST, sales taxes, and income tax are all imposed on business owners.
The tax money paid is redistributed to communities in the form of public work projects, such as the repaving of a popular road or the beautification of a park. Everyone in the community sees direct benefits from the money small businesses contribute.
Drive Foot Traffic
Brick and mortar stores are becoming less common; however, many small business owners still strive to open a storefront. A storefront on main street or in a busy area drives foot traffic not only to that business, but to the surrounding businesses.
Maybe someone needs to stop and get gas at the local station before they head back or grab a bite to eat at the diner across the street. Regardless, all businesses thrive when small businesses attract customers.
Save You Money On Goods And Services
There is a direct monetary benefit to members of the community where small businesses are located. Having a plumber from down the street come fix your shower drain is less expensive compared to the travel costs associated with a contractor in a different area.
The ability to put more money back into your pocket for goods and services you need helps communities grow and prosper. What could you do with extra money in your pocket?
Summary
Small businesses positively impact the community in various ways, from sponsoring local events and funding public work projects to driving foot traffic and saving you money on goods and services.
Does opening a small business peak your interest? Running your own small business can be a great way to earn a living and give back to your community; however, you do need to cover all your bases with the proper insurance.
To find competitive rates and coverage options, use our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started! Reach out to a team member today for more information.
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