Support Your Community: Buy From Tucson Arizona Businesses
If you were considering making a Tucson Business Investment, or buying a business in Tucson, Arizona, just imagine how much more confidence you would have in your decision
if there were a strong commitment in the community to buy from locally owned businesses.
ABC News has been running a special during the past 6 months about products that are "Made in America" that has garnered quite a following, as Americans search for and find opportunities to support American jobs and workers with their hard earned dollars. As you prepare for the holiday season here in Southern Arizona, consider the impact of your holiday purchases as well as your ongoing regular purchases on the American economy if you buy products "Made in America," and then take it one step further by challenging yourself to keep as many of your purchases here in our local economy as possible. No matter your walk of life or station in it, research has shown that a dollar spent buying from a local business will have a much greater impact right in your community than buying from a business that is not based locally.
The graphic above, an except from a 2008 study performed by Civic Economics in Grand Rapids, Michigan, determined that for every $100 spent locally, $25 dollars more stayed in the local economy when the purchase took place at a locally owned business as opposed to a chain or branch of a larger out of state company. Here is what they found could be achieved by shifting just 10% of retail sales in favor of independent local businesses:
"According to Claritas, Kent County reached approximately $8.4 billion in retail sales in 2007. This analysis assumes that an extra $840 million was shifted from national chains to locally owned businesses. Since we did not survey every retail sector in Kent County to have the exact shares of revenue kept locally we applied ratios for other areas in which we have done similar studies and normalized the results for the Grand Rapids region. For the categories that we did have actual local results, grocery stores and pharmacies, local results were used.
The results are rather significant. An additional 1600 jobs could be created in Kent County with wages of $53 million being added to local payrolls if such a swing in purchasing behavior
could be achieved. The 1600 additional jobs created would have been enough to increase employment by one-half of one percent in 2007. Output for the county could be increased by $137 million as well and this benefit would be spread among many industries, not only the retail sector."
Pretty convincing, isn't it?
So, here's some advice to you whether you are thinking about selling a business in Tucson, and want to get the highest price the market will offer, or if you want to buy a Tucson business: think about how you can share this message with your customers, benchmark your out of town competitors and see how you stack up, then stimulate local pride, reward loyal customers, encourage referral through viral marketing and social media, and make sure everyone understands that we all win when people shop locally.
Whether you're the buyer or the seller, a local business with a strong and loyal LOCAL following, is a better bet.
If you'd like more information on this subject, please Contact Us.