Yesterday I started my one week (maybe longer) challenge to buy from Small, Community, and Local businesses (SCIL). This challenge is meant to look closely at the money I spend and how much I let leave my community. As a community we spend nearly $1 trillion and how much of that comes back into our community?
A study on the Chicago area completed in 2005 by Civic Economics, an economic analysis firm, found that for every $100 in consumer spending with a local business, $68 remains in the Chicago economy — and for every $100 spent at a chain, $43 remains in the Chicago economy.
If we were all to spend majority of our money our community the result would be huge! Have you heard of the multiplier effect? Well:
The multiplier effect is the boost to your local economy that results from locally-owned independent businesses, owners, and employees spending business revenue within the region. Typically, local independent businesses recirculate a much greater percentage of sales locally compared to absentee-owned businesses (or most locally-owned franchises).
This is not a new idea either… There are campaigns set in place to help you do just this… So after my one week challenge I am committing to the 3/50 project.
The 3/50 project is a national campaign to support local business. It states that if half the employed population spent $50 each month in locally-owned stores, it would generate over $42.6 billion in revenue. 3/50 encourages people to choose three local businesses they couldn’t live without, then spend $50 at each one monthly. Not hard right?
So take a week and look at where you spend your money then; after a week pick three businesses independently owned in the community that you would miss if they disappeared and support them monthly with $50.
According to Susan Witt, Executive Director of the E.F. Schumacher Society, “buy local” campaigns serve another function: alerting a community about gaps in the local market. For instance, if consumers keep turning to on-line or big-box stores for a particular product—say, socks—this signals an opportunity for someone local to make and sell socks.
Read more: http://www.time.com/time/business/article/0,8599,1903632,00.html#ixzz2d0EqAKkl
So Go Buy local and Carry On!
Here are some resources that can help! #SupportSCIL #BuyLocal #AshleyBuysLocal