Small Business and Local Dollars. It’s a Main Street Thing, Take 3

A big “THANK YOU” to Ashley Flores at the Chamber of Commerce and Trey Bailey at the Economic Development Corp. for helping us put on the June luncheon/mixer to help show our appreciation for our local small business owners during “National Small Business Week”.   We had a great turnout last Thursday and we used this opportunity to continue our monthly business luncheon series which is normally held on every 3rd Thursday from 11:45 – 1:00PM.  We were able to show a webinar and had a speaker from Workforce Solutions of Caldwell County talking about intern programs that are available to our small business owners.  These small businesses are the backbone of America and we all need to shop local whenever we can.  I ran across some data illustrating the financial impact that shopping local has on a community, and here are some percentages for you:

Shop out of town                             0% dollars stay in town

Shop local but at Natl’ chain        43% dollars stay in town

Shop at local small business         68% dollars stay in town

These local dollars that stay in our community end up paying for things like local taxes, payroll expenses (jobs for local workers) and other local reinvestment.   We’ve all heard of “cash mobs” and things like that to help spur small bursts of activity, but what if we could do something as a community that helps achieve long-term results for our local businesses and positively impacts the overall financial health of our community?

“The 3/50 Project” – An idea by Marketing Consultant Cinda Baxter that has received much coverage in publications such as The Wall Street Journal and Entrepreneur Magazine:  If every one of us would identify the three local businesses we would miss the most if they disappeared, and pledge to spend an additional fifty dollars amongst these three businesses every month to help ensure their survival, the local financial impact would be staggering.   We’re not necessarily saying to budget an extra $50, but instead buy something here in Luling that may normally be purchased out in the universe somewhere.

Example; If we could somehow get just ¼ of the roughly 1,300 households that live here in Luling to participate, using the percentages above, it would interject an additional $11,050 into this community every month ($132,600/year).   Double that if we could manage to get half of us doing it.  This would start a wave of reinvestment in our local small businesses and in our community, – and for those of you who feel like you are slaves to your business, I’m sure it would be nice to have the option to hire some extra help around the shop.    I know this all sounds surreal, but these are real numbers and would be easy to do for many of us.  If this intrigues you, let us know.   Think about it…

“We have a strategic plan… it’s called doing things!”    –  Herb Kelleher

-Derek Hall, Main Street Manager

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