It is widely known that small businesses are economically important. However, their impact on local communities goes so much further, often in ways that cannot be accurately measured or fully appreciated. With small businesses making up the largest majority of businesses in the U.S., they are an integral part of our communities. They are the backbone of the local economy, a key factor in the quality of life in an area, and a source of innovation for others within the community. Recognizing their importance is the first step to enjoying all the benefits that small businesses deliver to their local areas.
Why Small Businesses Are Important to the Community
Small businesses are the heartbeat of our community, making a lasting impact that reaches far beyond the annual recognition of Small Business Saturday. These locally owned establishments reflect the unique personality of our towns, fostering meaningful connections with residents and visitors alike, something often lost in larger corporate settings.
Supporting a small business is not just about appreciating its charm or individuality. It is about recognizing the vital role these businesses play in strengthening our local economy, enriching civic life, and providing goods and services that are as diverse and distinctive as the community itself. Most importantly, it is about buying local and doing what we can as a community to ensure our local businesses continue to thrive and hold up the New Boston economy.
Economic Benefits of Small Businesses
Across New Boston, small businesses are essential to the success and vibrancy of our downtown and surrounding neighborhoods. Our strategic location, growing population, and strong sense of community make the region an attractive place for entrepreneurs to launch and grow. In turn, their presence contributes to the economic health and overall character of the area.
Here are eight ways small businesses do this.
1. Local Job Creation
Small businesses are powerful engines of employment. By creating local jobs, they reduce commuting time, lower regional unemployment rates, and boost the economy from within. When one small business thrives, it often stimulates growth at other nearby establishments, fostering a dynamic, interdependent ecosystem of shops, services, and experiences.
2. A Stronger Tax Base
Small businesses generate revenue that translates into tax income, feeding the local economy and benefiting essential services, including schools, public safety, and community organizations. This, in turn, strengthens the economy and enhances the quality of life for residents – creating a positive feedback loop that benefits everyone in the region.
3. Efficient Use of Infrastructure
Many small businesses are located in existing downtown buildings and neighborhood storefronts, which reduces the need for new construction and the strain on municipal infrastructure. Their presence often revitalizes historic districts and supports smart, sustainable development that maintains the charm and character of our community.
4. Innovation and Product Diversity
Creativity thrives in small business environments. Whether it is a handcrafted product, a niche service, or a locally sourced menu item, small businesses offer consumers something they will not find at national chains. Furthermore, many local retailers collaborate with other nearby businesses, sparking more innovation and recirculating profits locally.
5. Tourism
Many tourists now look beyond the typical holiday destinations and seek experiences off the beaten track. Their quest for authentic experiences, unique local flavors, and destinations with personality often take them to locations with a proud legacy of small businesses. These businesses are what give many areas their own unique charm.
Tourists are much more likely to engage with small, local businesses than they are with national corporations. Rather than choosing convenience or familiarity, they go out of their way to immerse themselves in the local culture so they can enjoy that sought-after experiential travel.
6. Increased Property Value
Local economic stability is a key factor in local property values. So, when small businesses bring in revenue and support the local job market, it makes the local area more appealing. This appeal translates to higher demand and an increased value for properties in the area. In turn, an improved housing market boosts the overall local economy in a cyclic relationship.
7. Local Leadership and Civic Engagement
Small business owners are invested in their communities— not just economically, but personally. Their involvement in local government and business associations ensures that decisions made at the local level reflect community values.
They help shape policy, organize and support local events, and champion the small-town spirit that makes New Boston unique.
8. Strengthening Community Identity
Every small business contributes to the character of its town, adding color, personality, and a sense of place. These businesses are often the first to greet visitors and the last to leave the lights on for a late-night customer. Their stories, personalized service, and dedication help define our community’s identity, making it more attractive to tourists and more meaningful to residents.
Remember, the easiest way for us to positively impact our community is to Shop New Boston First!
