When people come up with their resolutions for the new year, they often think of ways to improve their lives or make the world a better place. But I’ve got something we can all do more of that will accomplish both: support local small businesses.
I’ve never had anyone say they chose to live in a neighborhood because of its proximity to fast food chain restaurants. People want small, unique stores and vendors that offer a personal touch.
My parents own a small restaurant in Carmel, and Current Publishing is a small business as well. In both cases, the owners are very hands-on and work alongside the staff.
For those of you concerned about debt or the economy, keep in mind that small businesses reinvest a greater percentage of their profits back into the community, whether it’s through donating to local schools or nonprofits or purchasing supplies from fellow local small businesses. More of their taxes go back into the city’s coffers instead of being sent out of state.
Indeed, the economic impact of small businesses can’t be overstated. They were key in the nation’s recovery from the recent recession. From the middle of 2009 to the middle of 2013, 60 percent of all jobs created came from small businesses. Depending on how you measure it, they make up 60 to 80 percent of all U.S. jobs. Many U.S. cities have launched small business initiatives as a way to jump-start their local economies.
Yet, they are vulnerable. Only two-thirds of all small businesses survive two years; half will survive five years; and only a third will survive a decade.
So, I ask you all to choose local businesses for your spending in 2018. And to developers building throughout our fair city, I encourage you to choose local businesses to lease your new spaces. It will make your property more interesting and will deepen your community roots in Carmel.