Monday, January 24, 2011

Save Our Local Economy

An excellent website is Rurban Fringe, which this week contains a must-read article.

Save Our Local Economy

What are three local businesses you would hate to lose from our community?   Got them in your mind?  Great.  Okay, now commit to spending $50 in those three places each month.  Ta-da!!  You’re saving our local economy!

Sounds simple, doesn’t it?  It is … and all it takes is you.
A growing movement called the 3/50 project is making it even easier for residents to help their communities and invest in local economies.  Not only does this movement provide a reminder that local stores offer local benefits (e.g. unique products, services and donations to local charities, schools, and sports clubs), research shows that dollars spent at home, tend to stay at home.

The tension for residents today is the reality of the economy vs. the need to support local businesses.
On the one hand, people are concerned about continuing to have a job and being able to pay the mortgage … yet on the the other hand, virtually everyone spends $150 on some combination of goods and services.

The question is … where can you spend those dollars so that they will have the most impact?
I’d answer that you should choose to spend your money in those places that you would hate to see disappear … or they may.

The 3/50 project 

3 What three independently owned businesses would you miss if they disappeared?  Stop in.  Say hello.  Pick up something that brings a smile.  Your purchases are what keeps those businesses around.
50 If half the employed population spent $50 each month in locally owned independent businesses, it would generate more than $42.6 billion* in revenue. Imagine the positive impact if 3/4 the population did that!
68 For every $100 spent in locally owned independent stores, $68* returns to the community through taxes, payroll, and other expenditures. If you spend that in a national chain, only $43* stays here.  Spend it online and nothing come home.
*U.S. figures but the results would have a comparative impact on the Canadian economy.

1 The number of people it takes to start the!
Pick 3.  Spend 50.  Save our local economy.

I support the 3/50 project … and challenge you to do the same.

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