I was amused while reading a recent article about Cash Mobs in South Boston. Unlike Flash Mobs who get together to dance or sing to entertain you, Cash Mobs get together and target a local business to support them by spending cash at their place of business. The leaders start a discussion online via Facebook or through email. Members vote on a particular establishment to mob and the business with the most votes win. Each participant agrees to spend a minimum of $10 of their hard earned cash which combined with all the other participants cash helps give that business a boost.
What a great way to show your support for those small locally owned business that we are so proud of having in our community. Money spent at the local level does more than just help that particular business. I read a study conducted by Civic Economics that found that of every $100 spent at a locally owned independent business, $68 dollars of that remained in the local economy compared to only $43 stayed from non-local. Local business owners are more likely to spend their cash on other local businesses, because they know that what goes around comes around, call it Small Business Owner Karma. They understand that keeping more of it flowing within the local economy helps us all. The money spent in our local businesses is our community’s lifeblood, in order for our community to stay alive and thriving, the blood has to keep circulating. If larger stores take the money out of the community, that’s not thriving, that’s a bleeding wound.
I ran across a quote from Bill Brunelle the project manager of Independent We Stand which is the group who sponsored the shop Small Business Saturday this past Thanksgiving weekend. He stated that “Locally owned businesses reinvest in the local economy at a 60 percent higher rate than chains and Internet retailers, so Small Business Saturday shoppers will be revitalizing their economies…at their favorite local merchants” So there is more to think about when making a purchase than just the price tag.
One of the things that make many of our small communities so inviting is the fact that not all of our stores and restaurants are chain stores. It is the independent small shops that give our area its quaint feel that draws people from miles away to shop, eat and spend. It also helps us preserve our sense of community. We may not be Mayberry RFD, but we can retain some of that small town flavor by keeping our local businesses flourishing.
Interested in raising your home’s value? According to a study done by American Express OPEN, home values in neighborhoods with strong independent local retailers grew at a much faster rate over a 14 year period than those without.
So, got $10? Willing to take that precious ten dollar bill and use it to vote for one of your favorite local businesses? I’m open for suggestions on where to hold our own local Cash Mob. I would love to hear your suggestions and have you vote for somewhere to mob this weekend. Meet me on Facebook at Dan Guinn Homes and let’s go a-mobbing.