In the wake of inflation worldwide, the Nigerian economy has suffered a serious blow. Nigerian small business owners and their customers are affected by rising costs of foodstuff, fuel, and other raw materials. Supporting local businesses is more important than ever, even for community stakeholders. Your future purchases may easily provide the funds needed for business owners to continue to grow their businesses.
Small businesses benefit our communities by creating employment, but to expand and survive these challenging economic times we’re in, they rely on you and me. Buying from local businesses is one way to help, but it’s not the only thing you can do. Here are a few things you can do to support local businesses:
1. Spread the word
One of the most effective methods of advertising is still word of mouth. Inform your friends and family about any good local businesses you are aware of. Don’t withhold information, tell your friends to tell their friends. This could bring in new customers for the small business and potentially increase sales for the business owners.
2. Buy local
Shopping from local businesses helps to boost the economy as it creates job opportunities, and keeps the majority of the profit local. Additionally, smaller businesses may provide particular goods and services that are cheaper and not available elsewhere. These could include your reliable hairdresser, tailor, mechanic, etc.
3. Be loyal
Service businesses- including hairdressers, barbers, tailors, local food vendors, etc. have been significantly affected by inflation since their jobs rely strongly on people needing their services. And keep in mind that small businesses depend on returning customers even as they work to draw in new customers.
4. Help them to raise capital
In recent times, fundraising has helped a lot of businesses, and business ideas grow. If you have faith in their business skills and believe it will benefit the community, raising funds is possible. MTN is currently running a campaign to support small business owners. You can take advantage of the campaign to support small businesses around you. While a picture is worth a thousand words, a video can tell stories in ways images cannot. Put the spotlight on a business that needs a lift. Share their hustle using a high-quality video that tells a resonating story of what they do, and why they need business grants. A compelling video would go a long way to making their story stand out. Tag this video post on Twitter and Instagram using #MTNPulseBlowMyHustle, and they are likely to get a grant to support their hustle.
5. Invest in local businesses
Many small businesses depend on local investors to provide the money they require to continue and maintain their services. If you have some cash to spare, this is a great way to help a small business thrive and increase its wealth. Investing in local businesses provides the possibility of returns, versatility,tt and an opportunity to contribute to the growth and success of the Nigerian economy.
You can always make a difference in your local community by helping a small business grow. Making a difference doesn’t require that you patronize a small business every other week. There are still things you can do to support small businesses even if you have absolutely no money to spare. Your community’s small businesses are a terrific place to start. Remember, ‘there is no exercise better for the heart than reaching down and lifting people up’ – John Holmes.