As stimulus bill negotiations continue, those who qualify for the current $600 payment have likely already seen it deposited into their bank account. So, what’s the true impact of these payments amid a pandemic that has wreaked havoc on so many businesses? For small business owners, counting on patrons to stimulate the economy is not just desirable, but a lifeline.
Over the course of 2020, only 34 percent of small business owners reported their operations were profitable, and 56 percent had to either fire employees or cut their hours.1 Businesses deemed “non-essential” took the greatest hits, especially those catering to travel, arts and culture.1
While massive retail chains are likely to make it past the one-year mark of an international health crisis, small businesses may not be so fortunate. As a brand new CBD company, we are so grateful to the loyal patrons who purchased our products in 2020, and in turn have a few suggestions for spreading the “Shop Local” love.
Be a friend to a friend with a small business.
Part of any good friendship is an element of support, and what better way to show you care than by supporting a friend’s business? Even small purchases will mean a lot to those in your circle, and sharing your friend’s business posts on social media: free of charge.
Nix the fast food for a local restaurant.
Yes, eating out tends to be a bit more expensive than a quick run through a drive-thru, but there are still ways to make supporting local restaurants affordable. Consider ordering a few side dishes to pair with your homemade food or choose to eat out over the lunch hour rather than dinner, which tends to offer better deals. Still wary of eating in public settings? Takeout or a gift card purchase for future use are great alternatives.
Focus on your health.
The health niche has led to huge opportunities for entrepreneurs in recent times, and for good reason. Your wellness is nothing to take for granted – a lesson of 2020 – and small changes are critical to achieving long-term health goals. For us at Farmulated, a few doses of CBD have been the easiest addition to our daily routines.
Utilize helpful resources.
While many delivery apps have begun to include separate categories for local businesses, a quick Google search is also reliable for previewing local businesses in your area and may even reveal full directories of services. Following your favorite businesses on social media may also provide you the most up-to-date specials and hours. (*Ahem, follow us on Facebook: @farmulatedcbd & Instagram: @farmulated.cbd)
No matter how you choose to spend your stimulus bill over the next few weeks, consider the impact of supporting small businesses first. Small business owners are your friends, your neighbors and some of the greatest contributors to the vibrant communities all around us.
Thank you for supporting Farmulated CBD!
Pilon, A. (2020, December 08). SCORE Looks at Impact of COVID-19 on Small Business in the US. Retrieved January 06, 2021, from https://smallbiztrends.com/2020/12/score-survey-covid-impact-small-business.html