Financial Tips to Do Better

What's your favorite Mom and Pop Shop? 

Growing up, I remember all the adults doomsaying when a big box retail store moved into the area. There was a lot of fear about its impact on small businesses. As I've gotten older, I understand more and more why people's gut instinct was fear - small businesses tend to feel personal; you create a connection with the person behind the counter that helps make them feel like part of your community. My father has been going to the same small mechanic for the past twenty years, and now there's a loyalty between them that's hard to achieve; he would never go to anyone else. The last thing you want is to see them go out of business.

We saw small businesses go under during the pandemic, and in the years after it, many places couldn't quite spring back. In my area, many of my favorite local restaurants have started to shutter their doors over the past year. It's always sad to love somewhere that feels like part of the community and then suddenly discover that it's gone.

As the backbone of our communities, they provide essential jobs to many and offer products and services often not found elsewhere, but they often have to compete with billion-dollar franchises and a fluctuating economy. By supporting them, you're not only helping a family put food on the table, but you are also assisting the economic growth of our local communities.

So, what can we do to support small businesses?

Shop Local

I'm sure most of us have visited the farmer's market before, but did you notice how different the experience was from your local grocery store? 

People at a farmer's market are passionate experts eager to share their knowledge and their products. I know when I've stopped by a local produce stand they're always eager to hear what you're planning to cook, and sometimes you walk away with family recipes that have been passed down from generation to generation (for free!). That's an experience that's hard to beat, and the fresh and delicious product ain't half bad either.  

Shopping locally can offer a huge boon to your community, and often, you'll find niche, specialist, artisan products that wouldn't be available at larger retailers. There's a passion inherent to smaller mom and pop shops. 

Want to refresh your wardrobe? Try a thrift store where employees often double as stylists. Love a hot cup of coffee and a breakfast sandwich in the morning? Local shops often have fresh ingredients that taste significantly better than what you can whip up at home. Do yourself and your community a favor and shop local. 

Buy Gift Cards From Local Businesses

Look, when you're younger, you hate the idea of getting two things as gifts - socks and gift cards, but the older you get, the more you start to appreciate them. Everyone wears socks, and gift cards can force you out of your comfort zone to try new things. 

Gifting people gift cards to local businesses helps boost their sales during stressful times and introduces new people to the company. Have a favorite store? Buy a gift card and give it to a friend. It's a great way to spread the word and support your favorite shops. 

Spread the Word

There's nothing more powerful than a personal recommendation. Some of my favorite restaurants or stores came strongly recommended by someone else. Just last week, a coworker messaged me for local food recommendations (it just made us both hungry). Everyone loves to feel like they're discovering something hidden or underground, the typical 'hole in the wall.' Spreading the word of your favorite haunts can go a long way in supporting smaller businesses. 

Share Your Experiences!

Did you get a delicious bagel that made your morning? Snap a pic, tag the company, and let the whole world know. Word-of-mouth advertising is the best marketing you can ask for, and you can do a lot to help companies in your community. So make sure to share your experience on social media for everyone to see! 

Following a company you love on social media can also help boost their reach AND make sure you never miss out on a killer deal or promotion. 

Contract Local Services

Have the extra income and want to support local businesses? Many fantastic companies in Maine can provide services you subscribe to - like lawn care or similar services designed to offer you convenience. Just make sure that if you sign a contract, you work it into your budget plan.

Unsure of how many subscriptions you’re paying for? Our blog – Are You Wasting Money? Quit Subscription Services You Don’t Need! can help you weed out unused services.

Tip Generously

Tipping culture can be a bit of a sore subject, and we don't want to dive too deep into it but consider when shopping local to include tips in the final bill. Tips can make a huge difference for small mom-and-pop shops, some of which operate with only a few employees to make ends meet. Even when shopping at billion-dollar franchises, remember that the workers likely aren't seeing the fruits of that profit - they're workers just like you and me. Tipping can make a huge difference not just for smaller businesses but for everyone in the service sector if you can afford it!

We're in this Together!

Our communities benefit significantly from the success of our local small businesses. From the valuable products and services, they provide to the generous employment opportunities available, these organizations are crucial to our local economies. 

Are you looking to start or expand your own small business? Consider applying for a Small Business Loan or open a Business Line of Credit to support your company. 

Let us come together and support those who give so much to our local communities every day. Stay tuned later this month for our next blog, which will cover our employees' favorite coffee shops in Maine. Who knows, you might find a new local business to visit and support!

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Each individual's financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.