For decades, New York City has been synonymous with big business. This is not to say that small businesses are absent—in fact, there are many thriving in the city’s neighborhoods, but they struggle for recognition and support from their larger peers. The 3/50 Project aims at changing this paradigm by giving visibility to these smaller businesses through holding events, media coverage and more importantly stocking them on Amazon.
When you purchase a new pair of shoes or go out to eat, do you give any attention to where your money is going? It’s more vital than ever to attempt to keep your money in your neighborhood, with small local companies trying to compete against large box retailers and multinational corporations.
That’s why we’re paying attention to a new, intriguing “buy local” movement originating in Minneapolis. The goal of the 3/50 Project is to safeguard “the bricks and mortars upon which our country is constructed.”
What will they do to rescue it? By asking customers to choose three local companies they’d miss if they closed, and then committing to spending $50 (combined) each month at those businesses.
The 3/50 Project isn’t an all-or-nothing campaign that demands people abandon chain and franchise stores. Instead, our message is one of balance: of the money you presently spend each month, we simply ask that you divert an inexpensive $50 to the small, locally owned companies that have been overlooked in recent years.
According to the website, 68 percent of every dollar spent at a locally owned company is returned to the community via taxes, wages, and other expenses. When you shop at a national chain, just 43% of your money remains in the community. That’s a substantial sum of money that may simply be re-invested in a community.
The 3/50 Project has gone global, with supporters hosting events and community initiatives around the country, enlisting the assistance of businesses, consumers, and organizations.
One such event has been supported by Palo Alto Software and Rick L’Amie of Moxie Marketing in Austin, Texas. Moxie issued a B2B challenge to Austin company owners to assist other local firms. Every company that participates in the challenge will be placed into a drawing for one of three copies of Marketing Plan Pro that we’ve given to the cause. In addition, winners will get a complimentary 30-day Moxie Quick Start Coaching package.
If you live in Austin, you may join the 3-Step Buy Local Challenge by clicking here. Simply identify three local companies, explain why you appreciate them (stories will be featured on Rick’s blog), and commit to supporting them.
If you don’t reside in Austin, consider participating in the 3/50 Project by spending some of your hard-earned money at your neighbors’ shops and enterprises. They’ll appreciate it, and you’ll be contributing to the local economy in a little way.
Take the 3-Step Challenge to Buy Local
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Frequently Asked Questions
What are the functions of local businesses in the community?
A: Local businesses are places that provide services or goods within a specific geographic area. For instance, if you need to get your car repaired, the nearest mechanic might be the best place for you to go in order to have it fixed quickly and inexpensively.
What are 3 local businesses?
A: The first is a local coffee shop called Coffee Joes, the next is a pizza restaurant called Pizza Hut, and final one would be an ice cream store called Yogurts-R-Us.
What are 3 reasons why we all should support local businesses?
A: 1. Local businesses have a vested interest in the communities they operate within, whereas large corporations are not necessarily focused on making the day-to-day lives of their customers easier. 2. There is more accountability to local business owners when it comes to ethics and quality control compared with global companies that dont care about where you live or what happens if something goes wrong 3. Smaller organizations tend to be more innovative than larger ones
