7 ways to support local businesses and your community

The opinions expressed by entrepreneurs contributors are their own.

It's pretty much a given now that prices will remain volatile for a long time, with supply lines (and associated energy prices) still stretched. As a result, many small and medium businesses like restaurants, printing houses, cafes, retailers, etc. will dip into their savings and struggle to keep the lights on (literally).

It's also essential to keep in mind that when you buy from a , you tend to stay local and directly benefit the families who run each business. So if you like to have near you, be a customer and patron.

Here are seven tips for doing just that:

1. Differentiate private equity from local businesses

A private equity fund is designed to dominate a class of companies and extract as much money as possible for that fund. Every decision is made to maximize return, even if it means putting a company into debt and then liquidating its assets. On your main street you will have bakers, cafes, hair/beauty businesses, dental offices, etc. belonging to PE. You will also have independent ones. So think about which type you want to boost.

2. Use local retailers for branded items

You might want to buy headphones or a Hugo Boss shirt. These items can be purchased from a local retailer, and about 30% of the money stays there. However, if you buy the same product directly, you will pay the same price, but your money will go directly to the headquarters of the associated brand.

Related: Why People Buy What They Buy

3. Farmers markets/stalls

Most communities hold local food festivals with farmers markets and stalls where local makers display and sell. That seafood, for example, is probably sold to you by the daughter of the guy who caught it, the person selling the eggs probably saw the chickens that laid them, and those slightly expensive dishcloths and baby clothes probably were made by the lady who took your money. They may cost £1 more than Tesco's cheap models, but you'll make her happy, and she'll be that money in your neighborhood too.

4. Religious Organizations

You may not be a person of faith, but a church or other religious gathering place, after all, is just another type of community center. A local could run a café selling quiche and coffee (maybe even with free Wi-Fi!) - started by someone in your community who really needs a starting point. The money you spend goes straight back into local pockets, as well as into the work of this institution: they know exactly which families are struggling and are likely doing small but essential things for them.

5. Hire local people for small jobs/tasks

Someone in your neighborhood might work up the courage to knock on your door and ask if you need cleaning, gardening, car washing, data entry, etc. They clearly need an opportunity and hire them to do it. types of tasks can free up time that you can use for other purposes. So just say yes and don't haggle the price!

Related: 6 Benefits to You and Your Community of Supporting Local Entrepreneurs

6. Etsy, eBay or FB Marketplace

Consider supporting people in your area who sell products online. We all make digital purchases in one way or another pretty much every day, so make an effort to see if you can buy from someone local/independent. Also, if you know someone who needs an opportunity, ask them to sell things you no longer use online and split the money with them.

7. Encouragement and public praise

When you come across a successful local business, take the time to give it a 5-star rating on . (Note if it's also listed on Google Maps and let the owner know if it's not.) Also communicate with them directly - something like "You're doing a great job…thank you!" This encouragement may be what keeps them going through the week.