4 ways to Boost your Local Economy

Collaborative consumption has a direct impact on your local economy, especially in the post COVID-19 economy. Though technology has increased access and reduced geographic limitations, collaborative consumption at its very core is directly tied to supporting your immediate local economy. Everything from food, clothing, services, moving, car sharing, couch surfing, among other things.

While big box stores and the corporate chains are convenient, prior to the pandemic, they were known to decimate the local identity, virtually annihilating the culture and identity of a locale. Shopping local ensures places like farmer’s markets, mom and pop restaurants, and anything that’s not a large chain are supported and known by locals. Every dollar you spend at your local store stays local, strengthening your own local economy. Here are five simple ways to boost your local economy;

1. Understand what Idle Capital means

This was discussed in the prior post. When you understand that almost everything you own should be generating revenue for you (car, spare room, garage, parking spot, lawnmower, etc) you realize how banks, real estate investors, landowners, and corporate entities view the rest of the world…and you are no different. Your idle capital should be making you money by supporting the local economy. Why should your second car sit idle, or your two spare bedrooms sit idle when you can list on sharing economy platforms like Airbnb, turo, uber or phlatbed (On-Demand moving and delivery, junk removal, or packing & loading)? You can support locals, or people visiting your locale by participating in the collaborative consumption economy.

2. Get involved

Visit your local library, get to know local businesses, VOTE! Your participation alone counts! Run for city or town council, or sit on the school board, or just at least attend meetings to have your voice heard. Communities are only as strong as the voices of those within those communities. At Phlatbed for example, most of our drivers live and work in their communities. They are not only a part of their community, they also provide a service within their community that keeps economic resources flowing within their communities. This is because wealth and economic disparity is a product of resource longevity within communities. The longer money revolves within your community, the more prosperous it becomes.

3. Lend your expertise

Nowadays people sit behind a keyboard, GET OUT! Local businesses could use your expertise…and they will pay you for it! Make yourself visible and available within your community. A local business may need a website, they may need a blogger or social media expert, or a platform communications person. Only by getting out and getting involved will you find this information. Socialize, introduce yourself, take pictures of businesses and sell it to them for community promotion purposes, there are many opportunities available to you by simply getting involved.

4. Spread the word.

The gig economy is the largest employment and training resource. This is the direction the world has headed beginning over two decades ago, and this is not slowing down. Get out, participate, get involved and turn it to your advantage. Blog, tweet, share, opine, make yourself visible. Only by participating can you truly support your local economy. If you have ever experienced good service with a local business, tell your friends, family, and social circles. There are social media tools available to share this information. Most small businesses don’t have big marketing budgets to spend on advertising, besides word of mouth is more powerful than billboards. You might even score discounts while opening up new possibilities for yourself. The Sharing economy is here to stay…collaborative consumption and peer to peer commerce! Be a part of it!

#phlatbed #gigeconomy #localeconomy

Cheers!