South Africa has been steadily looking to small business growth to fuel the economy and create jobs. With that, the concept of hyper-local business has become the new “buzz” as residents are often more trusting of locals, not just doctors and service providers, but also estate agents who live and work in the local community.
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According to the Seeff Property Group, the growth of small businesses in communities is creating jobs and driving a local economy, but also acts as a tremendous benefit for property as it adds character and desirability to neighbourhoods.
The ability to shop locally and to enjoy lifestyle amenities such as coffee shops, restaurants, gyms, hairdressers and more near your home is a significant advantage for property buyers.
While some property buyers still prefer quiet suburbs with no commercialisation, an increasing number of buyers are looking for trendy neighbourhoods which offer lifestyle benefits, and they are often prepared to pay a premium to live in such an area.
What’s the impact of small businesses in neighbourhoods?
Small businesses bring convenience and character to neighbourhoods An important benefit of small business growth in a neighbourhood is that they bring convenience and lifestyle benefits to local neighbourhoods.
Aside from the normal conveniences such as grocery stores and services, these entrepreneurs usually bring something unique to the neighbourhood. They often establish innovative coffee shops, boutiques, art studios, food and craft markets and other attractions which add to the desirability of the neighbourhood and ultimately boost demand and property values.
Small businesses create jobs and drive a local economy
Local small businesses usually create jobs for locals. Data from the USA shows that small businesses create 2 out of every 3 new private sector jobs. Working and spending locally also reduces traffic and adds more time back for locals who do not have to spend their weekends and free time travelling.
Small businesses tend to promote the regeneration of areas. There are many examples of old, run-down streets and areas which have become trendsetters with innovative new stores, from coffee shops to bars, hairdressers, barbers, salons, organic markets and more.
Small business growth also benefits other local businesses. For example, local graphic designers may benefit through logo and signage or adverts in the local newspaper. A new market could for example benefit local crafters and small-scale traders.
Small businesses are better for the environment
Small businesses are often started by people who believe in local and have a strong focus on sustainability and the environment.
It is not unusual to find new small businesses popping up which promote organic food or environmentally conscious products, sourcing and methodologies. This is often a unique selling point for local businesses and markets.
Small business involve local residents and build communities
People want to live in pleasant communities. Local businesses are the heart and soul of local communities and are usually established by locals, promoted locally, adding a sense of community.
Nowhere is the South African concept of “local is lekker”, which translates to “things from home are usually the best” better reflected than in neighbourhoods which support local businesses and ventures.
Writer: Gina Meintjes
