Local events are more than just entertainment; they are catalysts for economic growth and social revitalization. The impact of these events on small businesses can be huge, providing not only an immediate economic boost but also sustainable long-term community development and diversity. Here are just a few of the benefits that local events bring to small businesses and their communities.
Economic Boost for Small Businesses
Local events such as music festivals, concerts, farmers’ markets, and sporting events draw massive crowds, and with them, a surge in l customers for small businesses in that area. Small businesses in the vicinity of these events will experience a significant uptick in foot traffic, which often translates into increased sales. For example, the 2022 Grey Cup Festival Week and 109th Grey Cup in Regina generated $19.6 million in tourism spending, with the city welcoming 26,669 out-of-town visitors.[1]
This influx in revenue is crucial for the survival and growth of small businesses, especially in today’s competitive market. Additionally, local events encourage the circulation of money within the community they are happening in. Attendees are more likely to spend at local shops, restaurants, and service providers, keeping the economic benefits in the area. The owners of these businesses are our neighbours, coaches, and friends, so it’s important to drive local spending to support our community.
Community Development and Networking
Beyond the immediate financial and economic gains, local events serve as networking hubs for business owners. They provide a space for business owners to connect and share ideas and forge partnerships. These interactions can often lead to joint business ventures with collaborative marketing efforts and cross-promotion, all of which can amplify a business’s reach and customer base.
Local events also act as incubators for new businesses. Do you have a new product you’d like to test out? Sample it in a low-risk, high-traffic environment to gauge customer interest and gather feedback. This real-world market research is invaluable for refining business strategies and product offerings.
Cultural Exchange and Identity
Events like Evening in Greece celebrate cultural diversity and foster a welcoming community spirit. These gatherings provide small businesses with an opportunity to engage with different cultural groups, understand their needs, and tailor their offerings to a more diverse customer base. They also help to define a community’s identity. They highlight what is unique and special about an area, whether it’s local cuisine, music, or art. Small businesses play a crucial role in this, often serving as ambassadors for their community’s heritage and values.
As you can see, local events are powerful engines for economic growth, community development, and cultural enrichment. They provide small businesses with a platform to thrive, connect, and contribute to their communities. Supporting local events means we are investing in our community and that benefits everyone.
Gearing up for an event in your area? Let us help you create buzz and build greater awareness with locals and visitors alike. Contact us today!
[1] https://www.cfl.ca/2023/04/19/109th-grey-cup-festival-generated-nearly-70-m-in-economic-activity-in-canada
Daniel Loughren is a Marketing Manager with SaskTel Business Sales & Solutions.
