5 ways to Boost your Local Economy

Collaborative consumption has a direct correlation to your local economy, the sharing economy. Though technology has increased access and reduced geographic limitations, collaborative consumption at it’s very core is directly tied to supporting your immediate local economy….everything from food, clothing, services, moving, car sharing, couch surfing, among other things. Here are five simple ways to boost your local economy;

Shop Local

1.  Big box stores and the corporate chains are convenient, however they can 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.

Understand what Idle Capital Means

2. 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, lawn mower 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, relayrides, uber or phlatbed (if you have a truck or SUV and a few hours a week to make a few hundred dollars per hour)? You can support locals, or people visiting your locale by participating in the collaborative consumption economy.Collaborative Consumption in the sharing economy

Get Involved

3. 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.

Lend your expertise

4. Nowadays people sit behind a keyboard, GET OUT! Local businesses could your your expertise….and pay you for it! Make yourself visible and available within your comfort zone. 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.

SPREAD THE WORD

5. The Sharing Economy is the New Economy. Collaborative Consumption due to technology is the direction the world has headed beginning over two decades ago, and this is not slowing. 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’ve 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!

Cheers!