Small businesses like restaurants make neighbourhoods more appealing to buyers. Picture: Supplied
It is common knowledge that the country is looking to small business growth to fuel the ailing 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.
According to the Seeff Property Group, the growth in small businesses in communities is creating jobs and driving a local economy, but they are also a tremendous benefit for property values as they add 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.
Small businesses bring convenience and character to neighbourhoods
An important benefit of small business growth is the lifestyle benefits it adds to local neighbourhoods.
Aside from the everyday 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 will 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 US 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, rundown streets and areas which have become trendsetters with innovative new stores, from coffee shops, bars and hairdressers, barbers or salons, to organic markets.
Small business growth also benefits other local businesses. For example, local graphic designers may benefit through the creation of logos, signage, or even 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 businesses involve local residents and build communities
People want to live in friendly 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 that support local businesses and ventures.
IOL Business