There was a 37 per cent increase in the number of company start-ups in the third quarter of 2021 as the Irish economy bounced back from the initial outbreak of the COVID-19 pandemic and subsequent lockdown, according to research from Credit Risk Analyst CRIF Vision-net.
At this point, we have all been reminded since COVID-19 hit of the importance of buying and supporting local. But what are the actual benefits?
It’s important to support Irish-owned businesses because then we are creating new business down the line and allowing those that already exist to stay afloat.
By simply buying and supporting Irish start-ups we are all taking a stand to ensure that our economy is strengthened, and we’re not forced to struggle once again.
Speaking to Abbie Beggs, founder of Bound Apparel, an up-and-coming Irish clothing company, she talks about the benefits of shopping locally and supporting small businesses.
“Shopping locally with an Irish made business really helps smaller companies like me to grow. In the first few months word of mouth really helped us to improve and grow as a brand,” Beggs said.
“Compared to chain stores, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community,” she added.
Right now, small Irish businesses are booming and gaining huge popularity on social media and elsewhere and there are some initiatives in place to facilitate these enterprises.
Beggs spoke of some of the initiatives local enterprise have in place to help support thriving Irish made businesses like hers:
“Local enterprise helps out a lot of small business with their start-ups. They help with grants and finding an office space for a discounted price.
“At the moment we are only in the process of us working with enterprise as it’s a long process and there are many requirements you must have before being awarded a grant.”
Not only are these initiatives in place to help the building and start-up of Irish businesses which overall benefits our economy, but there are environmental factors that make such a difference when you support local businesses instead of buying from retail chains and conglomerate firms that often don’t have a good sustainability track record.
The future will be a brighter place for generations to come if we continue to support small and fast-growing Irish businesses that feedback into our economy. So, are you convinced to support local yet?
Image credit: Tristan Colangelo on Unsplash