Outline

Introduction:
 Definition of local businesses and their importance in the economy
 Overview of the positive impact of local businesses on the economy
 Thesis statement: Local businesses have a positive impact on the
economy by creating jobs, generating tax revenue, contributing to
community development, and promoting economic diversity.
Main Idea 1: Job Creation
 Definition of job creation and its importance in the economy
 Evidence from the Small Business Administration (SBA) study on the job
creation by small businesses
 Local businesses are more likely to hire local workers
 Local businesses are agile and responsive to changes in the economy
Main Idea 2: Tax Revenue Generation
 Definition of tax revenue and its importance in the economy
 Evidence from the Institute for Local Self-Reliance (ILSR) study on the
tax revenue generated by local businesses
 Local businesses tend to source their goods and services locally,
creating a multiplier effect
 Local businesses reduce the dependence on government subsidies and
welfare programs
Main Idea 3: Community Development
 Definition of community development and its importance in the
economy
 Local businesses are more connected to the community than large
corporations
 Local businesses give back to the community through charitable
donations and sponsorships
 Local businesses create a unique sense of place and preserve the
cultural heritage of the community
 Local businesses promote entrepreneurship and innovation
Conclusion:
 Restate the thesis statement
 Summarize the main points of the essay
 Emphasize the importance of supporting local businesses for a
sustainable and resilient economy
 Call to action for policymakers to create policies that support the
growth and development of local businesses
References:
 Institute for Local Self-Reliance. (2013). Independent Business and Tax
Contributions. Retrieved from https://ilsr.org/independent-business-tax-
contributions/
 Small Business Administration. (2014). Small Business Profile. Retrieved
from https://www.sba.gov/sites/default/files/advocacy/United_States.pd
f
 Mumuni, A. (2013). The Impact of Small and Medium Scale Enterprises
on Economic Development in Nigeria. International Journal of Business
and Social Science, 4(3), 18-25.
 Aspen Institute. (2012). The Economic Benefits of Small Business in Rural
America. Retrieved
from https://www.aspeninstitute.org/wp-content/uploads/files/content/
docs/pubs/Economic-Benefits-of-Small-Business-in-Rural-America.pdf