So you’re probably asking yourself, what’s a Cash Mob?
The easiest way to explain it, is that it’s the opposite of a boycott. With a boycott you withhold money from places you don’t think are good for whatever reason, but in a Cash Mob you put cash into the types of local businesses that you would like to support in order for them to remain in your neighborhood.
In a Cash Mob scenario, the good guys win.
Here’s how it works:
First, we pick a place.
Second, we pick a date.
Then, we pick a pledge amount. Usually you set a minimum amount each patron should spend. Something reasonable, like $10 or $15.
Finally, we organize. We all work together via social media and traditional avenues to inform as many people as possible to get together to influx as much cash as possible! What we’re accomplishing:
- Helping sustain a business we’d like to remain in the neighborhood.
- Rewarding local entrepreneurs and community centric businesses
- Educating people as to the benefits of spending local. For my money, perhaps the most important aspect to understand.
Benefits of spending local:
Most people hear that it’s good to spend their dollars local, but few understand why. It’s almost like the “eat your veggies, they’re good for you” speech. Most people have heard it, but don’t quite know how to explain the why its important part. If you can’t explain why, initiatives will fall flat. So let me share some knowledge.
Studies have found that when you spend money at a local restaurant or business in your city, three times as much of the money you spend stays and re-circulates in your city, which can be as much as 60-70 cents on every dollar versus national chain stores and franchises that only benefit your City as little as 10 cents on a dollar. We certainly don’t want the Walmarts, Ruby Tuesdays or other businesses to leave Bristol. Theres a place for everyone to play ball, yet we do want Bristol and especially Downtown to thrive on its own as a self sufficient community with plenty of great local businesses that will set us apart from the pack. The complimentary atmosphere between local and national businesses becomes a win-win situation where all parties, including the city, thrive.
When Bristol and the downtown has lots of of unique local businesses to offer…shops, restaurants, entertainment options, etc., the sum of the parts create a whole new downtown experience that makes for a unique destination for residents and visitors alike. People from all over Connecticut and other neighboring states would be attracted to visit a wholly unique Bristol, rather than a City laden with chains that every other town already has. To choose local is to co-create a local landscape. YOU have that power, WE’RE just trying to focus it. Let’s get Bristol on THE MAP as a must-visit place in Connecticut. Cash Mobbing is a great start to making our environment stand out!
Because you spend at local businesses, your cash gets circulated in the Bristol economy many times over, which in turn adds to the tax bases and can have an impact on alleviating the tax burden. Sounds pretty good to me!
Get ready to have your cash do some good! Teaser trailer for the Cash Mob at Mike’s Tortoise Hare. If you want to get amped about Cash Mobbing, watch this.