In years past, it seemed as though almost every neighborhood had several commercial districts. Many times, these small incorporations actually competed with major businesses. Today, for a number of reasons, many businesses have left the neighborhoods. Even local governments recognize this as a problem they would like to remedy, instituting policies to entice company formation within neighborhoods. One of the most interesting concepts is revitalization; by ’sprucing up’ a neighborhood, it may be possible for locals to form a corporation and fire up existing businesses as well.
How Revitalization Can Lift All Businesses
Whether it is a result of governmental policy or residents taking strong and decisive action, the revitalization of rural neighborhoods benefits new and existing small businesses. When previously abandoned or rundown areas are refreshed, beautified and given new purpose, people are naturally drawn to the increase in excitement and positive energy surrounding the refurbished area.
As residents move into revitalized areas, the economic profile of the town, city or neighborhood changes for the better. With a more diverse population base, it is much easier to attract new businesses. At first glance you may think this simply means more competition. A rising tide, however, really does lift all boats. As more people migrate to the area, there will be more money to go around. With more money to spend, you should see your business reap the benefits profit-wise.
Making Revitalization More Effective
According to the National Housing Institute, neighborhood revitalization is much more effective when the actual residents play a primary role (1). In fact, when residents actually control the redevelopment or revitalization plan, results are achieved much quicker and are longer lasting.
When you and your neighbors take this initiative and incorporate a small business, it contributes to an increasing sense of pride in the area, which in turn also makes local residents much more likely to spend their money within the community, feeling a level of responsibility known only to stakeholders.
Become an Active Community Member
One of the primary tenants of local small business incorporation success is to actually ingrain yourself into the local community. Get out get involved! Make sure to conduct local promotions, offers and specials. If possible, actually get to know your customers. Participating in local activities and organizations and taking the time to learn names and sincerely greet people can go a long way.
Community service is not just good for the community; it is also good for business. Of course, the satisfaction of knowing that you are helping out is a strong reward as well. Consider this: by sponsoring a community cleanup project or helping to build a new park, you will be getting your name, and that of your business, in front of many potential customers. Volunteer work is a great way to energize your business while simultaneously contributing positively to the community.
Revitalizing your neighborhood and firing up your business have the potential to go hand-in-hand. A project aimed at enhancing the appeal of a neighborhood should ultimately attract more residents and more income, meaning the existing (and incoming) businesses, including your own, will be revitalized as well!