STRATEGIES AND IDEAS
Business and Real Estate Development
Activities to support businesses, to identify and promote opportunities, and to get in position to lead post-COVID-19 economic development efforts.
Promote small business recovery programs.
- Continue efforts to identify and make businesses aware of financial assistance and technical assistance programs, including the Small Business Administration’s Payroll Protection Program (PPP) that recently received a new injection of funding, as well as other grants and loan programs available through local, state, regional and national sources.
Offer a "Safe Start" kit to businesses.
- Give your businesses an assist in the reopening phase by assembling and offering a “Safe Start” or “Customer Trust Builder” kit summarizing and containing:
- Essential information from state and local reopening plans and their requirements
- Customizable promotional materials and templates
- Contacts for business assistance resources
- Information on upcoming district-wide activities, events and marketing efforts
- Other pertinent information and materials
Help businesses increase their online presence.
- Continue and escalate efforts encouraging small businesses to enhance their online presence and, for appropriate business types, to incorporate eCommerce capabilities.
- Work with state and local partner organizations (i.e. state Main Street program, Small Business Development Center, etc.) to identify possible training resources and technical assistance programs that could help advance these efforts.
Host roundtables or block meetings.
- Convene small group business roundtables or block meetings at different intervals during the reopening and recovery period to:
- Share information on district-wide activities
- identify business needs and challenges
- Engage businesses in an exchange of ideas
- Promote collaborative marketing efforts
Explore interest in hosting an Amazon Hub.
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Work with businesses and local government to gauge interest and explore opportunities and potential sites for an Amazon Hub counter or lockers.
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While this may sound heretical to some, our most recent research conducted just prior to the onset of the COVID-19 pandemic, in communities ranging from about 4K to 210K+ in population, revealed that, on average, more than 85% of consumers surveyed identified Amazon as one of the three social media or online shopping sites or apps used most frequently – even outpacing Facebook.
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Locating an Amazon Hub in a traditional downtown or neighborhood business district could offer a chance for businesses to capitalize on Amazon-driven traffic.
Think about new opportunities.
- Even in the midst of the recovery effort, opportunities are bound to emerge. Consider, for example, how reduced seating capacity at existing restaurants could open new opportunities for expansions, food trucks and kiosk-style grab-and-go eateries.
Enhance awareness of landlord concession options.
- The unfortunate reality is not all businesses will survive, and other businesses might survive with help from landlords who are both willing and able. Share examples of leasing arrangements and concessions with landlords who may be in a position to help or are seeking a quality tenant.
- Deferred rent and other landlord-tenant arrangements may be helpful in retaining existing businesses.
- Examples of common commercial landlord concessions that could help fill opportunity sites with quality tenants include:
- Free rent
- Higher tenant improvement allowances
- Shorter lease periods
- Move-in allowances
Strengthen your entrepreneurial support system.
- The timing for escalating investments of time and resources to bolster the local entrepreneurial development support system could be opportune. The 2008 recession saw an increase in entrepreneurial activity when employees who lost their jobs decided to make their own jobs.
- Recent layoffs, uncertain employment prospects, and an increasing number of employees working from home – and enjoying a newfound sense of freedom and independence – may represent the largest pool of new business prospects seen in more than a decade.
- Think about needs and opportunities for programs and resources to support entrepreneurs. Examples include:
- Business plan training
- Mentoring programs
- Business plan and pitch contests
- Access to start-up capital
- Availability of co-working space or other shared space arrangements
- Availability of pop-up spaces
Maintain a current inventory of opportunity sites.
- Update and maintain a current inventory of properties and spaces available for sale or lease. Make the inventory available online and promote opportunities via social media, networking opportunities, tours, etc.
Be ready for investors.
- The misfortune or simple motivation of some property and business owners will translate to opportunities for new investors — and there are investors looking to capitalize. Be ready to help them locate opportunities and navigate local property and business development processes.
- Examples of information to have ready include:
- A current list of, and contact information for, properties available for sale or lease
- A one- or two-page community and district profile
- Information on local property and business development resources
STRATEGIES AND IDEAS FOR BUSINESSES
STRATEGIES AND IDEAS FOR COMMUNITY LEADERS AND ORGANIZATIONS
Reopen Main Street is a Downtown Professionals Network special project.
It's our effort to help small businesses, community leaders and organizations advance COVID-19 recovery efforts and navigate a New Reality.
