• 14
    Jun
    Posted in:
    This is why it’s great to be a Detroit small business in 2019!

    A lot of things can affect a Detroit small business. They might be facing seasonal lulls, have a competitor open up down the street, or they may be having difficulty attracting new patrons. On a national scale, things like federal trade agreements and government shutdowns can impact one’s confidence to run a local shop. Despite all this, a recent report showed that, in May, entrepreneurs were more confident than ever in their ventures.

    This study looked at several key factors to determine its claims, and several things happening in Detroit might indicate even more things to encourage them in the future.


    A Study from the NFIB

    The National Federation of Independent Business (NFIB) is a collective of small businesses around the country. In fact, it’s the largest organization of its type. This week, they reported their latest numbers for their “Small Business Optimism Index,” a metric based on several factors showing how happy and confident entrepreneurs are. The factors include their plans to increase employment, their plans to increase their inventory, and their earnings trends.

    The report the NFIB released included a direct comparison to its findings before the most recent government shutdown last winter, saying their data from May shows small business owners as 1.5 % more optimistic in their ventures. This percentage appears to be a significant increase, according to the report.

    The NFIB stated further:

    “Small business owners’ expectations for sales, business conditions, and expansion all rose… [and] earnings, job creation, and compensation remained very strong.”

    Optimistic cash register Detroit small business

    Image by Jason Costanza via Flickr


    Major Companies Expanding in Detroit

    The NFIB’s report represents how small businesses are doing on a national level. However, there are a few things that might indicate growth for you favorite Detroit small business.

    Two major companies are expanding their presences in the Detroit. Ford has already begun establishing their presence in Corktown and will eventually restore Michigan Central Station as part of its campus. Meanwhile, Google is also bringing more personnel to its Ann Arbor and Detroit locations.


    How Might Google and Ford Affect Detroit’s Economy?

    As these new companies expand in Detroit, they will also bring more people with them. As they plan additions to their offices, they’ll need people to build them. And as their new employees move to the area, they’ll find stores, boutiques, auto shops, and businesses of all types within their neighborhoods to patronize.

    While the amount of jobs Google will create remains undisclosed, their physical expansion efforts are estimated to cost $17-million, something that almost certainly will be a boon to construction companies in the area. And Ford’s restoration of our iconic train station could help bring more visitors to that neighborhood once it’s refurbished. After all, the station has already brought numerous people to the neighborhood as an abandoned building. Imagine how many people will come to see it once it’s open again!

    As Google and Ford bring more people to the city, they will incrementally be adding more people to the regional economy, which could mean great things for every Detroit small business.


    Featured image by El Cajon Yacht Club via Flickr
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