Downtown Entrepreneurship Trends
2020-23 New Business Openings by Sector
• 44.6% of jobs in small businesses are housed in downtowns • 91% of tenants in downtowns are non-chain local establishments • From 2020-23, Women represented more than 38% of startups, or 51% including jointly owned businesses, including more than 20% of businesses in all sectors. Ͳ First-time entrepreneurs represent the bulk of new business activity and are twice as likely to be found in rural areas and in the retail and restaurant sectors. Ͳ Half of new business owners, and 70% of women-led startups are actively involved in the community , serving on a municipal or civic board or committee. Ͳ 35% of new businesses received some type of local financial support. However, urban businesses were twice as likely to receive local financial assistance as those in rural communities.
Entertainment 2%
Professional Service
Hospitali ty 2%
12% Bar 4%
Restaurant 17%
Civic 0%
Personal Service 25%
Retail 38%
Loans/Funding Business One Stop Shops Incubators or Accelerators How to Support Entrepreneurs
Networking Activities Education & Technical Assistance One on One Advising
11
Small Business Development Stages
BUSINESS IDEA BUSINESS PLAN OPENING/ OPERATING
EXPANSION AND GROWTH
22
Center for Business and Economic Insight
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