Americans are applying to start new businesses at a record rate, according to the White House, about 30% compared to before the pandemic. Additionally, a recent Bank of America survey of more than 1,300 small business owners found that 66% believed their revenue would increase in 2023, while 77% of respondents believed their business could to survive a major economic slowdown.
Demand in many sectors is high as we move into 2023. Regardless of industry, the small business world is ever-changing. Optimism is gained through recognizing the ability to not only survive, but to thrive.
During the pandemic, many small businesses capitalized on changing market needs by adapting their operating model and distribution channels. In a post-pandemic economy, businesses are acutely aware of the importance of flexibility, market awareness and real-time demand adjustments.
Out of adversity comes opportunity.
In my position as the center director for the Kentucky Small Business Development Center in Elizabethtown, I am in regular contact with aspiring and established regional entrepreneurs. In the Lincoln Trail region, this sense of entrepreneurial optimism is fueled by new opportunities and growth.
With major developments in the industrial sector, including the announcement of the BlueOval SK Battery Park in Glendale, our region is poised to experience a strong economic boom. This equates to small business opportunity and economic vitality in 2023. Based on customer feedback and market opportunities, I predict growth in startups and existing business growth this coming year.
With these new economic developments, there will be a strong demand for products and services that support the industrial sector and secondary suppliers, along with increased consumer demand. Recognizing opportunities and providing solutions to needs and problems is entrepreneurship at its best.
This inevitable growth in entrepreneurship will build on an already robust small business community that has produced many success stories in recent years. Last year, Elizabethtown-based digital therapy business BehaVR was selected as one of 43 companies nationwide to make Parity.org’s 2022 list of Best Companies for Women to Advance, also known as ParityLIST. Additionally, Meade County-based defense contractor Universal Spartan was ranked in the prestigious Inc. 5,000 in 2021, an annual list tracking the fastest-growing private companies in the US
Without a doubt, community support for local small businesses is important. We have a dynamic regional small business support infrastructure and referral network that works together with a common goal.
Support exists throughout the life of a business, whether starting, growing or dealing with challenges. Communication and cooperation between partners is key.
However, no matter how favorable the economic conditions, starting and growing a small business is never without risk. Factors such as employment problems, supply issues, unexpected expenses and irregular cash flow are challenging.
The key to resilience is to accept uncertainty and identify the things we can control. Adequate planning, financial awareness and having a “plan B” can be obstacles along the way.
Every step of the way and at no cost, KSBDC is available to help small business owners, whether they are looking for a competitive edge in the marketplace or are just getting started. We work together one-on-one with our clients to develop an action plan for their specific needs.
Our Elizabethtown office has been helping the small business community in the Lincoln Trail region for over 35 years. We offer no-cost consulting and minimal-fee training services that help existing business owners and potential entrepreneurs succeed. Our services include: one-on-one consultations, training seminars, market research, help with loan packaging, help with financial projections and the information needed to make informed business decisions.
To ensure we are positioned to meet the growing needs of community and economic development, KSBDC is participating in a new collaborative effort to provide one-stop small business services to the region. We are working alongside other economic and business development groups at the newly formed Kentucky Entrepreneurship Center at 1201 N. Dixie Ave., Suite 112, in Elizabethtown. We work by appointment with small businesses – established or starting – in Breckinridge, Grayson, Green, Hardin, LaRue, Marion, Meade, Nelson, Taylor and Washington counties.
We are excited to now offer a central dedicated meeting location for confidential coaching and training with a suite of services that drive dynamic growth and development.
In addition, the Kentucky-Lincoln Trail Career Center is an invaluable part of our local small business support network, especially in today’s work environment.
