BUILDING THE DOWNTOWN ECONOMY

PROJECT: ENCOURAGE LOCAL ENTREPRENEURS

Goal

Catalyze growth by unifying and promoting existing programs that encourage entrepreneurs in downtown Frankfort.

Description

Because it will take time for national chains to “discover” Frankfort, the community must foster home grown shops and services. This is particularly true if local leaders want particular types of shops, and they do not just wait to see what prospective business owners propose.

The chamber and Frankfort Main Street already offer many programs, so what’s called for is a review of the existing system and recruitment of new business start-ups.

Action Steps

1. Review zoning policies. Zoning is key to developing an entrepreneurship system. Allowing vacant buildings to be turned into mixed-use buildings, stores, or any other creative space use will lower barriers to entry for small businesses.

2. Promote a walkable downtown (see project on walkability): small businesses heavily rely on passersby who tend to visit multiple businesses than if they are just driving to a specific store, shop or restaurant.

3. Simplify the business start-up process by: a. Checking and using already existing resources and programs available at: Indiana’s Office of Small Business & Entrepreneurship (OSBE), the Indiana Small Business Development Center (ISBDC) and IHCDA’s Business Expansion And Entrepreneurial Development (BEED). a. Creating a central online space on Frankfort’s government and the chamber’s websites that walk business owners through the process of getting started: specify the steps, forms, contact persons, and time required to do that. b. Consulting existing business owners in the process to find out how they got started, and what they think can be improved. Review the process, cut any superfluous steps and reduce bureaucracy as much as possible. c. Creating weekly opportunities (with an “open door policy”) to assist entrepreneurs in starting their businesses. d. Working with banks, the chamber and other financial institutions to provide entrepreneurs easy access to loans and lowinterest loan programs to start out their businesses. Provide entrepreneurs lists of financial or community organizations that may offer grants to new businesses.

4. Help people not only start, but also grow their businesses by offering educational, training, and coaching opportunities: Partner with the private sector, local colleges, community education programs and state bodies (OSBE and ISBDC) to offer business development classes or other support services. Classes can take the form of credited classes, short workshops, podcasts, self-paced classes (materials or videos either to view online or download), or even one-on-one business counseling sessions.

5. Organize different types of social and professional events (make sure to support them with a holistic marketing and advertisement strategy) either in the coworking space or in empty shops downtown. These could include: a. Small business day: a monthly or annual event to encourage local businesses, that includes music, food stands, activities, host tables for local businesses to introduce themselves to the community or offer special discounts for the day. b. Startup weekends: http://startupweekend.org/. c. Empty buildings tour. A similar program in Webster City, Iowa filled 10 of 12 buildings with new businesses.