5 Steps To Attracting Business Investment To Your Community

Many communities find they get passed over anytime there's a business looking for somewhere to continue their growth. Big cities make it nearly impossible for smaller cities to compete, as they seem to have all the answers. Yet, there are still incentives your smaller community can offer to increase its own economic vitality. Here are some great ideas to help you get started. 

1. Create Action Organizations

You can't change things on your own. You need to get your community involved. If you feel there is a need for more activities geared toward economic well-being in your community, your first step is to create an organization geared toward repairing the problem. Look to the organization Colorado Thrives founded by Kent J Thiry in 2018. He saw a need and did something about it. When you create a community organization such as this one, people will take an interest. 

2. Get Everyone Involved

Your community has key players in its economic development. You want the local newspaper on board, as well as local shop owners, physicians, teachers, and anyone else who plays a critical role in the vitality of your community.

All of these people can come together to create a Chamber of Commerce. The chamber is a separate entity from your action organization. The chamber's goal is to promote activities for local businesses, where the action organization focuses on attracting business to the community. 

3. Offer Grants

Sometimes a business needs to relocate, and other times, a business needs somewhere to start. There is a constant flux of business movement around you. If your community is being overlooked, you can make them look. 

One way to achieve this is to offer grants. Consider grants that match development dollars up to a certain amount. What your grant package looks like will depend on what your community can offer, but if the next town over isn't offering grants, you've definitely put a foot in the door for new development. 

4. Attract Young People

A community that has a large population of young people is a city with a future. If your city doesn't have a large population of younger adults, find ways to attract them. Revitalize your downtown so that there are more cultural attractions, such as a community theater, an art gallery, and nightlife. 

If your community has a river or lake, make it a place where things happen. Young people need outdoor activities that promote exercise and healthy well-being. If your community has a place for a community garden, get one going. 

5. Organize Events

Young people aren't the only important people in the community. You need events that attract everyone, young and old. Events don't have to just focus on holidays. Is someone famous from your community? You could have a day to celebrate them. Is there a cultural minority or even a majority? Have days to celebrate the various cultures representing your community. People hear about these types of events and they travel to attend them. When people travel to your community, they learn about it, and they may even decide it looks like a great place to put down roots. 

There are a number of things you can do to attract businesses and the people who will work for them into your community. It's not something you want to sit and talk about for too long, though. Someone else might pick up your strategy and run with it–to another community.