In case you didn’t know it, Detroit is booming right now. The small business startup environment in Detroit has never been better. This is mostly due to billionaire Dan Gilbert’s multitude of investments in the city. Dan owns Quicken Loans, has a stake in the Cleveland Cavilers and owns a number of properties in downtown Detroit. His willingness to invest in the city of Detroit and promote it to just about anyone (with money) who will listen has put Detroit back on the map. Just 10 years ago, downtown Detroit was a shell of its current self. However, in 2016, the entrepreneurial spirit is alive and well in the city. This has made Detroit an ideal place to launch a small business startup. Here are three other reasons launching a small business startup in Detroit could equal success for you:
- Support & Resources – There are a number of institutions that have been setup to assist entrepreneurs in Detroit with launching their small business startup. For example the Build Institute help entrepreneurs bring their business ideas to reality. They offer classes, networking events, mentorship, and connections to other resources that make launching a small business startup simple. All entrepreneurs should invest in entrepreneurial education before launching a small business startup so they make fewer mistakes. I strongly suggest contacting the Build Institute if you decide to open a business in the Detroit area. There are also other organizations like Bamboo Detroit and TechTown Detroit that provide office space and mailing addresses at very affordable rates for small business startups. The great thing about utilizing these organizations for their office space is that you get to share the space with other entrepreneurs. Being around other entrepreneurs will inspire and motivate you to keep going, even through the tough times.
- Access to Capital – There are many Community Development Financial Institutions in Detroit that are dedicated to capitalizing a small business startup like yours. Organizations like ProsperUS Detroit, Detroit Development Fund, and Motor City Match all offer funding programs that can meet your needs. ProsperUS Detroit is microlender that focuses on providing up to $50,000 in capital to small business startups that may not qualify for funding elsewhere. Detroit Development Fund is also a microlender that focuses on providing early stage small business startups and established businesses with up to $250,000 in capital. Motor City Match provides up to $500,000 in grants to small business startups in Detroit. If you need capital for your Detroit based business, I suggest applying for a microloan with ProsperUS Detroit or Detroit Development Fund and a grant through the Motor City Match program. With all of the options available, obtaining capital for your Detroit based small business startup can be easier than if you start the business in another state.
- Room for Growth – There’s a lot of room for growth for your small business startup in Detroit. The market is not saturated in a variety of different industries. You have the chance to launch your small business startup in Detroit and dominate the local market. It’s always best to get in early if you want to dominate the market in your industry. Some industries that do well in the Detroit area include B2B companies, retail, janitorial, landscaping, property management, barbershops, and hair salons.
Downtown Detroit – Many of the new businesses popping up around the city are in or near the downtown area. The downtown area is growing into a beautiful, safe place to live, work, and play. There are more incentives available to entrepreneurs who launch their small business startup in or near the downtown Detroit area.