Miller, SD Encourages Homegrown Businesses
Wednesday, August 29, 2018
In Miller, we know that business recruitment is a common, traditional approach used to spur economic growth. Cities offer companies tax breaks and other financial incentives to attract them to an area. While it’s true that the right company can bring in hundreds of jobs and have a dramatic impact on a region, in our global economy this process of courting companies has become more competitive than ever. This makes it important to also focus on promoting homegrown businesses, something On Hand Development Corporation actively does.
Small businesses play an important role in our economy
Did you know that two out of three new private-sector jobs in the United States were created by small businesses since the Great Recession? Small businesses can have a big impact.
Instead of always looking outward for growth opportunities, the idea is to look inward. There is powerful business potential located within our community. It’s just a matter of taking the right steps to empower entrepreneurs.
On Hand Development Corporation is using a more comprehensive approach to facilitate economic development. Because new and existing businesses can thrive if given the right tools and resources, we consult with area businesses and have programs to assist with aspects such as creating a business plan, applying for licenses, and finding funding mechanisms.
Small businesses improve our community and quality of life
While traditional measures of economic development such as dollar amount invested and total jobs created are still relevant, some long term measures of building a community from the ground level are more qualitative than quantitative in nature.
Encouraging entrepreneurs at the local level can have ripple effects not just on the economy but on the community as a whole. Studies have shown that independently owned, local businesses return more money to the communities in which they operate.
In addition, entrepreneurs that choose to live in a community are a wonderful resource. They can be called upon for leadership and mentoring. Since they’re connected with the community, they’re likely to support it in other ways, such as through volunteerism and philanthropic gestures.
We are proud of our young entrepreneurs too
Homegrown entrepreneurs are also a great source of community pride and we are especially proud of the young entrepreneurs who call Miller home. Miller’s youth are taking an active role in shaping our community’s future by launching businesses, projects, and finding ways to give back. We have found that seeing one person’s success as a business owner can help inspire others and spark innovation. As adults in our community are seeing these young people take initiative and succeed, they are often inspired to join them in opening a business of their own.
On Hand Development Corporation provides support
We are here to support anyone who would like to open a business in Miller. To learn more about the assistance and resources we provide, contact Tammy Caffee at (605) 853-3098.