Written by New Annual Report Provides Comprehensive Analysis to Support Genesee County’s Small Business Community
ANN ARBOR and FLINT, Mich. – June 7, 2021 – EntryPoint, a nonprofit research institution that delivers comprehensive research insights and implements effective data-driven programs to promote entrepreneurship across the Midwest, and Flint & Genesee Economic Alliance, today announced the release of the 2021 Genesee County Small Business Analysis. The new annual report provides a comprehensive analysis of Genesee County’s small business community.
“We are focused on reducing obstacles for small business owners to be successful while clearing a pathway for the development of new and innovative local industries,” said Flint & Genesee Economic Alliance Executive Director Tyler Rossmaessler. “From these findings, we can determine the resources and strategies to aid current and future local small business owners and strengthen our local economy.”
EntryPoint analyzed the small business community in Genesee County, which consists of more than 3,000 businesses. As defined by EntryPoint for this research, small businesses are all registered businesses in Genesee County with 25 full-time employees or fewer and less than $10 million in average annual revenue. Small businesses are spread throughout Genesee County, with the highest concentration of businesses in larger communities such as Flint, Grand Blanc, and Fenton.
“Research helps economic development organizations and nonprofits gain a deeper understanding of the evolving needs, challenges and opportunities facing small business owners,” said Emily Heintz, Founder and Managing Director of EntryPoint. “By focusing on the lived experiences of small business owners, we can create a strong foundation of knowledge, resulting in impactful and equitable outcomes that foster inclusive and vibrant communities.”
View the Complete Findings: 2021 Genesee County Business Landscape Analysis
Key Findings from the 2021 Genesee County Small Business Analysis
- Businesses in the professional services (31%), food and beverage (17%), and retail (13%) sectors are the most prominent, followed by art, entertainment and recreation, and nonprofits.
- 83% of BIPOC-owned businesses in Genesee County are less than 15 years old. Over half of these companies are in their first five years of business.
- 29% of small business owners in Genesee County reported having difficulty obtaining outside funding because they did not have access to the necessary network of individuals or organizations who might invest in their companies.
- 75% of small business owners anticipate needing additional outside funding for their businesses to continue operating successfully. Small businesses in Genesee County hope to obtain over $180 million in outside funding over the next 18 months; on average, this is 3x what they have acquired in the past.
- Prior to the pandemic, the most common sources of capital historically accessed by small businesses in Genesee County were friends and family, high net-worth individuals, and foundation/corporate grants.
- Net income for personal care businesses was down 100% in 2020 – the largest decrease in income of any sector followed by businesses in the art, entertainment and recreation, and construction sectors.
- 61% of small businesses across Genesee County believe the best way for policy and economic development organizations to support their companies is to increase access to capital or provide financial support directly.
The Cackle Special Edition: Entrepreneurs of Genesee County
Join EntryPoint on June 8, 9 and 10 at 10:30 a.m. for a special edition of its weekly livestream, The Cackle. The Cackle highlights small businesses, startups, and people who have an impact on communities across the Midwest. During this special edition, EntryPoint will feature small businesses from across Genesee County. These entrepreneurs and community leaders were integral to its research, and now, EntryPoint is excited to feature them on its platform and hear more about their stories. This special edition is an opportunity to learn about the small business community in Flint and the broader Genesee County region, how residents can better support small businesses, and why it is important to continue to shop local in 2021.
Featured small businesses include: Fireside Coffee, Kentakee Athletic & Social Clubs, Citizens Statewide Security, Creative Hair School of Cosmetology, Flint Trading Co., JJ Cardinal’s, Friends of Berston, Kamazing Angels Dance Factory, and Howe Art Supplies and Gallery.
At EntryPoint, we LOVE working with economic development organizations and nonprofits that are strategic, value listening to the needs of community members, and are passionate about building more opportunity and vibrancy in their communities.
EntryPoint is a registered 501(c)(3).