Attracting businesses to move to rural areas can be quite a daunting task for any small community. But what can these communities do to be part of the business communities? In this article we’ll discuss what attracts new businesses to rural areas.
1. The First Solution is Planning – Intentional planning
What exactly do we mean by Intentional Planning? Most rural areas have similar problems which include: transition to service based economics from their most familiar tools of trade, rural to urban migration of the younger generations, lack of residential housing, and poor planning for entrepreneurs. Planning is the key tool for getting these rural communities onto the map to becoming attractive business hubs for new businesses.
It is clear that in most rural areas, the demographic is that of under 20 year old and over 45 year old lacking the in-between. Once they identify such challenges, they can plan on how to curb this annoying menace. This is because the in-between (21-44) age bracket is usually the desired work force by most businesses. Small towns can do bench marking in areas where such age is retained to understand how to do so themselves. Creating art centers, boulevards and river walks can be some quick wins for such towns.
3. Data Presentation
It is quite unfortunate that most governments don’t consider publishing their data in an attractive way. Most of them publish this data as mandated by national governments and forget how if it were well presented it would attract investors. By being smart, the government can provide information on their taxation, industries available, their economic growth, housing policies, health, education and training, IT adaptation and much more. This is basic information considered by any business as due diligence. This data can be provided in a different website if needed to offer a range of information, especially on start-ups in the region, operating costs and how to grow business in the town.
4. Niche Positioning
Most young people consider their career paths before joining any business. If where the business is being placed proves to be a business hub with lots of opportunities, they are most likely going to stay. Most cities need to present their locations as international locations. Globalization is making the world smaller and city officials are facing difficult choices of either adapting or collapsing. Those that are smart enough to adapt are already in the investment rich future.
5. Visionary Leaders
Uri Ben An is quoted as having said that every smart city program around the world started with a visionary leader. This means that most of these cities have adapted to the use of technology and management systems to understand their cities’ challenges and also provide solutions to their current issues. This guarantees delivery of groundbreaking solutions and exemplary services to its inhabitants. Regardless of the method you decide to attract investment in your area, you do require visionary leadership who understand the requirements of what will attract investment and have the mindset to really push for change.
The assessment of attracting any new business can be summarized as identification of opportunities in a community and planning on how to maximize their potential, learning from other communities and, strategically placing the community through good leaders.
If you have other ways that have worked in the past drop us a line.