Boosting Local Prosperity: How Supporting Lawrence County’s Small Businesses Benefits Us All

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Supporting local businesses in Lawrence County is vital for the local economy. A 2023 report by the U.S. Small Business Administration shows that Lawrence County has a higher number of small, independent businesses than many other counties in the state. The Local Multiplier Effect indicates that money spent at local businesses circulates through the local economy more effectively than money spent at non-local businesses.

In Tennessee, small businesses employ 1.2 million people, or 41.9% of the state's workforce. Despite their importance, many new businesses face significant challenges. According to the U.S. Bureau of Labor Statistics, only 25% of new businesses survive for 15 years or more. This statistic underscores the need for thorough preparation and support for new businesses.

The Lawrence County Chamber of Commerce is a key resource for those interested in starting a business in the area. It connects individuals to the Tennessee Small Business Development Center (TSBDC), which offers assistance with business plans, financial planning, and market research. The TSBDC also provides free one-on-one meetings in Lawrenceburg on the third Wednesday of each month.

Lack of preparation is a major reason for business failure. It is advisable for prospective business owners to consult with Mr. Galen Longo from the TSBDC for personalized advice. Mr. Longo, based in Murfreesboro, visits Lawrence County to support local entrepreneurs. His contact details for appointments are available through the Chamber.