Many small business owners start by selling at farmers markets, pop-up shops or community events. These opportunities can help entrepreneurs test products, build a customer base and gain valuable business experience. But as demand grows, moving into a permanent storefront can be challenging without the right resources and support.
That's where small business accelerators can make a difference.
A new initiative called Made in Elgin, a project of Downtown Neighborhood Association of Elgin, is helping local makers bridge the gap between market vendor and storefront owner. The program provides entrepreneurs with shared retail space, production facilities, business education and coaching designed to help them scale their businesses and prepare for long-term success.
Helping Small Businesses Take the Next Step
For many entrepreneurs, farmers markets provide an important starting point. They offer the opportunity to validate business ideas, build a customer base and generate revenue without the financial commitment of opening a storefront.
Entrepreneur Spotlight
Small business accelerators can help entrepreneurs take the next step when they're ready to grow. In Elgin, Illinois, The Hartford's Small Business Accelerator Grant Program, in partnership with Main Street America, is helping support the Made in Elgin Incubator Program, which provides local makers with access to shared retail space, production facilities, business education and seed funding.
Photo credit: Elgin-based makers Anika Jones (left), owner of ©Head to Toe Blessing, and Tola Makinde (right), owner of ©TCreativ Designs, will both have shops in the soon-to-open Made in Elgin retail and production space in downtown Elgin, Illinois.
Entrepreneurs like Anika Jones, owner of Head to Toe Blessing, who built a loyal customer base selling handmade skin and hair care products at local farmers markets, and Tola Makinde, owner of TCreativ Designs, whose preserved floral art business outgrew her home workspace, are preparing to use the program's resources to help expand their businesses and work toward their long-term goals of storefront ownership.
But growth often brings new challenges.
As businesses expand, owners may need more space to create products, meet with customers or manage inventory. The costs associated with leasing commercial space can make that next step difficult for many small business owners.
Made in Elgin was created to help solve that problem. The accelerator combines a shared retail storefront with dedicated production space, giving entrepreneurs an affordable way to grow while continuing to build their businesses.
