Celebrating the Heart of Lawrence County
Recently, I had the privilege of accompanying Governor Bill Lee on a visit to the Lawrence County Chamber of Commerce and various small businesses in downtown Lawrenceburg during Small Business Appreciation Week. Witnessing the Governor’s reaction, it was evident that he was genuinely impressed by the thriving local enterprises.
The small businesses scattered across Lawrence County play a pivotal role in bolstering our economy and enhancing our overall quality of life. Beyond merely offering goods and services, these establishments create job opportunities, generate tax revenue, sponsor community events, and support local youth sports teams. Their presence not only sustains our economy but also contributes to the vibrancy and allure of Lawrence County for both residents and visitors alike.
Supporting local businesses by patronizing them frequently is crucial. The concept of the Local Multiplier Effect underscores the significance of spending money at locally-owned stores. Studies show that funds circulated within these establishments tend to re-enter the local economy two to four times more than money spent elsewhere.
According to a recent report from the U.S. Small Business Administration, Lawrence County boasts a higher proportion of small, independent businesses compared to many other counties in the state. Statewide, Tennessee is home to a staggering 664,681 small businesses, collectively employing 1.2 million individuals, which accounts for 41.9% of the state’s workforce.
While the allure of owning a business is undeniable, it is imperative to be well-prepared before embarking on such a venture. Startling statistics from the U.S. Bureau of Labor Statistics reveal that 18% of new businesses fail within the first year, with 45% closing their doors within five years, and a staggering 65% shuttering within a decade. Only a mere 25% of new businesses manage to survive beyond the 15-year mark. These figures underscore the importance of rallying behind our local businesses more fervently.
For those contemplating business ownership, or seeking guidance on enhancing an existing enterprise, the Lawrence County Chamber of Commerce serves as an invaluable resource hub. Through the Tennessee Small Business Development Center (TSBDC), individuals can access a myriad of support services. A TSBDC representative is available in Lawrenceburg on the third Wednesday of each month for personalized consultations covering various aspects such as business initiation, crafting business plans, financial management, marketing strategies, and more.
To schedule a meeting with Mr. Longo from TSBDC, individuals are encouraged to reach out to the Chamber at 931-762-4911 or contact Galen Longo directly at gl