This week marks National Small Business Week, an initiative by the Small Business Administration to encourage consumers to support local enterprises from April 29 to May 4, 2024. Small businesses are vital to the U.S. economy, employing nearly half of the American workforce. With Florida’s rapid growth, the state is recognized as an ideal market for new ventures.
April Caldwell, co-founder and CEO of fayVen—an app likened to Airbnb for pop-up shops—emphasizes the current favorable conditions for starting a business. The app helps new small businesses by connecting them with local venues to set up unique pop-up shops and events, addressing one of the biggest challenges for startups: finding customers and the right retail space. Caldwell advises new entrepreneurs to start small and scale up as they establish their ability to sell.
Additionally, Caldwell highlights the importance of utilizing local resources, like the 26 West Entrepreneurship Center, backed by the State College of Florida, which offers workspace, funding options, and specialized training to help entrepreneurs succeed. Kim Richmond, Director at the 26 West Entrepreneurship Center, encourages budding business owners to take the leap into entrepreneurship with adequate support and guidance to make sound decisions and achieve desired growth.
Florida is touted as one of the top states to start a business, with cities like Tampa and Orlando ranking high on WalletHub’s list of the Best Places to Start a Business. The community’s collaborative spirit in Tampa, supported by organizations like Embarq Collective and Tampa Bay Wave, plays a crucial role in fostering a supportive environment for small businesses.
For those considering starting a business, the US Chamber of Commerce advises having three to six months of cash reserves. Finding capital remains a challenge, prompting Caldwell to suggest that startups explore grants and pitch competitions.
For more information on fayVen, visit their Instagram page, @fayVen, or their website, fayVen.com.