Axios Event: Strengthening Richmond’s small business environment
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Attendees enjoyed dinner during the intimate roundtable discussion. Credit: Jen Danson Photography for Axios
RICHMOND, VA. – Richmond's small business community is optimistic about its future and growing size, but inflation, high interest rates and rising costs mean business owners are also feeling uncertain about what is to come.
Why it matters: NFIB's Small Business Optimism index reached its highest reading of this year in May, but the Uncertainty Index also hit its highest reading since November of 2020. Local leaders across small business, economic development and policy explored how to support the continued growth of the region's thriving small business landscape.
- Axios Richmond reporter Karri Peifer and Axios's '1 Big Thing' podcast host Niala Boodhoo moderated this roundtable discussion event, which was sponsored by Capital One.
What they're saying: "The inflation side of things, the cash crunch things that are created by this current climate, is forcing a lot of hard decisions for business owners right now," Lighthouse Labs managing director Debbie Irwin said.
In Richmond specifically, attendees noted that network connections and relationship building are very important steps for entrepreneurs to take when looking to break into the community.
- "So this is complicated and stacked up between old, historic problems in Richmond, and the need for Richmond success to be predicated upon who you know," Hugh Helen LLC founder Todd Waldo said.
- "We've got this dynamic that to be successful in Richmond, you've got to know people," Waldo added.
Strengthening local education systems is also a key aspect of strengthening the pipeline of education to entrepreneurship and helping set up those who are interested in starting a business to thrive from an early age.
- "Education is key, and if we look at our Richmond public school systems, and we're looking at Richmond businesses, a lot of people that are Richmond business owners went to Richmond public school systems, and sorry, we're not doing great" BareSOUL Wellness executive director Ashley Williams shared.
What's next: Regional collaboration among policymakers and a continued focus on intersectional issues like education and housing will continue efforts to support the growing business landscape in Richmond.
