{"id":5693,"date":"2022-10-04T23:24:34","date_gmt":"2022-10-04T23:24:34","guid":{"rendered":"https:\/\/pagely-test.frontdoor.godaddy.com\/ventureforward\/?p=5693"},"modified":"2022-11-03T15:38:54","modified_gmt":"2022-11-03T15:38:54","slug":"newcomers-from-the-covid-migration-dont-just-bring-themselves-they-build-more-microbusinesses","status":"publish","type":"post","link":"https:\/\/www.godaddy.com\/research\/newcomers-from-the-covid-migration-dont-just-bring-themselves-they-build-more-microbusinesses\/","title":{"rendered":"Newcomers from the COVID Migration Don\u2019t Just Bring Themselves: They Build More Microbusinesses"},"content":{"rendered":"\n

In places like Ormond Beach, newcomers have an outsized impact on growth<\/h4>\n\n\n\n

Michelle Lamb and her late husband, Keith, had spent an idyllic, sun-drenched few years in Cocoa Beach, Florida after he retired from the Navy in 2005. So when COVID hit and she, like millions of other Americans, rethought where she really wanted to be, she immediately thought of the mid-Florida Atlantic coast. <\/p>\n\n\n\n

When a friend offered to let Lamb temporarily rent their condo in Ormond Beach, a charming beach town just north of Daytona Beach, Lamb jumped at the chance. After a month, she\u2019d not only decided to relocate to the town from Brevard, NC, but she had a business idea germinating. During her visit, she\u2019d found that food tours \u2013  group strolls between restaurants, sampling an eclectic mix of cuisines and cultures \u2013 was a fun way to get to know nearby communities. Ormond Beach didn\u2019t have any. So in October, 2021, 10 months after arriving, she co-founded Fun Coast Food Tours<\/a> with an old friend from their Cocoa Beach days. Her co-founder handles the finances, allowing Lamb, a former corporate events planner, to do the \u201cfun part\u201d of creating, promoting and leading the tours. <\/p>\n\n\n\n

\u201cI love making my own schedule and being able to do something I really enjoy,\u201d she says. \u201cI\u2019m very outgoing; and after a three or four-hour tour I\u2019ve made new friends. It\u2019s really rewarding.\u201d<\/p>\n\n\n\n

The fact that Volusia County, within the Deltona-Daytona Beach-Ormond Beach metropolitan statistical area, is booming is well known. While much of the country struggled with layoffs, declining growth and general angst about the future, the county\u2019s population grew 2.2% from mid-2020 to mid-2021 on a surge of new residents, according to U.S. Census data. Cranes dot the skylines, and unemployment has plummeted from 14.6%<\/a> in April,  2020 to just 2.5% <\/a>in April. The MSA rose from 69 to 39 on Milken Institute\u2019s ranking of Best Performing Cities<\/a> in the past two years, putting it safely in the think tank’s \u201chigh rank and rising\u201d category. <\/p>\n\n\n\n

<\/div>\n\n\n\n

Entrepreneurial newcomers<\/strong><\/h4>\n\n\n\n

What\u2019s less understood is the extent to which entrepreneurs like Lamb contribute to, rather than just benefit from, such prosperity. While of course an influx of people increases economic activity, attracting newcomers gives an extra economic kick because they tend to start more microbusinesses than other groups, says Robert Brown, chief data scientist of Venture Forward, a research initiative started by GoDaddy in 2018 to study the macroeconomic impact of these entities (loosely defined as any business with ten or fewer employees, and an active website). Specifically, says Brown, every 1% increase in the share of a county\u2019s residents who\u2019ve lived there less than a year creates a .32 increase in microbusiness density.<\/p>\n\n\n\n

Microbusinesses are good for the entire economy, not just for their founders. Venture Forward and its economic partners have established that every one-point increase in the number of microbusinesses per 100 people in a community lifts median household income by $195 \u2013 for all households in the community. Increased microbusiness density also reduces unemployment, as Venture Forward has found that for every new microbusiness, two new jobs are created.<\/p>\n\n\n\n

\"Impact<\/figure>\n\n\n\n

For areas that are attracting a lot of new residents, that .32 percentage point can have a significant impact \u2013 and few places are attracting more than Volusia County.  <\/p>\n\n\n\n

According to CoreLogic, a real estate research firm, the percentage of residents who\u2019d lived in the county for less than a year was 7.9% in 2021, the ninth highest of any county in the nation. <\/p>\n\n\n\n

But the total increase in population, of around 2%, was dwarfed by a 25% increase in microbusiness density, from 7 per 100 people to 9 per 100 people.<\/p><\/blockquote>\n\n\n\n

While business registration requests are not<\/em><\/strong> a proxy for microbusiness starts \u00ad\u2013 approximately 80% of microbusiness founders don\u2019t bother to register at first<\/a> \u2013 the 24% rise in business applications in the county for the year is compelling further evidence.<\/p>\n\n\n\n

If that\u2019s not enough, look at how the area fared on the Microbusiness Activity Index<\/a>, a composite score of several factors created by Venture Forward and UCLA Anderson Forecast<\/a>. The Daytona metro jumped from a score of 101.77 in March, 2021 to 104.77 a year later.<\/p>\n\n\n\n

That increase puts it in the top third of all metros nationwide.<\/strong><\/p>\n\n\n\n

\u201cThe in-migration noted by CoreLogic shows that Volusia County is clearly an attractive destination for residents, and the increasing MAI scores is evidence of a strong microbusiness environment,\u201d says Brown. \u201cAll county residents are deriving the benefits of a more robust and diverse economy,\u201d says Brown.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Fertile territory for microbusinesses<\/strong><\/h4>\n\n\n\n

Volusia County’s success isn\u2019t just due to its beaches and former Floridian\u2019s good memories. For starters, the area has long had a business culture friendly to small businesses. According to Regionomics, \u201cvery small businesses” with fewer than 20 employees accounted for 23% of employment in the Deltona-Daytona Beach-Ormond Beach MSA in 2018. That\u2019s a higher percentage than any other MSAs in the country, except for the cross-state Sarasota-Bradenton area.<\/p>\n\n\n\n

Also, construction booms and microbusiness booms tend to go together. Volusia county granted 20% more building permits in 2021 than in 2020, creating a great opportunity for skilled workers who might be looking for a job or a city with a cheaper cost of living. \u201cWe see a ton of people going into business for themselves as electricians, roofers, plumbers, all the trades,\u201d says Sheila Slick, co-chair of the Volusia\/Flagler counties chapter of SCORE, a national mentoring network for entrepreneurs that partners that with the U.S.Small Business Administration. .<\/p>\n\n\n\n

Many of these new arrivals are Hispanic immigrants.The decidedly diverse make-up of the newcomers is fueling a particular boom in new restaurants, \u201cespecially ethnic ones,\u201d says Antonio Flores, another Score Certified Mentor who operates out of the nearby city of Palm Coast in neighboring Flagler County. \u201cFirst there were Mexican and Cuban and Puerto Rican places, and now there\u2019s Venezuelan, Colombian \u2013 you name it.  Every new nationality that moves in has a unique cuisine to offer, and people just get started from a hole in the wall.\u201d<\/p>\n\n\n\n

<\/div>\n\n\n\n

A helping hand from local leaders<\/strong><\/h4>\n\n\n\n

Local policymakers and community leaders are also doing a great job laying out the welcome mat, says Lamb. She says the Ormond Beach government exploited its natural advantage as a smaller organization, by limiting the amount of red-tape involved in getting a business license for a venture like hers. And the city\u2019s economic development department hosts a variety<\/a> of effective, well attended meet-ups and training programs for aspiring entrepreneurs.<\/p>\n\n\n\n

For example, SCORE\u2019s Slick taught a 10-week entrepreneurship course \u2013 the Kauffman Foundation\u2019s FastTrac program \u2013 that was sponsored and supported by the city.<\/p>\n\n\n\n

The course sold out, and about a dozen of the 32 attendees have already started their own business.<\/p><\/blockquote>\n\n\n\n

In terms of the future, there\u2019s no better positive indicator than other microbusiness owner\u2019s success, says Burt Chojnowski, long-time president of the Fairfield Entrepreneurs Association of Fairfield, Iowa, which developed a rich, self-reinforcing culture<\/a> of microbusiness creation over the past 40 years. <\/p>\n\n\n\n

\u201cNinety percent of what entrepreneurs learn, they learn from their peers,\u201d says Chojnowski. While programs providing support and networking opportunities for local entrepreneurs are essential, the biggest win is when the microbusiness bug infects the larger community. \u201cThose focused efforts have helped turn every coffee shop and restaurant in town into economic gardening \u201chot spots,\u201d he says.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\"Link<\/a><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Now, newcomers to Volusia County are feeling the same sense of support. \u201cSmall businesses here really support each other,\u201d says Lamb, who with her partner now offers three different tour options, is a member of the Chamber of Commerce and has plans to expand to more cities in time. \u201cWe\u2019re still learning, but we find our way by comparing notes with other people who are in positions like mine. They help me if they can, and I help them.\u201d<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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