There are a number of ways to judge a community’s success in the business world, from how it is perceived by investors, to how it attracts businesses, to the level of success achieved by the companies operating in the community.
But there are certain characteristics common to all business-friendly communities:
• access to capital
• concentration of smart people
• low cost of living
• experienced entrepreneurs
• mentor programs
• low cost startup incubator
• low taxes
• high quality of life
St. Albert fits the bill except for the low cost of living and low taxes. Having, for the most part, a highly-educated work force, high quality of life and experienced entrepreneurs could offset the cost of living and taxes for many business people.
But there’s probably nothing more valuable to attracting future businesses to a community than having successful ones already here, and recognized.
That’s why having local entrepreneur Jodie McFadzen win the Young Entrepreneur Award of Distinction at the Alberta Chambers of Commerce’s business awards gala last week could be as important to St. Albert as much of the talk coming out of city hall.
It’s great that the mayor and council are now actively (at least verbally) pursuing commercial and light industrial businesses for the city. It’s even better when the likes of McFadzen and her home-based business, Penzen Ltd., and Tony La Grange’s Quantum Group of Companies – an award finalist – are recognized for the rest of the province and the country to see.
In any business there’s nothing more valuable than word of mouth and it’s awards like these that get other people talking.
And it’s risk-takers, people willing to gamble to open up and succeed with specialty stores like Cranky’s Bike Shop and Midnight Magic Lingerie that tend to attract other businesses.
The fact that people like Andrew Phelps wanted to move back to his hometown to start up his bike business and raise his family, and that Robin Molyneaux was confident enough in her community to start a bra and lingerie boutique, are the type of positive messages other business people acknowledge.
Their success stories will do as much to encourage businesses to move to St. Albert as any speech from the mayor. It is the successes like these four that are critical to attracting new businesses, small and large, because it says our citizens like our community and have faith in its future.
When asked what elements are important to businesses looking to locate, Mandy Vavrinak, owner of Crossroads Communications of Kansas City, said things like cost of living, tax structure and infrastructure are important.
“But businesses must have employees who are happy to be living where they are living, working, educating their kids. Quality of life is a critical component.”
The question to be asked, she says, is do people WANT to move to or live in your community? What are their first impressions? What kind of housing, retail, dining, shopping, entertainment is offered?
For the most part, St. Albert offers enough of the necessary amenities. And it can only help the city’s future when the likes of McFadzen, LaGrange, Phelps and Molyneaux are showing that business can be good here.
