Gardening usually conjures up thoughts about planting flowers or growing vegetables. However, economic gardening focuses on growing local companies and the local economy.
Each type of garden must be sustained. Both take dedication, effort and support. Commitment and passion for your idea must accompany both. And you must be ready for the long haul, because small businesses, like gardens, require a lot of work.
To begin an economic gardening program, one must develop an inventory of community and business assets available. What is the ‘wealth’ in Maryland? What organizations can you tap into or partner with?
Your list of assets should include the U.S. Small Business Administration (SBA), SCORE, Small Business Development Centers (SBDC), and your local chamber of commerce and economic development agency. These organizations contain individuals who have skills and expertise in many areas of business. They offer classes, mentoring and community forums to meet with local experts.
The SBA has had great success growing small entrepreneurs into larger companies that employ lots of people. It operates on the belief that effective economic development begins at the neighborhood level. Take, for example, the case of Martek Biosciences Corp., of Columbia.
Martek is part of SBA’s Small Business Innovation Research program, a highly competitive program that encourages small businesses to explore their technological potential and provides the incentive to profit from its commercialization. Martek creates a patented blend of nutrients and additives that today are in 99% of infant formulas.
This Maryland business, with annual revenue of more than $300 million, has grown to employ more than 500 people, including at a research and development site in Colorado and in South Carolina manufacturing plants.
Small businesses are the key to the health and diversity of a neighborhood and the nation’s well-being. They account for a significant share of local employment and overall U.S. economic production. The latest statistics from the Office of Advocacy state there are 27.3 million small businesses in the United States, and more than 500,000 are in Maryland. Small firms account for more than 95% of this state’s employers.
That’s a lot of small businesses, and that’s why grooming local entrepreneurs will lead to greater payoffs and create more local jobs in the state. Just like growing plants and vegetables for a garden, growing entrepreneurs and creating jobs is important for your community. Both are essential nutrients for economic development and sustainability.
SBA is open for business. We stand ready to support you. Come see us. Make an appointment with a SCORE counselor to kick around your idea, or with an SBDC counselor to develop a new business plan or guidelines for expansion. And if you need a loan to advance your idea, buy a building or equipment, there are lender relations specialists ready to lend a hand.
To begin your research on business topics, visit www.sba.gov/starting_business/index.html. Happy gardening.
John Shoraka is a regional administrator at the U.S. Small Business Administration and an adjunct professor at The Catholic University of America. He can be contacted at shoraka@cua.edu.
