Northwest Arkansas is a thriving hub for small businesses. According to a 2021 study by the U.S. Small Business Administration, Arkansas is home to more than 250,000 small businesses, which employ nearly 500,000 people. There's no wonder recently called us the "New Capital of Cool"!
There are a number of factors that contribute to the success of small businesses in Northwest Arkansas. One factor is the strong economy. The region has a low unemployment rate of just 2.6% (as of July 2023) and a growing population that recently surpassed half a million residents. This booming growth creates a strong demand for goods and services, which benefits small businesses of all kinds.
Another factor is the availability of resources for small businesses. There are a number of organizations that provide support to small businesses, such as the Small Business Development Center and the Northwest Arkansas Council. These organizations offer training, counseling, and financial assistance to help small businesses succeed.
The cost of living in Northwest Arkansas is also relatively low compared to other parts of the country. How low? Around 9% lower, on average. This, in turn, makes it more affordable for small businesses to operate.
In addition to the strong economy and the availability of resources, Northwest Arkansas also has a number of other factors that make it a good place for small businesses. The region is home to a diverse population, which provides a large potential customer base for small businesses. Northwest Arkansas is also home to a number of universities and colleges like the University of Arkansas, Northwest Arkansas Community College, Harding University, John Brown University, and many more, which provides a solid pool of potential talent to help grow small businesses.
If you are thinking about starting a small business in Northwest Arkansas, there are a number of resources available to help you, including right here at Remnant Co. Whether you're just starting out with an idea, or if you've got an established product or service and need to take it to the next level, we can help!