Colorado Springs is home to many great small businesses. These local shops and services add character to the city. They also help the local economy grow.
Supporting small businesses in Colorado Springs is a great way to invest in the community. When people buy from local stores, more money stays in the area. This helps create jobs and makes the city stronger.
There are many types of small businesses to support in Colorado Springs. From cozy cafes to unique boutiques, there’s something for everyone. Visiting these places can be fun and rewarding for both locals and tourists.
The Economic Landscape of Colorado Springs
Colorado Springs has a diverse and growing economy. Small businesses play a key role in driving local economic growth and development.
Recent Economic Developments
Colorado Springs has seen steady economic growth in recent years. The city’s economy grew by 3.2% in 2023, outpacing the national average. Key industries include aerospace, defense, and technology.
New businesses are opening at a brisk pace. Over 500 new small businesses launched in Colorado Springs in 2024 so far. This has helped lower the unemployment rate to 3.1%, down from 3.8% last year.
The Colorado Office of Economic Development has supported this growth. They provided $5 million in grants to local startups in 2024. This funding helped create over 200 new jobs in the city.
The Role of Small Businesses in Economic Growth
Small businesses are vital to Colorado Springs’ economy. They make up 97% of all businesses in the city and employ 45% of workers.
These companies drive innovation and job creation. A study by the Office of Economic Development found that small businesses created 65% of new jobs in Colorado Springs over the past 5 years.
Local shops and restaurants also boost tourism. Visitors spent $2.1 billion in Colorado Springs in 2023, with 40% going to small businesses. This tourism helps support thousands of local jobs and adds millions to the city’s tax base each year.
Impact of COVID-19 on Local Businesses
The COVID-19 pandemic hit Colorado Springs businesses hard. Many had to close or change how they worked. Local groups and the government stepped in to help.
Challenges and Resilience
Small businesses in Colorado Springs faced big problems when COVID-19 struck. Many had to shut their doors for weeks or months. Some switched to online sales or curbside pickup. Restaurants could only do takeout. Shops had to limit customers inside.
But Colorado Springs businesses showed they were tough. They got creative to stay open. Some made new products like face masks or hand sanitizer. Others teamed up to help each other out. Even with less money coming in, many found ways to keep going.
Support Mechanisms and Resources
Help came from different places. The government gave out loans and grants. Local groups raised money for struggling businesses. Exponential Impact, a nonprofit in Colorado Springs, offered special grants.
- Up to $25,000 available per business
- Quick application process
- Money given out in days, not weeks
Banks worked with owners on loans. The city made it easier to get permits for outdoor dining. People in Colorado Springs bought local to support their favorite spots. All this aid helped many businesses survive the tough times.
Spotlight on Small Businesses
Colorado Springs boasts a vibrant small business scene. Local shops and entrepreneurs offer unique products and services that contribute to the city’s charm and economic growth.
Retail and Handcrafted Gifts
Mountain Chalet Outfitters stands out as a go-to spot for outdoor enthusiasts. This family-owned store has served the community for over 50 years. They sell high-quality gear and clothing for hiking, camping, and climbing.
Crafted Colorado showcases the work of local artisans. Shoppers can find handmade jewelry, pottery, and artwork. The store’s ever-changing inventory ensures a fresh selection of gifts and home decor.
The Soap Shop offers all-natural, handcrafted soaps and bath products. Their items are made using local ingredients when possible. Customers rave about their lavender and goat milk soaps.
Innovative Services and Entrepreneurs
Loyal Coffee has made a name for itself with its expertly roasted beans and cozy atmosphere. The company started as a small cart and has grown into multiple locations across the city.
TechWise Academy provides coding and robotics classes for kids and teens. Their programs help prepare local youth for careers in technology. They offer both in-person and online courses.
Epoch Brewing combines craft beer with a passion for sustainability. They use solar power and donate spent grain to local farms. Their taproom hosts events that bring the community together.
Advocating for Local Businesses
Supporting small businesses in Colorado Springs helps the local economy thrive. There are many ways to get involved and make a difference for these vital community members.
How to Support Small Businesses
Shop local whenever possible. Choose independent stores over big chains for groceries, gifts, and services. Leave positive reviews online for your favorite spots. This helps them attract new customers.
Share your experiences on social media. Post photos of great meals or products from local shops. Use hashtags like #SupportLocal and #DowntownColoradoSprings to spread the word.
Sign up for email lists from small businesses. You’ll learn about sales and events. Many offer loyalty programs with perks for regular customers.
Pay in cash when you can. This saves businesses money on credit card fees. Even small purchases add up to make a big impact.
Promotional Events and Community Engagement
Attend local markets and fairs. These showcase many small businesses in one place. The Colorado Farm and Art Market is a great option downtown.
Join in Small Business Saturday each November. It’s a day dedicated to supporting local shops during the holiday season.
Look for “shop local” campaigns run by Downtown Colorado Springs. They often feature special deals and events to draw in customers.
Volunteer with groups that support small businesses. The Small Business Development Center offers free help to local entrepreneurs.
Take part in community clean-up days. A tidy downtown area attracts more visitors to local shops and restaurants.
Exploring the Pikes Peak Region
The Pikes Peak Region offers a wealth of small businesses to support. From unique shops to local markets, visitors can find one-of-a-kind items and experiences.
Discovering Local Markets and Shops
Old Colorado City hosts a charming historic district filled with small businesses. Visitors can browse art galleries, gift shops, and boutiques along its tree-lined streets.
Downtown Colorado Springs boasts a mix of modern and classic storefronts. Local favorites include Poor Richard’s, a bookstore and cafe, and Terra Verde, which sells eco-friendly goods.
Manitou Springs, nestled at the foot of Pikes Peak, is home to quirky shops and galleries. Visitors can sample mineral springs water and browse handmade crafts.
The Colorado Farm and Art Market runs seasonally, offering fresh produce and artisan goods. It’s a great way to support local farmers and artists.
For outdoor enthusiasts, Mountain Chalet provides gear and expert advice. This family-owned shop has served the community for decades.
Frequently Asked Questions
Colorado Springs has a vibrant small business scene with many opportunities and resources. Local entrepreneurs make important contributions to the community in diverse ways.
Which industries are thriving in Colorado Springs for small business opportunities?
Tourism and hospitality are booming in Colorado Springs. The city’s natural beauty attracts many visitors. This creates openings for tour companies, restaurants, and hotels.
Tech is another growing sector. The city has a budding startup ecosystem. Software development and cybersecurity firms are on the rise.
What are some unique small businesses that are popular in Colorado Springs?
Craft breweries are big in Colorado Springs. Local favorites include Bristol Brewing Company and Cerberus Brewing.
Outdoor gear shops also do well. Mountain Chalet is a longtime local outfitter. It sells hiking and camping gear.
What resources are available to support small businesses in Colorado Springs?
The Small Business Development Center offers free consulting. They help with business plans and loan applications.
The Colorado Springs Chamber of Commerce hosts networking events. These allow business owners to connect and learn from each other.
How do local Colorado Springs businesses contribute to the community?
Many sponsor youth sports teams and school events. This helps build community spirit.
Some partner with local charities. They donate a portion of profits to good causes.
What trends are currently affecting small businesses in Colorado Springs?
E-commerce is growing fast. More local shops are selling online to reach customers.
Sustainability is gaining importance. Many businesses are adopting eco-friendly practices.
Can you highlight some successful small business stories from Colorado Springs?
Poor Richard’s Books started as a small bookstore. It has grown into a local institution with a cafe and toy store.
The Blue Star restaurant began in a tiny space. It’s now a popular fine dining spot known for farm-to-table cuisine.
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