Case For Business Community Economic Development
Businesses that have in common a geographic location can work collectively to create a place that is recognizable, marketable and attractive to new customers. Many business associations and groups that organize around a neighborhood focus on branding and creative marketing. They work to establish a distinct “place” known by a specific identity that is branded with a positive image of their district. Place-making is now, more than ever, recognized as an important economic development step.
A Business District Association’s (BDA), similar to a Main Street Association, is a non-profit organization that works to promote the welfare of the businesses and property owners within a defined geographic boundary. BDAs are organized and operated exclusively as a non-profit, for mutual benefit purposes.The BDA has a membership of volunteers who maintain communication and organizes activities. In addition to branding and marketing an area, it provides an important voice that represents business concerns to local government and the surrounding community.
Members encourage residents, investors, business owners, and visitors, to live, work, shop, play and invest in the district. Membership in a BDA builds a community of like-minded people who support and promote each other. These types of business groups help to make strong connections between businesses. BDA members become a close-knit community who support and watch out for each other’s business interests.
An organized BDA will improve stakeholder confidence and encourages activity and investment, through advertising, retail promotions, special events, and marketing campaigns carried out by its members. Groups that organize around a commercial “Main Street” have been known to resolve problems and situations through advocacy through strength in numbers. A strong organization can effect change on the issues that its members care about.
Cities and local government municipalities can support an association organized for the betterment of a commercial district. A government agency can provide technical and financial help with formalizing an organization. Economic Development Departments often facilitate communication with other city agencies and large foundations or non-profits. Along with local foundations, economic development agencies often support BDA activities by providing economic development grants for special events.
COST VS. BENEFITSCOSTS:
People that get involved in a business district association spend time organizing, attending meetings and hosting events such as an annual street fair. Members might volunteer 1-2 hours a month to help with communications, finances, translating or soliciting donations besides taking advantage of business to business networking.Business District Association’s (BDA’s) membership fees pay for the organization’s administrative costs and promotional expenses.
Membership dues can range from $ 0 to $100 dollars, or higher, depending on the organization’s structure. Typically, small businesses with 1-2 employees are asked to contribute $50-75 annually. Larger business membership can be up to $500 and many support events with sponsorship contributions or donations. In-kind donations of special talents or time are equally as important as cash contributions that that pay for BDA expenses.
BENEFITS:
Business District Association’s (BDA’s) are trusted organizations that allow members and sponsors to participate with confidence. They are open to every business type, cultures and ethnicity. Every property owner, business or resident within a defined boundary area is included in decisions.
BDAs use systems like organization bylaws, event guidelines, solid banking practices and hold regular meetings.
BDAs engage reliable media companies to provide cooperative marketing and promotional campaigns. Collaboration creates large and successful events that are a draw for new customers.
BDAs often attract creative and innovative individuals who are stimulated by group interactions.
BDAs have say in how an area looks or feels and can provide input on design.
By being active in a business district association, individuals increase the success of their business while strengthening the district’s business community.
SPECIFIC BENEFITS MAY INCLUDE:
Fabulous annual membership meetings
Successful small and large events
Representation in government decision-making processes
Increased safety and crime-prevention
Participation at a discount on marketing and promotions such as:
Brochure listings
Walking or tourist maps
Advertising special rates
Business networking
Online website presence
Social media listings
Searchable business directory
Read the comprehensive event planning guidebook by seasoned neighborhood business consultant, Bridget Bayer.
Street Fairs for Community and Profit:
How To Plan, Organize and Stage a Sensational Street Fair While Building Community
It’s a nuts-and-bolts book that will especially help new groups in planning—and actually executing—a street fair. For experienced organizers, it will help them PROFIT from their event. www.streetfairguide.com