June 4, 2012
By: Melanie Berkowitz, Esq.
Despite the country’s slow climb out of the recession, some small businesses are bucking the trend and showing stellar growth.
Some of these success stories are highlighted in the Urban 100.
The Boston-based Initiative for a Competitive Inner City (ICIC) conducts a yearly survey of successful urban small businesses, in search of small business trends and ideas that others can put to use.
This year, ICIC’s Urban 100 revealed a number of shared traits that contributed to their growth and success:
- Establishment of a large “anchor” customer (such as a healthcare system) that has been able to weather the economic downturn fairly unscathed.
- A business plan that is focused on making money while supporting a “good cause,” such as providing healthy and low-cost school lunches.
- Pursuit of a food service business in general; the food service industry is seeing a lot of growth, even as other small businesses are struggling.