Minneapolis boasts a dynamic small business community, with over half of its 44,106 businesses employing four or fewer individuals. These enterprises are vital to the city’s economic growth and cultural vibrancy.
Key Resources for Entrepreneurs
Business Technical Assistance Program (B-TAP)
The City of Minneapolis offers the Business Technical Assistance Program (B-TAP), connecting entrepreneurs with free consulting services. This program supports business plan development, marketing strategies, and financial management, particularly aiding minority, women, and low-income business owners. Learn more about B-TAP.
NextStage
NextStage is a nonprofit organization dedicated to supporting entrepreneurs at every stage. They provide customized assistance for new and existing businesses, including help with business planning, licensing, and access to financing. Their services are available at no cost to residents and businesses in Minneapolis. Discover NextStage’s offerings.
Impact Hub Minneapolis-Saint Paul
Impact Hub MSP is part of a global network focused on building entrepreneurial communities for social impact. They offer shared workspace, training opportunities, one-on-one coaching, and curated events to connect entrepreneurs and innovators. Explore Impact Hub MSP.
Emerging Trends in the Small Business Environment
Independent Retailers in the Skyway System
Independent retailers are increasingly occupying spaces in the Minneapolis skyway system, traditionally dominated by national chains. This shift is revitalizing downtown retail spaces and fostering a more locally driven economy. Read more about this trend.
Suburban Food Halls
Food halls are expanding into suburban areas, reflecting changing consumer behaviors influenced by remote work. Venues like Eden Prairie’s Asia Mall and Rosedale Mall’s Potluck are attracting both lunchtime and evening visitors, indicating a shift towards more compact food hall concepts outside major metropolitan centers. Learn about the suburban food hall trend.
City Initiatives Supporting Small Businesses
Small Business Resiliency Fund
In response to challenges faced by small businesses, the City of Minneapolis established the $7 million Small Business Resiliency Fund. This fund provides license fee relief, free event permits, consulting services, marketing support, and grants for cultural mall operators to help businesses stabilize and recover. Find out more about the Resiliency Fund.
By leveraging these resources and staying informed about emerging trends, Minneapolis entrepreneurs can navigate the evolving business landscape and contribute to the city’s economic vitality.