Growing Your Business
Ready to Grow?
Section titled “Ready to Grow?”Congratulations! If you’re reading this, your downtown business is thriving. Here’s how to take the next step.
Signs You’re Ready to Expand
Section titled “Signs You’re Ready to Expand”- Consistently turning away customers due to capacity
- Strong cash flow for 12+ consecutive months
- Staff working at or near capacity
- Regular requests for services you can’t currently provide
- Opportunity to capture adjacent market
Growth Options
Section titled “Growth Options”Expand Current Location
Section titled “Expand Current Location”| Consideration | Resources |
|---|---|
| Additional square footage | Contact your landlord first |
| Extended hours | Review parking, staffing needs |
| Outdoor space | Outdoor dining permit |
Second Location
Section titled “Second Location”Downtown offers diverse micro-markets:
| Area | Character |
|---|---|
| Hay Street | High foot traffic, tourism |
| Person Street | Retail, dining, government, and professional services1 |
| Market House area | Events, entertainment |
See: Opening a Second Location
Add Services/Products
Section titled “Add Services/Products”Expand what you offer without moving:
- Pop-up collaborations with other businesses
- Event hosting
- Private events/catering
- Retail additions to service businesses
Funding for Growth
Section titled “Funding for Growth”City Programs
Section titled “City Programs”| Program | Amount | Best For |
|---|---|---|
| Business Assistance Loan | Up to $125,000 | Working capital, equipment |
| Façade Grant | Up to $25,000 | Exterior improvements |
Contact: Economic Development, 910-433-1596
Can Do Performance Finance
Section titled “Can Do Performance Finance”Up to $750,000 in forgivable loans for high-growth businesses.
- Priority for job creation
- Minority-owned business focus
- Contact: FCEDC, 910-323-6006
Workforce Development
Section titled “Workforce Development”Finding and keeping good employees is often the biggest growth challenge.
Resources
Section titled “Resources”| Resource | Service |
|---|---|
| NC Works Career Center | Job posting, training grants |
| FTCC | Workforce training programs |
| On-the-Job Training | Wage reimbursement for new hires |
See: Hiring & Workforce
Next Steps
Section titled “Next Steps”- Assess readiness - Review financials, capacity, demand
- Explore funding - Contact Economic Development
- Plan carefully - Use free FTCC Small Business Center counseling
- Network - Connect with other downtown business owners through the Downtown Alliance
Footnotes
Section titled “Footnotes”-
The City of Fayetteville’s Downtown Urban Design Plan identifies retail and commercial activity along Person Street, and the Historic Downtown District directory lists current Person Street restaurants and other businesses. City plan · Downtown business directory ↩