New Business Boom in the Friendly City

Monday, 21 November 2022 06:17

By Marcie Culbert

Woodstock's Small Business Centre has helped about 300 new businesses open since March 2020.

WOODSTOCK - Lots of new businesses have been popping up in the Friendly City over the past couple of years.

Development Officer Brad Hammond says the Small Business Centre has helped about 300 new businesses open since the start of the COVID-19 pandemic.

"In general, the types of businesses that have opened are more smaller businesses and less capital-intensive businesses. But that's not the case across the board, we've had new retailers open up on the main streets right in the height of COVID and have done quite well."

Mayor Jerry Acchione says this is great news for the City of Woodstock.

"Like all municipalities, the City of Woodstock has been affected by the COVID pandemic. However, hearing stats like there have been nearly 300 new business licenses issued in and around Woodstock since the start of the pandemic goes to show how resilient our community is. When one door closes, Woodstonians open another door themselves. I’ve always been a huge supporter of small businesses and this is a reminder of how many we are blessed to have here in the City and hope everyone supports them the best way they can! Shopping locally helps our neighbours and our entire community!"

Hammond has a few theories behind the new business boom.

"I think some of the contributing factors would probably the government supports that became available for people that were either laid off or had lost their job due to COVID. Another factor would certainly be better technology that allowed people to work from home or work remotely. I would think some of it is probably an opportunity at the same time. Quite often times when there is a crisis, people see opportunity in it and a chance to do something new."

He adds this new business boom has been happening everywhere, not just Woodstock.

"I was reading an article recently that said there had been a 40-year trend of a decline in small business start-ups and that trend was dramatically reversed during COVID. There's been a 24 percent increase over the long-term trend. It's a little too early to say whether that increased trend is here to stay or not, but it's certainly encouraging and I think it will likely lead to a more productive and resilient economy."

Hammond says those interested in opening their own business should visit the Small Business Centre on Dundas Street. It's funded jointly by the City and the province and it offers free services for aspiring entrepreneurs.