Driving Retail with Data

Driving Retail with Data  

Pasco County, FL, on the west central Florida coast, is home to more than a half million people. Its proximity to Tampa and St. Petersburg provides local business owners and start-ups, many of them in the retail sector, with access to a thriving entrepreneurial ecosystem, an international airport, and a skilled workforce. Pasco Economic Development Council (Pasco EDC) has been at the forefront of supporting small businesses and retail establishments through various initiatives in the county, working to further expand the county’s growing economy. One of its strategies for supporting small business is to leverage data tools like SizeUp.

SizeUp Pasco is a resource that provides small businesses with market analytics, helping them make informed decisions on everything from strategies to competing with other small businesses to the market potential for prospective business expansion. This tool empowers local entrepreneurs to assess business performance and identify growth opportunities by comparing their metrics to industry standards and benchmarks. Entrepreneurs can use SizeUp to gather insights about customer demographics, optimize advertising strategies, and identify gaps in local market needs.

One of the primary ways Pasco EDC supports small businesses is through its SMARTstart  program, which offers a range of resources such as microloans, business incubators, and mentorship opportunities. By combining these traditional supports with cutting-edge data tools like SizeUp, Pasco EDC helps small businesses thrive in a competitive retail landscape. The SizeUp tool’s integration into the SMARTstart program means that even businesses without substantial data expertise can benefit from its insights.

According to SMARTstart Program Director Daniel Mitchell, access to data is a valuable tool for local entrepreneurs. “The SMARTstart entrepreneurs use the data from the SizeUp tool in business plan creation, financial projections, and market research,” said Mitchell. “Having that thorough plan backed by big-company data allows them to more confidently solicit funding through loans and investors. Forecasts and projections backed by real market data lend additional credibility to proposals to funders and increase the likelihood that they will be successful.”

In addition, Pasco EDC brings together local agencies, business leaders, and service providers to guide small businesses through challenges and help them capitalize on local economic opportunities. This collaboration strengthens the local entrepreneurial ecosystem, ensuring entrepreneurs can stay competitive by making data-driven decisions and receiving the necessary mentorship and financial support.

Pasco EDC’s proactive approach to supporting retail and small businesses has made it a model for economic development, ensuring that businesses not only start but grow in a sustainable way.