Small businesses in some areas experience a boost in economic activity when conferences, sporting events or music festivals come to town. The degree of financial benefit is dependent on size, but even the local corn festival can give you an economic boost; it doesn’t have to be the Olympics. Not only do small businesses have the opportunity to cater to event attendees, but also the traveling staff and people who just want to be in the same city for the atmosphere.
Take a look below at some of the economic activity associated with major events:
- 2020 Super Bowl (Miami, FL): $572 Million
- 2019 Lollapalooza Music Festival (Chicago, IL)): $247 Million
- 2019 World Series (Houston, TX and Washington, D.C.): $36.5 Million
- 1996 Summer Olympics (Atlanta, GA): $5.14 Billion
- 2019 South by Southwest Festival (Austin, TX): $356 Million
So the next time the proverbial “circus” comes to town, strategize on how best your small business can get in on the action. Your employees and company’s bottom line will thank you.