Wagley Weighs In On Small Business Outlook

The Gass Building in Historic Town Square, Dandridge, TN and future location of Walt’s Hitching Post Restaurant
Staff Photo by Jeff Depew

A recent Wells Fargo/ Gallup Poll has pointed to a resurgence in optimism for small business owners in numbers that have not been reported since the third quarter of 2008. Locally, Jefferson County has struggled to find its foothold during the shaky economic years that recently plagued the Nation. In an interview with Garrett Wagley, Economic Director for the Jefferson County Chamber of Commerce, he discussed the hurdles, as well as the recent local indicators, that are shaping the business community in Jefferson County. Wagley stated that, while new small business may not, yet, be gaining enormous ground in the County, industrial companies are showing renew interest and small business growth often follows industrial growth. He also sees existing business expansion as an indicator of more economic confidence and there has been some forward movement in that area locally. While some prospective small business owners may not be ready to invest in a brick and mortar location, some are starting to dip a toe into entrepreneurship through side or part time businesses. As employees become more confident in the stability of their full time jobs, Wagley expects to see side businesses pop up that capitalize on talents and strengths that may not previously have been utilized. Often, these side businesses can grow into full time opportunities and the birth of a new small business. While this is a natural progression, Wagley cautions that there are many facets to owning a successful business and not every small business owner is ready to make the move without some guidance. The Jefferson County Chamber of Commerce, in conjunction with the Tennessee Small Business Development Center, has begun offering seminars to assist small business owners navigate the considerations and legalities of small business.

Wagley stated that the local municipalities can assist in attracting small business to the area by making sure that the infrastructure is in place to support them. While in some areas of the County the cost of rent may be contrary to attracting small start up businesses, Wagley said that the local municipalities can only do so much and some of the considerations to attract small business owners will fall to commercial property owners. County owned commercial property has been an issue for Jefferson County and the Industrial Development Board has been investigating several avenues to acquire property. Wagley is confident that the IDB will identify property and make a recommendation to the County Commission. The decision to buy or pass will depend on Commission’s vision of economic development. Wagley stated that he is optimistic about the opportunities that are in front of Jefferson County. The tourism base continues to grow, infrastructure remains strong and existing businesses are looking to expand. All are positive signs that Jefferson County may be turning the economic corner and ribbon cuttings may become a regular event, as economic confidence continues to be upward bound.