Open a Business in Downtown Elgin
Elgin is now the 6th largest city in Illinois thanks to a population increase of 6.1% increase over the past decade according to 2020 U.S. Census data. With a population of nearly 115,000, Elgin continues to grow thanks to it broad appeal to residents and business owners alike. Doing business in Elgin is affordable, especially in Downtown Elgin where the cost of real estate is as much as 30% lower than surrounding competing communities. On average the cost per square foot of commercial space in Downtown Elgin is $8-$13 per square foot.
Downtown Elgin assets range from public art and civic amenities to historic architecture and a diverse business environment. DNA has identified 10 Downtown Elgin Assets that make our community stand out, such as access to transportation, the Fox River, DNA support services and more.
Nine business concepts have been identified as Top Priority for Downtown Elgin including a Cannabis Dispensary, Brewery, Restaurants, Entertainment Venues and more. DNA identified these most wanted businesses through public research and in consideration of current businesses trends.
Downtown Elgin is thriving with projects including a large-scale redevelopment project, expansions and new businesses. Many property and business owners are reinvesting in their buildings including expanding services, adding new residential units and restoring historic properties.
WHAT’S THE NEXT STEP?
Are you ready to open a business in Downtown Elgin? If you’ve done your homework, have a business plan with financial backing and the passion to succeed in an ever-changing business world, you’re ready for the next step!
If you’re still in the “I have a great idea” stage and need more guidance to build out a complete business plan, take advantage of the free resources available from the Illinois Small Business Development Center or Fox Valley SCORE.
DNA will be happy to provide guidance for whatever stage of the process you are in. We are here to help answer your questions related to city permits and licenses, and can help you pinpoint the ideal commercial space for your business in Downtown Elgin. Complete the form at the bottom of this page to request a phone consultation with Team DNA.
YOUR TO-DO LIST …
#1 – CREATE YOUR PLAN
Creating a solid business plan is your first step to opening a successful business. There are a variety of free resources available to help you along the way. Check out Fox Valley SCORE. This local network of expert business mentors is dedicated to helping small businesses get off the ground, grow and achieve their goals. The Fox Valley chapter offers free business resources and mentoring plus low cost workshops and educational opportunities. Another great resource is the Illinois Small Business Development Center at Elgin Community College. The IL SBDC offers counseling services at no cost to help small businesses succeed. Entrepreneurs and small business owners can obtain advice in management, marketing, finance, and operations.
#2 – LEARN MORE ABOUT ELGIN – A CITY OF CHOICE
There are many reasons Elgin is a City of Choice for residents and business owners alike. Elgin proudly distinguishes itself from its neighbors as an approachable, progressive city anchored in its resilient history and strong, diverse community. The Elgin community strives towards an even brighter future.
#3 EXPLORE DNA SERVICES – IT’S YOUR CITY. IT’S YOUR DNA.
The Downtown Neighborhood Association provides support services to all businesses, organizations, property owners and residents located within the Downtown Elgin district. Complimentary services are also available to perspective business clients actively working with DNA to pursue a downtown location. Complete the form at the bottom of this page to request a consultation with Team DNA.
#4 – RESEARCH CITY LICENSES & PERMIT REQUIREMENTS
How do you know what permits and licenses you need? Visit the City of Elgin website for details related to City of Elgin licenses and permits including links to applications appropriate for your business type. If you have any additional questions specific to city permits please call the DNA office at 847-488-1456. Knowing the ins and outs of city requirements for downtown business is our specialty!
#5 – SEARCH AVAILABLE PROPERTIES
Commercial properties are available for a wide variety of business uses. Small business, retail spaces, restaurants and more. Often times the DNA is aware of additional available spaces, or those that will soon become available but are not yet publicly listed. Contact information for available spaces is listed in the individual property listing. If you don’t see an ideal property contact the DNA at 847-488-1456.
Let’s Get Started on Your Future in Downtown Elgin!
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