No matter your political affiliation, as a business owner, you want to know how the upcoming elections will impact your business. The focus of this concern, however, is a little smaller than you might have first suspected.
Your locally elected officials create the greatest impact on how well your business fares in the future ahead. Here’s how:
When the city chooses to increase property taxes, homeowners can start to put off long overdue home improvements. Additional taxes on the services that you offer can also force you to increase your service charge. This creates a downward shift for your supply curve, creating a lower amount of potential customers willing to pay the higher price.
Zoning and Permitting
In any community, there are rules regarding where homes and businesses can be located. When new officials are elected to office in your local city council or county, zoning and permit processes can change and be amended. Staying on top of your local community’s permit and zoning proposals can allow you to know when a change could affect your business opportunities. Most proposals commonly have an opportunity for public hearing in which you can participate.
Keeping a property in reasonable repair can vary state to state, and even city to city. When local legislation pass additional rules for landlords and commercial property owners, it can mean a short term increase in business for you. This can also create a long term shortage in rental properties if commercial property owners cannot afford the cost of maintenance. Being aware of commercial property repair regulations can help you meet the needs of future customers.
Election Season & Your Marketing
In an election year, businesses can expect advertising costs to increase. Adwords (particularly, YouTube), Facebook ads, and especially TV ad costs go up due to the increased competition for politicians buying ad space. Businesses also have to be more mindful about their advertising as consumers are being bombarded everywhere they go with political advertisements.
Many times during these busy advertising seasons, consumers tend to just tune it all out — therefore things like organic search become even MORE important because businesses need to be there when people are specifically searching for their product or service.
Other Current Factors Impacting Business
In a recent survey completed by FreddieMac, 40% of baby boomers believe they will move to a new home one more time in their life. With the 55+ years of age community holding $8 trillion of the current U.S. home equity, roofing contractors should perk up their ears. A reported 23% say that in order to remain in their current location, a major home renovation project would be required. This comes to about $1.84 trillion in major home improvements, leaving your future roofing opportunities very promising.
Low Income Loans & Grants
Concerns are rising for low income homeowners to have affordable access to repair options and affordable living. USDA and other governmental agencies are offering loan and grant options that make home repairs and improvements affordable. These financing options vary by U.S. location. Other loans and grants are available for veterans and other specific demographic groups. Partnering with these programs can allow your business future growth opportunities.
Looking to to grow your business this political season? Connect with Art Unlimited to learn more about increasing your organic search ranking.