If you’ve ever been to Venice Beach, there’s one thing you’ll notice—and no, it’s not the bodybuilders flexing their muscles under the sun or the street performers that add an extra layer of vibrancy to the community with their displays.
It’s the businesses—from small stalls with handcrafted jewelry to independent fashion brands and tech startups, Venice Beach is packed full of SMEs.
At first, I thought tourism was the main reason businesses blossomed in the area. But the more I visited, the more I realized that Venice Beach SMEs weren’t relying on tourists to thrive.
Sure, the hundreds of people that come to the community to surf, explore the beach, and see the iconic boardwalk mean profits for the stalls and brands around.
However, beyond this factor, Venice Beach businesses leverage a few strategies that contribute to their success. Local business owners, whether in New York or Arkansas, can learn a thing or two from these brands. In this blog post, we explore vital strategies that help Venice Beach SMEs thrive and how other local brands can adopt them for success:
- Risk Management is Critical for Success
Venice Beach businesses face unique threats—like any brand in any location across the globe. Homeless tent fires were a common problem in the area before the Inside Safe program by LA Mayor Karen Bass worked to get the homeless off the streets.
However, even with the encampments gone, the community still suffers from crimes like burglaries, arson, and larceny.
These crimes threaten businesses in the area, often leading to property damage and massive financial losses. To survive the hostile environment, Venice Beach businesses opt for one solution: business insurance.
By investing in an insurance policy, SMEs in Venice Beach safeguard themselves from the threats they face daily. As such, they can get back on their feet quickly when disaster strikes.
As a small business owner, you can learn some lessons from this. Rather than leave your business unprotected from the unexpected, it’s critical to get a small business insurance quote early to prevent occurrences that can lead to massive financial losses and cripple the brand.
- Give Back to Locals and the Community
Local brands must see themselves as part of their communities. So, beyond making profits, they must find ways to support residents and give back to the neighborhood.
That’s one standout feature of Venice Beach SMEs. These brands contribute to community well-being through a wide range of initiatives. One example is Aviator Nation, a local clothing brand owned by Paige Mycoskie.
Before the pandemic lockdown, Paige launched a 24-hour discount sale, offering 20% off all products, with profits from the sale going toward paying the company’s 300 employees. This move led to a major boost in the brand’s popularity in Venice Beach. Why? Because it positioned Aviator Nation as a company that prioritizes the well-being of its staff.
The takeaway? Invest in community support as a local business owner to earn trust and loyalty.
- Adaptability and Thriving in the Midst of Challenges
Businesses go through tough times, but thriving brands know how to adapt quickly and find opportunities in the face of challenges. Take the case of Venice Beach clothing store owner Jared Ingold, for instance.
Jared’s store had experienced multiple instances of theft, but he turned a recent occurrence into an opportunity to launch a new clothing line. The Wanted line, as he famously calls it, includes items like sweatshirts, T-shirts, and shorts.
Locals have fallen in love with the new collection so much that Jared is set to launch a game for customers who buy from the store. And all this success came from an incident of theft.
For SMEs, this story is a reminder that even the toughest days in business hold opportunities to transform fortunes if we can only switch perspectives and remain resilient.
Conclusion
It’s easy to attribute the success of Venice Beach SMEs to tourist visitations in the community. However, a closer look shows that’s only one side of the story. A proactive approach to risk management, community support initiatives, and the ability to find opportunities during tough times are critical traits that set these brands up to thrive. Other local business owners can also adopt these strategies to turn their businesses into success stories across their different neighborhoods.
