A little planning can go a long way.
Read more: Local, Business, Economy, Rubiyat, Marquette, Entrepreneur, Proprietor, Lake Superior Community Partnership
MARQUETTE -- In a tight economy, you wouldn't think that now would be the best time to embark on a small business venture, but if you make a solid plan, experts say you can.
Aza Wolfcale is the owner of the Mediterranean food hot spot, Rubiyat, in downtown Marquette. It appears that her hard work as a proprietor has paid off.
"It's been wonderful," said Aza. "Marquette has just welcomed us. I've got very loyal patrons and customers."
Wolfcale, who opened her doors last April, is one of many who attempt to start a small business annually, but she is one of the few entrepreneurs who've succeeded, particularly in this economy.
While economic planners say 50 percent of community businesses fail within their first year, the Lake Superior Community Partnership says a little bit of economic planning can go a long way.
Vice president Lois Ellis says proprietors need more than just skill and passion to stay open. "There's so many variables and often people get caught up in the product or service, the idea part of it that they have the particular skills for and perhaps don't pay attention as much to some of the financing."
Ellis recommends that small business owners pick up a copy of the Michigan guide to starting a small business at the partnership. The booklet includes helpful features like a business start-up checklist, and how to finance a business, a task that Wolfcale did not take lightly when she cut corners to save money.
"We decided we could do without some things that we thought were absolutely necessary," she said.
But why open a business in such a starving economy? Wolfcale explains that she wanted to take a chance.
"Even if we have to close, you know, it's going to close, it's not going to be life or death. I didn't want to not do something because we were afraid of it."
So fear not, aspiring proprietors. With a tight grip on your budget, it's still possible to open the small business of your dreams.
