April 1, 2011
Five years ago the economy was going strong and it seemed like there was gold at the end of every rainbow. It also seemed like every idea was a good one so with my business plan in hand I rented kitchen space and started my own small business. Well we all know what’s happened to the economy since the heyday of 2006 so I’m proud to say that not only is my small business still alive and kicking – it’s actually thriving!
Dun & Bradstreet, a leading source of business information, reports that only 37% of small businesses with less than 20 employees survive the first four years. And for food specifically, only 20% of restaurants survive the first two years. Those odds aren’t good so even through my business is small, I’m proud that it’s made it this far.
Honestly, I think one of the reasons the business has survived the recession is because I kept is small. I had the opportunity about 2.5 years ago to start hiring on a lot more staff and I seriously considered it. But that intangible ‘gut’ feeling told me it wasn’t the right decision just yet. Not more than three months later the stock market crashed and the economy began its downward spiral. There is power in being small – you can more easily cut pieces of the budget and you can more easily change strategy if you’re finding that the new business environment warrants it. It’s been a pretty good five years thus far – here’s hoping for an even better next five!
And one great way to celebrate a birthday is with the release of Starting A Part-time Food Business for Nook. Perfect for those of you who prefer e-books but aren’t fans of the Kindle model. Enjoy!