We have seen a couple articles in Canada and now this one in the Seattle Times about those who are opening/succeeding during a rocky economic climate.
I feel that we will see some retailers fail during these times, but it also can open some doors for the intelligent and creative business owner who truly understands their market. Financing is difficult to acquire these days, but for those who may have the means, there are also some aspects to take advantage of. Negotiating a lease should be much easier these days, that may also go for your equipment, consumable products, etc.
It may also be a good time to look at businesses for sale, or locations that may be available in your desired area. You do not want to buy someone else's mistakes/failing business, so always remember that you will be building your own brand, ambiance, etc. (Which will involve much more than a "purchase price".)
Barista magazine also wrote a short blog on this article with their thoughts ... its encouraging to see people opening business, and my only advice it that today, one must do everything right the first time. In fact a good friend, Billy Wilson just opened a new place here in Portland last week.
Am interested to hear from anyone out there who is in the process of opening, or considering opening a new business.
- Matt
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