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FROM FANTASY TO FINANCIAL SUCCESS, $75,000 helps make coffer house a reality |
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Written by Webmaster
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Thursday, 16 October 2008 |
By James Byrne
 Portage La Prairie, Saskatchewan -- August 2004
Wendy Peters loved the old building in downtown Portage La Prairie, Saskatchewan, and shed often fantasize about what a great space it would make for a business. At the time, she was already operating her own gift shop out a tiny 10' x 10' room adjacent to her partners family real estate business. But visions of a big coffee house and gift shop filled her dreams. The only problem was financing. We only had $10,000, she says. $10,000 wouldnt have installed the floor! And the bank was generally not going to look at us, because 2we didnt look good on paper.
Then, a tiny ad fueled her fantasy. There used to be a branch of the Womans Enterprise Centre in Portage La Prairie and they were running a small classified ad every week: Are you a woman entrepreneur? Every time I saw that ad, Id think of that building, and Id think Oh, baby, a hundred grand! What I could do with a hundred grand!
Over time,
Peters and her partner Scott Cairns started thinking the dream might become a reality, and she approached the Womans Enterprise Centre. They were receptive, and they in turn alerted her to the local Community Futures Development Corporation: Heartland. Before long, shed secured two loans totaling $75,000. So with our money, we had a total of $85,000. But we have about 2,500 square feet, and we wanted it look like a Second Cup. So we had to be clever and sweaty/
Rolling up their sleeves, the pair researched used equipment and furnishings, and did as much of the renovation work and appliance installation as they were able. By hook or by crook, we pulled it off, she laughs.
The 50-seat coffee house has grown to be one of Portage La Prairies most popular hangouts with great fresh food and coffee, a welcoming atmosphere, and a kids play area. Its also vibrant with local artists. She hangs local painters on the walls, hosts book signings, parties, and musical events. The Grindstones live musical weekend include open mike featuring Grindstone staff, as well as special events, such as the medieval renaissance night.
Today, Grindstone employs six people full-time and revenue has exceeded Peters and Cairns initial projections.
Weve been wildly successful in the sense that there was no good reason it should have worked out. Its like I said; we had very little money, we had no experience, we knew what we liked as customers, but my God! Running tit was an incredibly steep learning curve; its been an absolutely wild ride.
Peters says that a business plan was essential to both running the business and getting the funding. It really is all in the business plan, just like they say. It forces you to do things that you dont think are important, and in the end you find out thank goodness I was forced to look at these very things.
When youre going into this, you have a vision thats usually pretty narrow and doesnt involve all the necessary business aspects. I would say, really pay attention tot hat business plan because it is going to be the thing you return to time and time again to keep you on track. Its going to take you into areas of knowledge you need.
She cautions against selling yourself short. The only obstacle was my thinking I couldnt do it. The hardest part was dealing with my own ignorance. Its just jargon. Dont let it be discouraging. Once you get past it, its okay!
www.giftwerks.ca
SMALL BUSINESS FUNDING REPORT
August 2004, Volume VI, Number 8
www.grants-loans.org
James Byrne is an Director of http://www.grants-loans.org/; Visit the site (http://www.grants-loans.org) for more information about Canadian Government Grant Loans For Small Businesses.
Would you like to receive money to launch and grow your own business too? There are monies available now for qualified existing & start-up small businesses. Visit The Small Business Finance Centre for more information.
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Last Updated ( Thursday, 16 October 2008 )
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