Advice to
New Business
In reflecting upon the merits
of running her own business, Mo admits that she puts in many
hours but she enjoys not having to answer to anyone. "There
were many times in the beginning that I had to fire my paycheck
back into the company just to keep it going. But now there
are times when there are benefits for me."
One big lesson that Mo learned the hard way is that it is
best to avoid having a business partner. "My piece of
advice for anybody that wants to start a business is, ‘If
you can, do it on your own.’ My first partner and I were really
good friends before we went into business together."
Mo has purchased an existing business and has started a new
business. She says, "I think the best challenge is starting
a business up from scratch. You have to have confidence in
your idea, which you get if you think about it for a long
time. A lot of people get an idea and they jump on the idea
rather than waiting a while and thinking it out. If I was
going to start a business, I would probably think about the
area and think about what was lacking in the area rather than
doing something that somebody else was doing already. There’s
always more of a challenge to do something that you feel is
a benefit or would be a good thing to have in the town."
She has had tough times in her business. "I figure the
fire probably put me back two years. But it is worth hanging
in there. I had to go with the loan officer from the bank
a month ago and point out my properties to her. That outing
reminded me of what I do have."
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Summary and Conclusions
Moira Grant has persevered through
a number of major and minor setbacks, from her business being
completely destroyed by fire to the breakup of several partnerships.
She has made Inuvik her home and enjoys the challenge and
the lifestyle that she earns from operating her own businesses.
She sets goals for herself, such as purchasing property or
coming up with an idea for a new product or service, and she
puts in hard work to accomplish her goals.
Mac’s News has an established reputation and provides one-of-a-kind
services and product lines to the community. Same-day service
for newspapers is provided by air express, and a considerable
variety of magazines are available. Fresh-cut flowers are
available, and a selection of gifts is popular with tourists
and local residents.
Mo’s other businesses are Road’s End Deli and Midnight Express
Tours. These businesses introduced a new service in Inuvik.
The investment in the deli began as a partnership, but soon
Mo will be the sole owner, once she completes a buy-out. Midnight
Express Tours provides an outlet for Mo to enjoy her boating
hobby and earn money at the same time.
The major problem is staffing her businesses. Mo finds that
her more successful employees come from the south and are
hard working. She finds it difficult to delegate any of her
responsibilities to her employees because she considers herself
a worker and not a manager. The success she has earned through
her businesses is a result of her hard work, perseverance,
and personal service for her customers.
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She offers a good mix of products
that get her customers into the store on a regular basis.
She has a good reputation that has grown over the years.
She provides an essential service to the community through
Mac’s News.
Eventually, Mo plans to sell Mac’s News and the deli. She
would like to build a marina to serve boat owners and fishing
expeditions. This project would nicely enhance Midnight
Express Tours, which would be expanded. She would also like
to have a museum as part of her tourist attraction.
Her business experience has revealed the problems with partnerships
and her advice is to start a business without anyone else’s
participation, except as a silent investor. She recommends
that effort be put into planning for a new business that
will bring a needed service to a community and not duplicate
an existing business. Competition need not be tough but
can benefit all concerned parties.
Postscript-1990
The summer went well for Mac’s
News. Mo left a very good employee in charge and was able
to take some time off for the first time since opening her
business. She hired someone to operate Midnight Express
Tours but that did not work out as well. She sold the deli
in October to the people who had been operating the business
a few months before the purchase. This is an excellent way
for prospective buyers to evaluate a business for no cost.
Several local buyers are interested in purchasing Mac’s
News.
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