Small-business owners quickly realize the tremendous devotion that's required just to keep the lights on. Elizabeth Daniels is no exception.
Daniels opened a Portland home-décor store in May that mostly sells furniture "reinvented" by local artists, along with smaller items like gift cards and hand lotions. Between scouting new products, meeting vendors, placing ads, restocking inventory, networking and just minding the store, she has little time for anything else.
"I have forgone any hint of personal life," says Daniels, 35. "I have sacrificed everything — my finances, my time, my energy, my friendships and relationships — to try and make this work."
So far, customers rave about her store, called Ease. But like an acclaimed yet obscure arthouse film, she laments, "I've got great reviews, but nobody's buying."
Opening a retail store is a scary proposition anytime. Doing so in a downturned economy can be downright terrifying. Mercy Corps' U.S. economic-development arm is helping vulnerable businesses like Daniels' weather the storm.
In the last 10 years, Mercy Corps and our microfinance partners have disbursed more than $1 billion in loans to more than 1 million hardworking entrepreneurs around the world — including many here in the U.S. After Hurricane Katrina, we awarded loans and grants to dozens of New Orleans businesses to help them restock and reopen.
Each year, our Portland-area microlender, Mercy Corps Northwest, assists dozens of low-income borrowers— mostly women and new immigrants — realize their business dreams. Our matched-savings programs, financial literacy classes and business advice help hundreds more.
Daniels needed a loan to pursue her interests in design and décor after working for the federal government for 13 years. "Mercy Corps was my first and last stop," Daniels says. With no retail experience and no steady income, she says, "I wouldn't have been able to get into this any other way."
Mercy Corps loan officers helped her fine-tune her business plan, gather more detailed market research, and access other valuable resources, such as a retired accountant — all crucial to her success. They also extended a $15,000 loan to fund part of Daniels' start-up costs, including retail inventory, exterior signage and installation of an HVAC system. Daniels invested another $10,000 of her own money to cover remaining expenses before opening her doors.
The storefront she chose sits along an up-and-coming retail stretch a few blocks from her childhood home. Other new arrivals include a motorcycle-repair shop, a piercing studio, a wine bar-and-nursery and a wellness center. "It really seemed like the place to be," she says.
And it was — at first. Sales over the first three months exceeded her expectations. Then in August gas climbed to $4 a gallon, Daniels says, and things came to a "screeching halt." The economic outlook hasn't brightened since. "My sales have dropped by 75 percent from May."
She says Mercy Corps continues to offer its support, most recently by introducing her to a retail-marketing expert and a group of young people willing to build a low-cost website. She's also been encouraged to make use of other local resources, and is working with nearby retailers — most of whom are struggling, too — to put on events and promote the district's new identity, "West Tabor Village."
If things don't turn around, she'll consider trying to sell directly to design firms, representing some of her artist clients to East Coast galleries hungry for West Coast art, and opening her retail space only on Saturdays.
Daniels had hoped to bring fresh ideas in color, design and style to her neighborhood, sharing and promoting local talent. "I can only hope that I have succeeded, if only for a short while," says Daniels. "If now is not the time, I hope to be able to work with Mercy Corps in the future and rebuild my dream."
Your support gives us the resources to help entrepreneurs — including immigrants and low-income families — get the training and opportunities they need to keep their businesses open.
Daniels opened a Portland home-décor store in May that mostly sells furniture "reinvented" by local artists, along with smaller items like gift cards and hand lotions. Between scouting new products, meeting vendors, placing ads, restocking inventory, networking and just minding the store, she has little time for anything else.
"I have forgone any hint of personal life," says Daniels, 35. "I have sacrificed everything — my finances, my time, my energy, my friendships and relationships — to try and make this work."
So far, customers rave about her store, called Ease. But like an acclaimed yet obscure arthouse film, she laments, "I've got great reviews, but nobody's buying."
Opening a retail store is a scary proposition anytime. Doing so in a downturned economy can be downright terrifying. Mercy Corps' U.S. economic-development arm is helping vulnerable businesses like Daniels' weather the storm.
In the last 10 years, Mercy Corps and our microfinance partners have disbursed more than $1 billion in loans to more than 1 million hardworking entrepreneurs around the world — including many here in the U.S. After Hurricane Katrina, we awarded loans and grants to dozens of New Orleans businesses to help them restock and reopen.
Each year, our Portland-area microlender, Mercy Corps Northwest, assists dozens of low-income borrowers— mostly women and new immigrants — realize their business dreams. Our matched-savings programs, financial literacy classes and business advice help hundreds more.
Daniels needed a loan to pursue her interests in design and décor after working for the federal government for 13 years. "Mercy Corps was my first and last stop," Daniels says. With no retail experience and no steady income, she says, "I wouldn't have been able to get into this any other way."
Mercy Corps loan officers helped her fine-tune her business plan, gather more detailed market research, and access other valuable resources, such as a retired accountant — all crucial to her success. They also extended a $15,000 loan to fund part of Daniels' start-up costs, including retail inventory, exterior signage and installation of an HVAC system. Daniels invested another $10,000 of her own money to cover remaining expenses before opening her doors.
The storefront she chose sits along an up-and-coming retail stretch a few blocks from her childhood home. Other new arrivals include a motorcycle-repair shop, a piercing studio, a wine bar-and-nursery and a wellness center. "It really seemed like the place to be," she says.
And it was — at first. Sales over the first three months exceeded her expectations. Then in August gas climbed to $4 a gallon, Daniels says, and things came to a "screeching halt." The economic outlook hasn't brightened since. "My sales have dropped by 75 percent from May."
She says Mercy Corps continues to offer its support, most recently by introducing her to a retail-marketing expert and a group of young people willing to build a low-cost website. She's also been encouraged to make use of other local resources, and is working with nearby retailers — most of whom are struggling, too — to put on events and promote the district's new identity, "West Tabor Village."
If things don't turn around, she'll consider trying to sell directly to design firms, representing some of her artist clients to East Coast galleries hungry for West Coast art, and opening her retail space only on Saturdays.
Daniels had hoped to bring fresh ideas in color, design and style to her neighborhood, sharing and promoting local talent. "I can only hope that I have succeeded, if only for a short while," says Daniels. "If now is not the time, I hope to be able to work with Mercy Corps in the future and rebuild my dream."
Your support gives us the resources to help entrepreneurs — including immigrants and low-income families — get the training and opportunities they need to keep their businesses open.
No comments:
Post a Comment