Starting A Business In A Tough Economy
CHARLOTE, N.C. - While some businesses are just trying to survive in a down economy, others are taking a gamble and starting a new business.
Virtue Salon + Spa co-owners Xhenis Levack and Jake Watson handpicked Charlotte as the place to open their new business after working together in Detroit.
"When people say ‘oh the economy is so terrible here’, I almost kind of start giggling because of where we came from," says Levack.
Watson agrees. “Coming from Michigan things weren't looking up necessarily there so it was easy to take a risk at that point.”
Xhenis fell in love with Charlotte on a visit with her husband a few years ago and saw opportunity in the queen city. "The economy in Charlotte is much better than everywhere else."
Small businesses are an important part of Charlotte's economic growth and future health. Of 25,600 charlotte based companies, nearly 24,000 of them have fewer than 50 employees. Another almost 1,700 have between 50 and 500 employees and only 102 have more than 500 employees.
Christopher Wysocki opened Yarnhouse, a No-Da knitting store in September with friend Robert Fulbright. "I decided if I'm going to wake up and do something that I want to do I'd much rather be knitting as opposed to working in the banking industry."
Finding a bank to help them with capital was tough.
"It was a pretty crazy time trying to get the money together. After that it was pretty much smooth sailing. I had a lot of friends and family that were able to come in and support us and help us and help build all the shelves and get everything tagged and inventoried."
These business owners say if you have a solid business plan, don't let the downturn stop you. They believe Charlotte is the best place to start and run a business.