Congratulations to Small Business Owners – Cowichan Valley Citizen
Statistics show that about 21 percent of small businesses will fail in their first year.
But it gets worse because statistics show that about 30 percent will fail in their second year, 50 percent in their fifth year, and 70 percent in their 10th year.
In fact, if the statistics are to be believed, only 25 percent of small businesses make it 15 years or older.
These are quite frightening numbers for people who dream of becoming their own bosses and running their own businesses; take all the risks and responsibilities and put everything on the line in their efforts to become successful entrepreneurs.
Yet many take the plunge and I greatly admire their spirit and ambition, whether they succeed or fail.
I have been fortunate to meet many awesome small business owners in the Cowichan Valley while writing for my weekly Business Notes column which is published in the journal every Thursday.
Although they come from different backgrounds and run businesses ranging from auto repair shops to restaurants, they all have the same drive to be successful and are ready to do whatever it takes to achieve that goal.
I remember Elly Ruge, the former owner of Cowichan Auto Repair and a woman working in an industry long dominated by men, who put so much emphasis on teaching women basic mechanical repairs to their vehicles.
Ruge ran a variety of women’s auto workshops at her store for years before selling the business earlier this year and moving on to other challenges.
Ruge’s dedication to educating women on the basics of car repair and maintenance earned her and CAR a coveted automotive communication award in 2017 at the âWomen inâ awards ceremony. Auto Care âin Las Vegas.
Then there’s Tierra Lynn, the new owner of Duncan’s Cardino Shoes who won in the âBest Shoe Storeâ category in this year’s Best of the Valley competition, which I just met.
She told me that she and her husband decided to take their chances and buy the store amid the COVID-19 pandemic.
Their bet could have easily failed, as so many small businesses have done during the ongoing pandemic, likely leaving the family in financial mess.
But, not only has it been a success so far in the short time they own it, the couple doubled down and opened a second Cardino Shoes in Langford this month.
From what I understand, it has become a welcome and popular addition to downtown Westshore.
One of my favorite new business owners in the Valley is Nick Mravunac, a young man in his twenties who is known as The Wiseguy in hip-hop circles and operates a music studio in Duncan.
With his long hair and T-shirts, Mravunac doesn’t really look like a typical budding entrepreneur, but make no mistake about it.
When a small space became available at 51 Trunk Rd. This summer, Mravunac saw the opportunity to open a niche store, called The Capsule, which offers an assortment of snacks and soft drinks, like Peanut Butter Captain Crunch. and Chubby Soda, which are hard to come by in Canada, as well as vintage clothing and souvenir posters and toys.
From what I understand, there has been a lot of interest in the store and I hope it will be successful.
Small businesses are the backbone of the Canadian economy and it is bold and adventurous entrepreneurs like these who help keep the national and local economy running.
While I’m sure they must be aware of these scary statistics I mentioned at the start of this column, they have enough confidence in themselves and their business ideas to take a risk and move on. with them.
For this they are to be commended.