Nobody said that owning a business would be easy. Plenty of us venture into the world of business building with nothing in mind but ambition and passion. Now, nobody is saying that having passion for your business isn’t one of the main elements of business ownership that will lead to success, but sometimes passion simply isn’t enough to ensure the success of a business.
For anyone that has had the displeasure of studying or being exposed to the world of business, you will know just how complicated it is. There are numbers to crunch, stock to take note of and staff to employ. Though starting a business may seem exciting on paper, it is actually an extremely complicated challenge to set yourself, after all, there is no guarantee that your business will run as smoothly as you may like.
For all of these reasons, it is no wonder why more than half of new businesses fail in their first quarter. Some business owners may notice that their businesses aren’t the success that they had first imagined they would be, while others find realize much too late and unfortunately have to deal with what all business owners dread- bankruptcy.
Bankruptcy is arguably the worst thing that could happen to a business, as it means the business has lost all of the funds that it requires to be fully operational. Without these funds, the owner may be unable to pay their bills and their staff, which means that they are required to shut up shop and fire their trusted employees.
A small business known as ‘Your Local Deli’ is one of the many businesses that has had to face the prospect of having to close due to bankruptcy. However, unlike many businesses out there, the Deli was able to survive the threat of bankruptcy. But how exactly did they manage it?
Your Local Deli was the creation of Emily Baker, who is a culinary student from Edmonton. Opening her own deli had always been Emily’s goal in life, so when she had finally completed culinary school, she took out a small bank loan and set forward to pursue her dream of being a business owner.
Your Local Deli was no new concept to Emily, in fact, it was a business model that she had been thinking up since she was a young girl. Emily’s father owned his own restaurant, which meant that Emily was constantly exposed to the world of culinary excellence. As she aged, Emily became more and more involved in her father’s business. Starting off as a waitress, she became extremely popular in her local area for her excellent hospitality and fast responses.
It wasn’t until her father experienced a staff shortage in the kitchen that Emily really discovered her love for making food. Emily was asked to take the place of a line chef and it was immediately obvious that she had the family gift of cooking. Once her father noticed this, he immediately taught her all that he knew.
Opening the business
When Emily was 24, she finally opened the business of her dreams. Though she was experienced in the world of cooking, she had absolutely no business experience. Because of this fact, her costs slowly started to outweigh her profit and the finances for the deli started to dwindle. Emily was at a loss and on the brink of bankruptcy until she had a genius idea.
She realized that the model that she had in place for her current business wasn’t working. She had also noticed that her premises were not up to the standard of other local delis. With this in mind and her last few dollars, she decided to completely redo her facility.
The first thing she did was deep clean the building, they used a cleaning company in Edmonton for this, which gave her a blank canvas to really do what she wanted to do. She based her new business on the business that her father had owned, which had gained many fans over the years. Bringing this back to Edmonton gained the attention of some of these fans and they all flocked back to the restaurant to get a taste of the dishes that they once loved.