New Businesses Struggle in Tough Economic Conditions

For any business starting out, a lot has to take place, including market research, writing a business plan, gathering resources and access to capital.

The Cary’s Corner Shopping Center has seen businesses come and go.

opened earlier this year, along with , which has now closed.

“I think with the case of the pool hall, that was a great idea but the business plan wasn’t sustainable because they were targeting a young audience with discretionary income, which is really challenging right now,” Mayor Tom Kierna said.

Kierna said he doesn’t have details on what the Rack &Roll business plan was but said the economic environment is tough on new businesses.

“It’s harder to get established because you don’t have that repeat business going on, ”the Mayor said. “Whereas established businesses have repeat customers and they’re able to sustain themselves through tough patches.”

Suzanne Corr, executive director of the , said she sees common mistakes and reasons why new businesses don’t survive.

Corr said businesses need to have an appropriate business plan, resources to survive the first couple of years, be accommodating to the community and conduct market research of what what’s going to fit in a certain market area.

“Businesses should take advantage of all the benefits at the chamber because there is a lot of opportunity to get out in front of the community to sell and pitch your product, she said.

The Cary-Grove Chamber of Commerce provides exposure, networking and development opportunities for businesses.

If someone is starting a business, Corr recommends getting involved early on with the chamber and the Shah Center, in which they provide business counseling, help with developing a business plan and obtaining funding.

Cary Trustee Bruce Kaplan wants to see the economic development committee get "fired" up.

Bringing back the economic development committee was discussed in July with the efforts to look for ideas to bring more business to Cary.

“I’d like to see members from the community come serve on that committee,” Kaplan said.

Kaplan hopes the commission can pursue new business opportunities for Cary.

When asked about what businesses Cary residents would like to see, Kierna replied, "people want to see more restaurants, more variety in the community."

"We work everyday to try to bring in those types of opportunities." Kierna said.