Many Port Angeles businesses are struggling to survive, and many have already closed their doors or moved. I interviewed one business owner who had a business in the central downtown district of Port Angeles. Business was so slow she moved her business to Sequim. It’s hard to know how many businesses have called it quits in this recession, but the number is big, even for a small town. Driving around town one can see For Rent signs in many store fronts. One local business owner told me there were 70 to 80 empty retail spaces in Port Angeles.
Some commercial buildings, like this one on Lincoln Street in Port Angeles, which boasted “Espresso Soup & Sandwiches” has been closed for a long time. The building is now owned by the City of Port Angeles and remains almost entirely empty. Of course, buildings like this are likely to remain empty for a while, because most entrepreneurs are not likely to start a risky business in a recession. Restaurants of all businesses are in the category near the highest risk, because they are most likely to fail within the first year. The most recent restaurant to fail in the area was the Sauer Kraut in Sequim.
Retirees who want to continue working for themselves would be well advised to start a business that is not capital intensive and which has a higher probability of success. An old rule, which I think has great merit, is to stick with what you know and what you are passionate about. But I think another wise approach for any retiree who wants to be in business here is to limit risk by the business you choose, and make sure the downside is not going to financially wipe you out. This is not the time to take great risk.
As with every economic cycle, there are opportunities, and I believe that even in this recession there are grand opportunities for creative and intelligent entrepreneurs to make money and have a great time doing it. So, what is your passion? How are you going to find your niche?
Last Updated on July 27, 2012 by Chuck Marunde