Local business overcoming the odds
Although small business is the driving factor in the economy, many small businesses do not survive longer than a few years.
Out of all small businesses that enter the market, only 70 per cent last longer than two years and only 51 per cent will last longer than five years according to startupcan.ca
Craft Heads Brewing Company is a local business that has found and maintained success as they just celebrated their second birthday on the weekend of Feb. 24.
Located in downtown Windsor, Craft Heads was founded by two homebrewers who followed their passion and started their own brewery. Craft Heads has managed to find success with their combination of craft beer and specialty coffees.
“Some say luck [but] I think luck is when opportunity meets preparation,” said Bryan Datok, co-owner of Craft Heads. “Not owning a small business or working in a bar prior to this, we tried to be as prepared as possible.”
Although prepared, they said their true success comes from the passion they have for the craft.
“This is what we love to do and people appreciate that [we] are pursuing our dreams and passions.” said Datok.
Not everything always goes according to plan when it comes to small businesses, there are many different reasons a startup could fail. According to an article posted on fortune.com, some of the common reasons startups fail include running out of cash, a lack of passion, or simply because the owners burned out too quickly.
Brothers Jacob and David Dunn became two of the youngest business owners when they purchased Riveria Pizza back in 2015. Riveria Pizza has been in business since 1987 and the brothers will be celebrating their second birthday as owners this year.
“It takes a really good work ethic to run a business,” said Jacob. “You just need to be motivated and be willing to work long hours to ensure that your business is running the way you want it to.”
Small business is a critical part Ontario’s economic strength and accounts for over 28 per cent of GDP in Ontario and over 30 per cent nationwide.
Small businesses may not be big box stores, but they have just as large of an impact on the success of the economy.