KENNEWICK, Wash. – According to a report from Lending Tree, Washington State is the nation’s top state for small business failures. 40.8 percent of small businesses fail in the first year compared to the national average of just over 23.2 percent.
One small business owner said those numbers are heartbreaking–saying it’s hard to be a small business owner in Washington.
Kara Vogt, the owner of the Village Bistro in Kennewick, said because of the wage increase, she’s had to make adjustments to some of her menu items. That being said, Vogt said the restaurant has actually seen an increase in its profits this year, starting the year stronger than the year before. She says that as small business owners, marketing is the key to success.
“People don’t know you’re there if they don’t know you’re there,” Vogt said. “So, it’s up to you to tell them you’re here. Then to perform so they do come and want to be back.”
Vogt says she sets aside a budget for marketing purposes alone—something she says is the top priority. She markets through multiple different avenues. Vogt said she hired someone to take over her social media, making sure to post at least three times a week.Vogt says she wants to ensure the name and the brand is seen everywhere.
According to Forbes, some tips for small business owners are to:
Separate personal and business financesCome up with a comprehensive business budgetMonitor cash flow regularlyThink about investing in professional financial guidanceSpeak with trusted professionals to plan strategically
According to Vogt, the restaurant is doing better in the first four months of this year than last. She said she’s still determining if the increase will stay but hopes it will remain steady. Vogt said understanding your target demographic is a huge part of waiting not only in business but also thriving.
“You need to know who they are and spend time learning about that demographic,” Vogt said. “A lot of our customer base is people who’ve retired or are active in the business community.”
Vogt tells me her target demographic is retired folks and people in the business community.
Vogt said something that works well for her is establishing relationships with customers so they return.
According to Vogt, It’s hard to be a small business owner, But one thing that helps her is making the customer feel like family. She wants to make sure you’re taken care of. She says building relationships around the community is a big reason she’s been successful.
