The Globe And Mail writes on Toronto entrepreneur Rob Bateman, who recently decided to risk everything by moving his small, but successful, bike repair business from a tiny downtown location to a much larger—and much more expensive—storefront.
"'It was a difficult decision,' Mr. Bateman said during an interview in the newly renovated bicycle store that opened last month. "I was confident, things were going really well and there was growth every year, but the business was getting stagnant.'"
"A key consideration for Mr. Bateman was whether having a larger business was a better situation than continuing to operate as a small but profitable and steadily growing entity."
"Financing was also an issue, given the money needed to take over the lease and buy the inventory. After considering bank loans, Mr. Bateman financed the deal using his own capital and a loan from his mother."
"Rather than close the original location, Mr. Bateman plans to keep it open to handle small repairs and sell refurbished bikes. The new and larger store will handle new bicycle sales and repairs. Mr. Bateman said it will also host riding groups, workshops and special events, such as bicycle swaps."
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Globe & Mail