As the pandemic hurts many businesses, it's creating new opportunities for others. Of all times to invest and open a new business in town, Stephanie and John Forgie chose to open Toys N More, their 8,200 square foot store in the middle of the pandemic. John told me, "We opened the week of Thanksgiving, so just a couple of days before Thanksgiving." Co-owner Stephanie added, "It’s a fun place to be. I feel that getting packages every day, it’s like Christmas for me."
And even though the pandemic forced hundreds of thousands of small businesses to close in the U.S., David Nguyen thought it was a good time to open a new one in Reno. His Eden Nail Lounge opened on South Virginia St. just last month. As he said, "With a lot of businesses closing, I feel like lease prices are lower and it’s easier to get into a really good location."
Entrepreneurship is surging in the U.S. Applications for new employer ID numbers, which new business owners need, passed 3.2 million so far this year compared with 2.7 million this time last year. Folks like David are starting new businesses at the fastest rate in more than a decade.
Before Stephanie and John opened their Toys N More store, they saw pent-up demand for toys. Today, business is good. John told me, "The reality of it is, because of the pandemic we need this type of store more than ever before." And in the economic slowdown, they got a deal on their lease too: "We were able to get this space in a more of an attractive transaction, you know a little bit better deal." And a good opportunity after restrictions discouraged any competition…they're the only large toy store in town.
John and Stephanie invested $250,000 for their dream. David Nguyen put in $300,000 for his, spending $150,000 on renovations alone, so it's still a brave time to jump in while so many others are struggling. But as David told me, "We gotta pay the bills somehow so that's why we're out here. Just doing our best and hanging in there." At Toys N More, Stephanie says she’ll deal with any changes, "but right now we're doing pretty well…its working out."
