In talking with fellow spa owners, Westphal learned that many were seeing business decline by 40 to 50%. She slashed her forecasts and, in order to meet working-capital needs, drew on more of the family's savings than originally budgeted. The business survived the first year — a perilous proposition for any company and a particular challenge in the current climate — and Westphal, showing the characteristic optimism of the entrepreneur, says things are looking up. "We're seeing good growth entering the holiday season. We're a year old and people know we're here. I'm feeling really good about 2010." — K.O'S.
Failure to Launch?
(continued)
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Reader CommentsDisplaying 1 of 1
John Aberle
Jan 11, 2010 12:43 AM ET
The Fear Factor
I love this article's statistics and resources, like the Ewing Marion Kauffman Foundation's studies and lists of … more
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