She talked about it for three years, and finally — eight months ago — Dawn Torres was about to open a yoga studio in Mill Creek’s Town Center.
That was the plan until Torres weighed the risks of starting a business against her family’s financial security in a struggling economy. Fears that her husband’s career in the real estate industry might be in jeopardy prompted the mother of four to delay her plans.
It was disappointing, she said. But Torres had few complaints. She’d been lucky enough to stay home with her sons for eight years, while pursuing her certification in yoga instruction.
“It just turned out that it wasn’t a great time to take a big risk,” she said. “I decided I wasn’t going to force it; if it was meant to be the opportunity would come along.”
And so it did, when Salon Verve owner Liz Riel offered to share her Bothell establishment, giving Torres a chance to develop her business.
“When I was looking at Town Center I had to worry about what kind of space I needed and how much business I’d have to do to cover my expenses,” Torres said. “Now I can focus on getting my business off to a good start. When I outgrow the salon, I’ll have an established client base and I’ll be in a better position to move to my own larger space.”
The partnership is a win-win for both businesses. Riel, who leases her space to Torres outside of the salon’s operating hours, gets a little something extra to offset expenses and says she’s happy to help a friend and client of more than 12 years.
“I really just wanted to do something nice for Dawn,” Riel said. “I only work part time, and Dawn needed the space. It seemed like the perfect solution.”
Jennifer Shelton, director of the Washington Small Business Center at Edmonds Community College, encourages new and prospective business owners to consider these types of partnerships whenever possible.
“It’s a tough time and it’s risky to start business,” Shelton said. “People are realizing they can’t afford to lease their own spaces. So it makes a lot of sense if the opportunity arises to share with other businesses … Cash is king and ways to keep enough working capital in the business to sustain it and grow it are priorities.”
Torres opened her business — The Laughing Buddha Yoga Studio — in January.
She teaches there four days week and teaches at Archbishop Murphy High School, LA Fitness and other venues to supplement her income. But it’s not so much about the money, she said.
Torres is more interested in helping people feel better about their bodies and offering her clients a place to unwind.
“We’re so stressed out right now about the economy, and we’ve stopped taking care of ourselves,” Torres said. “I’m in this for the fun of it, for the reward of helping people find their inner peace.”
So far, Torres has attracted customers with little effort.
The arrangement with Riel allowed Torres to set her prices low — a huge selling point in the current economic climate.
“It’s working out better than I ever imagined,” Torres said. “This space is perfect. I come here in the morning and it’s so peaceful; everything from the salon is tucked away behind the curtains and it looks like my studio. When I’m done with classes, I store my stuff and the place is a salon again.”
Torres is on the right path to growing a successful business, according to experts like John Doolittle from the Snohomish County Economic Development Council.
“You hear stories about businesses partnering up and sharing resources in tough financial times … it’s a smart move,” he said. “When I talk to people who are wanting to start a new business, it’s usually after the bank has refused to give them a loan. It’s critical to your success to have a solid business plan, to know your client base and demographics before you approach a bank or invest your life savings in a new business.”
Torres boils it all down to fate.
When her plans fell through at Town Center, she held out hope for a better opportunity.
“Liz came up with this great creative solution for me,” Torres said, beaming. “It couldn’t be more perfect.”
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