By: Ltelatk Fritz
Center Director/Certified Small Business Adviser
PALAU SBDC
What do you do
after spending decades working in education? Joshua Darrow had recently retired
from the Ministry of Education, after spending many years working as a speech
clinician at Special Education. Both Joshua and his wife, Monica Darrow, were
contemplating on what to do with their retirement. Sure, they were going to
spend more time with their grandchildren and to themselves, but they wanted
something more. They wanted to keep busy, stay active, and just enjoy their retirement
years.
Joshua reached
out to Palau SBDC to ask about starting a business. While the couple still
wanted to do good for the community, they knew they wanted to be their own
boss. Do things their way and at a leisure pace. While seeking assistance from
SBDC, Joshua was asked to reflect on what he was good at and what he enjoyed
doing.
Joshua liked
fishing and even thought about starting a fishing company for his retirement.
But during the planning process, Joshua realized that a fishing business
required too much time, effort, and money to maintain. He still wanted to enjoy
himself. The business advisor asked Joshua to look for a need in his community
that could be solved with a business. Meeting that need would still be
considered helping others.
Joshua came up
with the idea to start a mom & pop store in their neighborhood. Last minute
stuff like ingredients for cooking just steps away from the many homes in
Itechetii. The location was also conveniently located next door to an
elementary school. The customer base was just the “right size” for a small mom
& pop store that Joshua was planning. To be better prepared, Joshua
attended several SBDC workshops to build his business skills in managing cash
flow and business reporting.
It has been two
years, since JM Mini Mart first opened for business in the tiny cul-de-sac
community of Itechetii in Iyebukel hamlet. Since April 2017, Joshua and Monica
Darrow take turns running the shop selling canned goods, candy, cold soft
drinks, butane, and other common household goods. The couple keep track their
inventory and even go shopping together during “down time”.
Joshua regularly
manages the business monthly financial reports using the skills he learned from
the workshops and business counseling by SBDC. He still visits the SBDC to get
further assistance in growing his small business. But more importantly, Joshua
and Monica support each other in the business and listen to the needs (wants)
of their customers. They are committed to nurturing their business and
maintaining at a level in which they can still enjoy their time and retirement.
Joshua credited
Palau SBDC for assistance in business planning, managing business cash flow,
understanding all the costs running the business, and helping him complete his
business loan packages.
