Many people have business ideas, but few have the capacity for risk required to forge into the rough terrain of the startup world. In fact, about a third of all Americans feel like the idea of starting their own business is more terrifying than jumping out of an airplane. Of course, being an entrepreneur can be scary at times, but it can also be exciting and extremely fulfilling to turn your dreams into a reality and be your own boss.
All that is needed is to find the courage to take that first small step. Management consultant and writer Peter Drucker confirms, “Wherever you see a successful business, someone once made a courageous decision.”
The Entrepreneurial Spark
Brett and Krista Cotton are entrepreneurs with a vision for the future. The couple owns and operates two popular gathering spots in Adrian, with a third business venture currently in the works. Together, they have forged an effective partnership, in work and in life.
“We’ve been together for 17 years. We went to college together and had jobs together,” explains Krista. “In fact, we actually met at work.”
After gaining valuable experience running other people’s businesses, the couple felt ready to venture out and start something of their own. With her background in finance and his background in management, the duo had the perfect blend of skills needed to succeed in the business world.
They started experimenting with brewing their own beer and launched the Cotton Brewing Company in February 2011, adding a tap room for patrons in January 2016. Their second business venture, the Rice & Barley Taphouse, serves up a distinctive Pan-Asian menu that has been a huge hit with patrons since the grand opening in November 2018.
As with many new businesses, it was a perfect storm of opportunities, including the right location and the right funding options, that led Brett and Krista down the path to opening Rice & Barley Taphouse.
An Idea Started Brewing
After investing several years getting the Cotton Brewing Company up and running, the couple had aspirations for a second business. “We had been thinking about doing something downtown for a really long time and the opportunity just kind of presented itself,” explains Krista. “Obviously having something right on the four corners in downtown Adrian was a big motivating factor for us. It is such a great location.”
The site developers reached out to Brett and Krista and invited them to take a look at the newly renovated space on the corner of Maumee Street and Main Street. After that initial viewing, it took a few months to come up with a concept and a layout that fit well together.
“We wanted a food menu that would complement the other places downtown. We didn’t want to necessarily compete,” says Brett. “All of the other places seemed to have their own theme, so we came up with the idea for a Pan-Asian theme serving our own craft beers.”
Rice & Barley was designed to be the opposite of the Cotton Brewing Company, which has a more casual, industrial atmosphere. The Cottons wanted their new location to be more food-focused and offer a slightly elevated dining experience.
Gaining Community Support and Funding
Starting a new brick and mortar business is expensive, especially in the restaurant and hospitality industry. Once they had the idea, the Cottons needed to outline a plan and obtain funding. Luckily, they already had a connection with Lenawee Now.
“We’ve known Tim for quite a while, so connecting with Lenawee Now was pretty seamless,” explains Brett. “They are in that entrepreneurial world, and so are we, so we cross paths quite often. When this project came around, they were able to help pretty quickly.”
The Cottons were able to take advantage of Lenawee Now’s USDA Loan Program, which provides funding to assist small businesses in getting started or expanding operations. The program provides micro-financing loans of up to $40,000 to help cover things like equipment upgrades, facility expansion, inventory, start-up capital, and working capital.
The funding from Lenawee Now provided start-up capital for operating expenses for Rice & Barley, including furnishings, inventory and supplies, and payroll expenses for those first few weeks.
“Getting a business off the ground takes a lot more resources than people realize,” says Brett. “It’s not just construction costs. You get nickeled and dimed to death opening a business. It is always more expensive than you anticipate.”
The Idea Comes to Fruition
Rice & Barley has garnered lots of positive feedback from patrons, especially because of its vast array of vegetarian, vegan, and gluten-free options. Within a few months of opening, Brett and Krista realized that they had tapped into an unmet need in the community.
“We didn’t set out to create a venue with an extensive vegan and gluten-free menu, we just wanted to try something different,” says Brett. “Asian food is naturally gluten-free and it’s generally healthier. A lot of places offer only a small sub-menu with those types of options, but we offer a wide range of choices.”
Living the Entrepreneurial Life
Running a small business is more than just a job. It is a lifestyle choice.
“Anyone who wants to start a business should think long and hard about it to make sure it is something they are willing to commit to,” says Krista. “Working for somebody else and working for yourself are two totally different worlds. It takes a lot of commitment and it’s not something can just walk away from.”
Relationships are another key component of success. Anyone who wants to start a business should take time to get involved and get to know people in the community. By going to meetings and talking with other people, entrepreneurs can learn about what opportunities and needs are out there in the community. That’s another area where Lenawee Now can assist.
“The good thing is Lenawee Now is pretty involved in the community. They know a lot of the people around town. They know the different ideas that are floating around and the different locations that are potentially open,” explains Brett.
And those connections can really pay off for entrepreneurs who are looking to start something new.
Looking Toward the Future
With two successful businesses under their belt, the Cottons are looking toward the future. They are already planning their next venture, a coffee shop, and roastery that opened in the spring.
“We wanted to come up with another business idea that wouldn’t compete with what we already have going on,” says Brett. “Specialty coffee is a new industry. It is just like craft beer was ten years ago. We want to bring that unique coffee culture to Adrian.”