What makes a person quit their job and turn an old grain elevator into a bicycle shop? Passion for the sport and a commitment to create an intimate service-oriented store provided the spark to Bike Mill owners Rio Rose and Nyssa Whitford.
Prior to opening their shop, Nyssa and Rio did their homework and received considerable help from the Small Business Development Center (SBDC). According to Nyssa, “We would not be where we are now without them.” They attended a seminar on how to start a business. The Regional Director consulted with them on QuickBooks, how to keep their costs low and how to file taxes. Nyssa said, “She’s been with us every step of the way.”
In addition, Nyssa and Rio are using the SBDC’s payroll manual, which was developed for Wyoming employers by the SBDC. Nyssa attended a two-day Profit Mastery class. The class provided the insight and knowledge needed to prepare financial forecasting reports and enable her to analyze cash flow and inventory. Profit Mastery helped her see what should be tracked to yield the best financial analysis. Her class fee was paid with funds secured from a Wyoming Workforce Training Grant.
Although both owners have retail experience, this is their first venture into an ownership situation. According to Nyssa, “We have been so blessed between Margie, the SBDC-Wyoming Entrepreneur and our friends in Lander. The whole community wants us to succeed.”