Businesses Risk Oil Bust | VideoHilary Zalla | 3/1/2012
Josh Wheeler opened up the Spicy Pickle Restaurant in Minot last August.
"I saw a high demand for food in Minot," he said.
Opening up his own restaurant was a lifetime goal and when he saw his city growing fast, he knew it was time.
"Itís something I have always wanted to do for a while.Ē
Businesses are popping up everywhere around western North Dakota. There is a high demand for just about every service.
"I canít think of a better time. The economic climate is prime for developing a business," said Chuck Barney, director of the Severson Entrepreneurship Academy at Minot State University.
Barney said if you want to start a business, now is the time to do it. However, with a boom comes a bust, and he said to prepare for that possibility now.
"If you look at the bust, that`s a risk you have to take. Will they be successful in the long term? It depends. A lot of businesses will be buying down debt to help service when it all downturns."
Thatís a risk Wheeler is willing to take. ďI take it one day at a time. Obviously that is a risk, but we are banking on it to continue to grow.Ē
"If you canít make it during the boom, you wonít make it when it busts," said Barney.
A prime economic climate today could all change tomorrow.