Businesses Risk Oil Bust | Video

Hilary Zalla | 3/1/2012

North Dakota`s economy is the best in the nation right now thanks to the booming oil and gas industry. With thousands flocking to the state, there`s a gap in almost every industry. New businesses are opening up left and right hoping to cash in on an ever growing demand. But with competition with high paying oil jobs and the possibility of a bust at any time, is it really an ideal time to open up shop?

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.

"It’s something I have always wanted to do for a while.”

Businesses are popping up everywhere around western North Dakota. There is a high demand for just about every service.

"I can’t 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."

That’s a risk Wheeler is willing to take. “I take it one day at a time. Obviously that is a risk, but we are banking on it to continue to grow.”

"If you can’t make it during the boom, you won’t make it when it busts," said Barney.

A prime economic climate today could all change tomorrow.

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