MBiz

M orden-area entrepreneurs are getting some extra help taking their business ideas from fledgling to full- fledged, thanks to a new retail and restaurant incubator. By mid-December, it's anticipated that four new artisan shops and two new restaurants will have opened their doors in Morden's first retail incubator mall, which will occupy 2,000 square feet of the Pembina Connection, a sprawling commercial development site at the city's east entrance. Made possible through a $25,000 provincial grant, with remaining costs to be covered by the City of Morden and the Morden Community Development Corporation (MCDC), the incubator project will serve as a catalyst for economic vibrancy in the region, by allowing its inhabitants to mitigate some of the considerable risks faced by first- time business owners. "That's the beauty of this incubator … it makes it very easy for people to excel," says Chad Sheldon, business development specialist with the MCDC. "They're able to get into a space that's got high visibility within the city, and is in a high-traffic area, where they can begin their business without committing to a long-term lease — all at a very affordable rate." As Sheldon explains, the incubator will provide more than just below-market rental rates and flexible exit clauses. Tenants will also have access to mentorship programs, economic experts and other professional services that will help alleviate first-time jitters involving everything from hiring strategies and human resources to the often-rigorous roster of Canada Revenue Agency requirements. To qualify for one of the incubator spaces — which are in turnkey condition, with basic equipment and all utilities included in one monthly cost — business owners must meet a number of criteria, including providing a new or under-served product or service, presenting a written business plan with demonstrated financial support, and submitting monthly operational reports tracking percentage growth and customer traffic. "The intent of the whole project was to instigate new business, and most importantly, assist and mentor new businesses in developing their business acumen, their products and their services, while building their brand and their customer base," says Sheldon. "Ultimately, [the goal is] to develop them into a standalone business, where they can graduate out of this incubator mall and end up building or renting larger spaces, and creating jobs within the region." Conveniently, the MCDC has some experience in this area. Back in 2009, the organization opened an industrial incubator site — targeting potential manufacturers and other businesses considering Morden as a base of operations, but wary of inflating their investment through construction or infrastructure costs. After nearly a decade in operation, the industrial site is considered a rousing success. "It's been at 100 per cent occupancy since its inception," says Sheldon "We have had many businesses get their start in there that are now in their own spaces. And as we speak, it is still full today." And while the obvious goal of the new retail site is the same — to serve as a short-term home for new businesses until they're ready to stand on their own two feet, he's also aware that not every new idea is a success story in the making. "If we do this well, and correctly, we will absolutely see turnover — both from people graduating and moving out because their business has progressed … but also we expect there will be some failures," he says. "And that's OK. Some of the businesses moving in there will be small, home-based businesses, and others may be people who only recently considered opening a business, or entrepreneurship as an option. And it could be that this will help them realize that's not what they wanted." ■ MORDEN RETAIL INCUBATOR MALL SMALL BUSINESS BOOSTER Retail incubator mall supports Morden startups Morden Community Development Corporation hopes the retail mall will be as successful as the local industrial incubator site.

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