Details In Business Blog

By Elizabeth Cusulas
Details In Retail

The current economy is a natural incubator for new business. When you think of starting a new business, it’s natural to envision a scenario where you’ll have to invent something entirely new and somehow fund and market your idea on your own.  The truth is, that can be a long hard road but  there are other options to consider, as our client, Dr. Wie Pan, discovered when the economy sidetracked his corporate career. 

Here’s how Dr. Pan describes his journey into business ownership:

“I might seem like an unlikely entrepreneur but the economic downturn offered me a chance to explore options I would never have considered before. 

I earned a doctorate degree in chemistry and spent some 30 successful years in the corporate world.  I know, first hand, that education is vital in today’s competitive global environment.  As the economy declined, my job in the corporate world disappeared, along with so many others. Seizing the opportunity to make a change, I decided to embark on a new venture in the education field.  Recognizing the importance of education, and realizing that students always need supplemental help, I decided to go into the tutoring business.

I felt the low risk way into business ownership was to take the franchising route.  I met franchise consultant Mark Cory at a FranNet Seminar.  He recommended a number of franchise companies for my consideration.   After several months of research and countless interviews with prospective franchisors, I decided that my best option was to go with the Huntington Learning Center.  

Although I had been in the business world for 30 years, there were many new challenges I encountered as I embarked on starting my Huntington Learning Center franchise.  In addition, at the time I decided to get into the Huntington franchise in late September 2009, the economy was taking a turn for the worse.  However, as difficult as it was to face the economic downturn, there were silver linings to be found.  Due to the extensive drop in market value of investments as the market took a free fall, taking funds out of my investments to fund a new business was not a good option.  As it turned out, despite all the talk that money availability was tight, I felt very lucky to have found four banks that were very willing to help fund my startup franchise.  I also discovered that during tough economic times, bargains were to be found in unexpected places and was able to realize savings as I built my Learning Center.  I used the savings to purchase advertising venues, which themselves were also offered with some discounts.  Furthermore, with the over-abundant supply of teachers, my Huntington Learning Center was able to hire the best qualified and certified teachers.

I started this adventure last summer.  It has been quite a roller coaster since then.  There were good days and bad days unlike anything that I had experienced before.  The difference is the good feeling you have of owning your own business, especially when things start to click.  To dampen the roller coaster effect, I had the good fortune of working with Paul Bensman of Details in Retail.  When I started looking for a space for the Learning Center, Mark Cory introduced me to Paul.  With his years of experience as an entrepreneur and commercial real estate broker, Paul became my business consultant and provided me with the guidance that I needed.  I also met several other business people whom I owe dearly for their help and support.  Building a network goes hand in hand with building your business.

My Huntington Learning Center has been open for about two months now and all the hard work in preparation, negotiating, marketing and networking has paid off.  I recognize that this is only the beginning and the economy is still skittish. I am prepared to continue to learn and my customers, teachers and countless networking contacts provide me with the platform for learning every day.”

More about Dr. Pan’s Huntington Learning Center in Canton, Michigan:
The Huntington Learning Center is a K – 12 tutoring center where students 4 years – adult are tutored in their basic academic skills so they can excel in the classroom or, for the adults, help them to obtain the GED.  The individualized tutoring program at Huntington and a conducive environment for learning with highly qualified certified teachers provide a unique learning experience for the student.  The extensive curriculum materials allow flexibility in programs that can be adapted to all kinds of students’ needs for improvements.

Huntington also provides tutoring help for high school students seeking to take college entrance exams such as the ACT or SAT.  This is a proven program that Huntington Learning Centers across the nation have been providing to thousands of students.  With the significant improvements in ACT or SAT scores as a result of taking the program, students have been able to enter the colleges of their choices and also to win valuable scholarships.

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