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| Terry on location at 1404 33rd St SW just east of Cashwise on 13th Ave Fargo |
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Life's Second Act
Terry Borchardt has worn many hats in his life. Although he has enjoyed all of them, none of them had the perfect fit. After reading the book Second Acts, he decided he needed to try on one more. For his next hat, Terry wished to utilize his love of wine, education and retail to help others enjoy the wine experience. He has meshed those loves into The Winery.
The Winery is a wine bar that in addition serves lunch and dinner entrees, provides education courses, wine tastings, and wine tours. It is located at 1404 33rd St SW in Fargo. The Winery's mission is "To Help Individuals Keep Their Glass Half Full."
Terry underwent the normal start up process. He developed a business plan, worked with Kellen Utecht of the SBDC to develop financial projections, sought out all the appropriate licenses, and found himself a place to set up shop. Once all of these were in place, Terry meet with a lender at State Bank and Trust and was approved for a loan and later an operating line of credit. His loan was backed with a Bank of North Dakota Beginning Entrepreneur Loan guaranty.
Terry praised the SBDC for its "positive attitude and quick response time in assisting with my financial projections for my loan request." Terry would also like to pass along a message to other potential business owners, "The biggest learning point I have had from this experience was that even though I thought I had done a lot of research and had all the bases covered, I ultimately still didn't have enough contingency fund built in for pre-opening startup costs. So I would suggest that you: 1) do your research, 2) come up with your anticipated budget, 3)add a contingency factor, 4) then double that number." Terry has preserved through the first months of the business and continues to work with the SBDC to improve sales and to review his monthly statements. When you get the chance, stop in and allow Terry and the staff at The Winery help keep your glass half full.
Visit The Winery Website for more information.
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