Monroe Engraving unveiled its new location on 30th Street at a grand opening celebration Thursday.

Daryl and Kari Fernstaedt had opened the business in their home in 1994 and added on their home as the business grew. Eventually, Kari said, they saw the need to expand and the location on 30th Street gives them a roomy, impressive showroom; a meeting room, several work areas and room for inventory.

About 40 people attended the ribbon cutting at the event, which was organized nicely by the Fernstaedts and the Monroe Chamber of Commerce. In speaking with both Daryl and Kari, I received a sense of gratitude and thankfulness for the business they receive from the community. Positive events like this are good for the whole community.

It’s been noted in this column the financial crisis that farmers, especially dairy farmers, are facing when it comes to the prices they are receiving for their product. That’s something that impacts the whole area. Although there’s been considerable progress and industrialization in the last 100-plus years, we here still have a mainly rural agricultural community. Farm dollars mean a lot to every business in the area. 

In my travels throughout the area, as publisher of the Monroe Times or making visits with the Monroe Chamber of Commerce, I have heard a consensus that small business owners are in a period of success. This is true for contractors of all types, who seem to be swamped with work and earning record profits.

The farmers — hampered by low prices — and other businesses impacted by market issues beyond their control, such as tariffs, are an exception to what seems to be widespread prosperity.

The Small Business Administration is going out of its way to point out success stories that are occurring across the country. Newsweek opined in May that President Donald Trump’s policies and combined conservative leadership at the federal level has created an atmosphere of success for the small business owner.

Beginning a small business that survives and grows is a difficult task. According to an article in Forbes last month, 20 percent of small businesses fail in their first year and only half make it to five years. 

Why is this? 

People often do what they love and are good at, but don’t have a comprehensive business plan. It’s important a small business has demand in the market, has enough capital to ensure solvency through early rough patches, has the right people doing the right jobs, unique products or services and little competition, and that its pricing is low enough to gain business yet high enough to make a profit.

Many small business owners start a business because they love to do something, but the key to success includes constantly tending to the business side of things.

The long-surviving small businesses in our community, which have been benefitting from the upturn in the economy, have the management side covered. It’s easier to administer a business when cashflow is positive and the business is making a profit.

Businesses during periods of success are planning for periods when the economy will slow and it will be harder to make a buck.

Monroe Engraving’s grand opening was an event “almost 25 years in the making” with hard work and calculated improvements being important factors to success.

While attending the event I looked around the building and saw many people successfully engaged in small business in the community sharing their congratulations with the Fernstaedts.

It’s not easy to start a business from the ground up and see it succeed. There are plenty of ups and downs. 

As the economy has its good times and bad times, so do many small businesses — that’s why offering goods and services that are always in demand is essential.

Celebrating the good times and marking positive milestones in the community is important, because it shows others what can be done and encourages future growth.

— Matt Johnson is publisher of the Monroe Times. His column is published Wednesdays.