How are some businesses thriving when others are left in the dust?
Well, one father-son duo said it wasn't an easy task to succeed in the business world, but with a little guidance they were able to do it.
"How is it going to sell? That was the unknown," said Jeff Krantz, father of Phil Krantz, the inventor of the Timberline Chainsaw Sharpener. Jeff is proud that his son turned his dream into a reality.
"He had the personality that he would make this go," said Jeff Krantz, "It fits on the bar of the chainsaw and sharpens all the teeth. The feedback we got is that the chainsaw cuts better now than when the chain was new out of the box."
The Krantz family has invested three years into producing the sharpener. Now it's being distributed worldwide. But don't think for a second that it was an easy climb to get to the top.
"It takes a lot of hard work, there's not going to be any money initially," said Krantz.
The state of Idaho has the highest number of start-up business failures in the country. And that's why the Krantz family turned to the Small Business Development Center, to help understand the market they were up against.
"A lot of people that start companies have never gone to school on business," said David Noack, the regional director of the Small Business Development Center.
"We'll coach a company right through the start and through the expansion phase, through challenges they may be having at this point in time," said Noack.
Although start-up costs can sometimes break a business, Noack says the changing economy has the biggest impact of start-up businesses failing nowadays.
"That's one of the biggest problems, they're not flowing with what's coming down the pipeline and trying to do business as usual," said Noack.
Consumers are shopping for the biggest bang for their buck. Companies have to learn to profit by pricing fairly in their market while still creating the best product possible. And that's what Phil and Jeff Krantz have done.
"So far it looks very optimistic and we're getting distributors throughout the world at this point," said Jeff Krantz.
So if your business is struggling, contact the small business development center at: http://www.idahosbdc.org or http://www.idahohousing.com/ihfa/small-business-loan-programs.aspx
Also here is a link to more information of the timberline chainsaw sharpener: http://www.timberlinesharpener.com/