By: Skiller JacksonDirector
My name is Rebecaa Segal Albert and I am married to Segal Alik Albert. We have 9 children, 4 daughters and 5 sons. I am currently employed as an elementary school teacher at Tafunsak Elementary School. My husband is currently unemployed and is taking care of our small retail business.Why did you decide to start your own business?
A few years back, my in-laws were operating a mini store and me and my husband assisted them in managing the business. There was a mini store and they added a produce market and later added a video rental. As the oldest of the family, my husband dedicated most of his time with his family and assisted them in running and managing the family business. We started managing the family business after my in-laws were starting to lose interest due to illness.What experience do you have in this type of business?
My husband and I started running and managing the business on our own and we feel that we needed to upgrade and expand the business.How did the Kosrae Small Business Development Center (SBDC) and other resources help you?
We were still thinking about this expansion business when I learned about the services of the Kosrae SBDC. I visited the SBDC one day for assistance and then I was given a business plan questionnaire to fill out with my husband. Somehow, the SBDC started to visit the schools to do business plan development training. I attended the one day training and there I was able to fill out the business plan questionnaire. I visited the SBDC again to review, revise, and comment on my draft plan. Finally, we completed a full proposal and submitted to the Pacific Islands Development Bank for review. A few weeks later, I was notified by the PIDB that my loan proposal was approved awaiting processing.What was the start-up process like? How did you fund your business?
There was an existing structure that needed upgrading and we were then selling only a few grocery items and also selling local produce. We were able to upgrade the existing building and expand the store into selling more grocery items, locally baked goods, and local produce. Most of the funding was from the PIDB and we use our existing building and few goods on the shelves as contributions to the business.What were some of the biggest challenges/experiences you experienced in the start-up process?
The biggest challenge that we faced with was the planning and also the write up of the business proposal. Without the assistance from the Kosrae SBDC, we could not have come up with a fundable proposal.What is your most memorable triumph in your start-up process?
The most memorable triumph is when we were informed that our loan request was approved. We could not wait to start the expansion plans we had for the business.What are your short-term and long-term goals for your business?
Our short-term goal is to expand the business into selling more dry foods and hopefully in the long run, we are able to increase the kinds of goods sold at our business into selling other products such as frozen goods and to able to import rather than buying from local suppliers.What advice would you give other who want to start a business at this time?
If you have a business idea in mind, don’t hesitate to start. When in doubt, visit the Kosrae SBDC.
B Cave Store is located in Wiya, Tafunsak and is open from 7:00 a.m. – 10:00 p.m. To contact Rebecca and Segal Albert, call them at (691)370-2639 or e-mail email@example.com
For more information on how the Kosrae SBDC can assist you starting or expanding your business, contact Skiller Jackson at (691) 370-2751 or e-mail firstname.lastname@example.org.