Is working for corporate America cramping your creativity?
Are you tired of working late to meet someone else’s deadlines?
Could you make more money working for yourself?
What sounds like the wording in one of those work-from-home ads is actually the attitude of a new breed of business owners.
Fed up with corporate culture, young professionals are increasingly skipping the 9-to-5 routine and opening their own businesses, said Gerry Hills, the founder and head of Collegiate Entrepreneurs’ Organization, a campus club started at the University of Illinois at Chicago in 1997.
Hills said a spike in early entrepreneurial interest is evident in the popularity of CEO clubs, now numbering about 135 nationwide.
Dreams of business ownership are beginning as early as high school, according to a 2005 Junior Achievement poll in which approximately 69 percent of high school respondents said they would like to start their own business. That was a 5 percent increase over the previous year’s results, a Junior Achievement spokeswoman said.
In addition, about 504,000 people under the age 25 were self-employed in the U.S. in 2004, compared with about 376,000 in 2000, according to statistics provided by economist Brian Headd of the U.S. Small Business Administration.
And though some predict that half of new businesses are likely to fail within five years, Hills said, dismal statistics aren’t scaring off start-ups.
“Students fully understand that there is no security in large corporations anymore and there hasn’t been for a while. So why not create your own job and make it as secure as possible?” Hills said.
That was the thinking of sisters Audrey and Virginia Olenick, who started their own salon and occasional art gallery, Strange Beauty Show, out of a Wicker Park storefront. Taking the name from a Rolling Stones’ lyric, the sisters said running Strange is rigorous, but rewarding.
“I’m used to working hard because I used to have two or three jobs at one time, and they sucked,” said stylist and Strange co-owner Virginia, 27. “Now I work one, and I love it.”
But the Olenicks aren’t the only young locals who have been inspired to strike out on their own. RedEye talked to five other entrepreneurs about when they decided to start a business, how much they invested in their vision and how it differs from working for The Man.
Strange Beauty Show
1261 N. Paulina Ave.
Owners: Audrey Olenick, 22 (left), and Virginia Olenick, 27 (right)
Concept: Salon and art gallery with rock ‘n’ roll flavor
Open date: September 2006
Startup amount: $25,000
Number of employees: 4 full time, 2 part time
It’s hard for some sisters to sit at the same table during Thanksgiving, let alone run a business together. But Audrey and Virginia Olenick have combined their makeup artistry and hairstyling skills to create Strange Beauty Show.
Virginia–who previously helped manage the office at her father’s software business–said Strange turns a profit by leasing out booth space to two full- and two part-time stylists, and by throwing girls’ night out-parties at $55 a person. Even so, the sisters barely pull any salary for themselves, Audrey added. It is different from the days when she applied makeup in salons or on a freelance basis.
Then, there are the costs: “We have health insurance, but it’s expensive,” Audrey said. “It’s as much as rent.”
But the Olenicks don’t mind paying it, or spending about 10 hours a day at their salon.
“I’ve never really wanted to do the 9-to-5 thing,” Audrey said. “It’s great to work for yourself.” [ k.k. ]
Ibiza Rare Cloth & Denim
233 E. 47th St.
Owner: Jabari “JXN” Jackson, 35
Concept: A store for casual, classy clients who dig denim
Open date: August 2006
Startup amount: $100,000
Number of employees: 3
South Sider Jabari “JXN” Jackson–an occasional RedEye Wearwolves fashion critic–always had a passion for fashion. In 1992, he launched Ab.strakt, designing T-shirts, underwear and hats. He kept it going even after getting a full-time gig at a graphic imaging company in 1994. But office politics and working to fit someone else’s schedule cramped Jackson’s style.
“It was the most non-creative time in my life,” Jackson said.
Now, Jackson’s creativity is in full force. After investing a third of his own savings into a $100,000 investment, Jackson leased and decorated Ibiza with the tranquility of its namesake island in mind. Some customers in Bronzeville balk at the $500 or $900 price tags on some items, Jackson said, but he said he’s winning them over with stellar customer service.
The boutique owner is confident that a customer base of casual but classy entrepreneurs–who grew up admiring the style of mogul Russell Simmons–will be attracted to Ibiza. Already, the store serves celebrity clients including Kanye West and Bears’ defensive tackle Tank Johnson, Jackson said. On good weeks, the store racks up $10,000 in sales, but Jackson isn’t celebrating yet.
“I am broker than I’ve ever been in my life,” Jackson said, explaining that sales can also dip as low as $2,000, and he saves surplus money to cover bills. “We’re talking no-lunch-money broke.” [ k.k. ]
White Attic
5225 N. Clark St.
Owner: Terry Ledford, 35
Concept: Painted antique furniture
Open date: July 2004
Startup amount: $50,000
Number of employees: 2
Ledford emerged for his interview last week with paint flecks on his hands and in his hair. And he couldn’t be happier about it, said the former retail executive, now a furniture store owner.
After years of what he called hectic traveling between 100 stores and advising them on set-up, Ledford said his stress level was high and he needed a change.
“When I turned 33, I knew that I wanted to do something with homes, something I was passionate about,” Ledford said.
A passion for home decor led Ledford to invest $50,000 of his personal savings into White Attic, an Andersonville store where he purchases, paints and then sells antique furniture.
“When you work for someone else, there’s a different dynamic,” Ledford said. “I am busy, but my stress level is low, and it really doesn’t feel like I’m working. I don’t report back to anyone else, and I don’t have to work every day, but I like to.”
Thus far, customers are happy, Ledford said. “My customers tell me the prices are fair, and they keep coming back.”
So much so that Ledford outgrew his original cozy, white space. On Oct. 29, he moved from 5408 N. Clark St. and opened at 5225 N. Clark St., a space twice as large as the original, Ledford said.
“I am nervous about the move,” he said. “But at the same time, I am excited to see how much my business will grow.” [ k.k. ]
Jai Yen Restaurant
3736 N. Broadway St.
Owners: Kanokwarin “Zad” Sirowate, 30 (left),and Parnuwat “John” Yindeeroop, 36 (right)
Concept: Japanese and Thai fusion in a chic urban setting
Open date: February 2006
Startup amount: $100,000
Number of employees: 4
Friends and Thailand natives, Sirowate and Yindeeroop stopped just talking about it and finally quit their restaurant gigs as a server and a sushi chef, respectively, to open the 40-seat Thai and Japanese restaurant.
The pair said they used their own money–instead of going to banks or outside investors–to buy equipment and lease space in Lakeview. And though both acknowledged the restaurant business is risky, they are optimistic.
Yindeeroop, a sushi chef who has worked at hot spots including SushiSamba Rio, said he grew up watching his family run a restaurant and bar. He and Sirowate are confident they will succeed.
“Business is good, and our customers mostly come from the neighborhood,” Sirowate said.
“We like serving up sushi in a cozy, comfortable environment,” Yindeeroop added, saying that though they aren’t turning a profit, Jai Yen is moving toward it. [ k.k. ]
Wings Around the World
321 E. 35th St.
Owner: Abeng Stuart, 28
Concept: Chicken wing flavors culled from every country
Open date: September 2006
Startup amount: $175,000
Number of employees: 6
Five years ago, Stuart said he couldn’t have imagined owning a fast-food wing spot along a strip of Bronzeville occupied by KFC, Popeyes and Church’s chicken franchises.
Now, Stuart said he spends “almost every waking moment” at Wings Around the World, his business featuring fried and grilled wings with sauces inspired by countries including China, Jamaica and Greece.
“Anyone who opens a business with the goal of working 40 hours a week or getting rich quick should think seriously about it,” Stuart said. “The only time I get off this job is when my eyes close.”
Stuart started Wings with prior business experience under his belt. After earning a business degree from the University of Miami, he spent three years as the general manager of his mother’s nightclub in Jamaica. “My mother was my inspiration and a driver in me opening a business.”
So far, Wings’ business has been brisk, Stuart said, but he has not settled yet on a salary amount for himself.
“You will never get rich overnight when you start your own business,” Stuart said. “You’ve got to spend the first year or year and a half just trying to break even. Any money I’ve made so far, I’ve had to reinvest.” [ k.k. ]
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[ kkyles@tribune.com ]
