Big Malls Want YOU: Starting A Small Business

Starting a small business, especially in a mall, used to be a major endeavor. In fact, big malls didn't even want independent entrepreneurs. They wanted chains. Established businesses. Businesses they could count on. Businesses with a real history.

So when I opened the local paper this morning and saw an ad from Westfield Associates, a big mall owner throughout the US, inviting entrepreneurs to a business fair, I was awe struck. Never, never in my life have I seen established malls interested in luring small businesses that want to start up. Never. I have to assume, too, that this isn't just happening in southern California. My guess is that it is happening nationwide.

I probably shouldn't have been so surprised. Yesterday I took a walk through Fashion Island, a rather tony mall in Newport Beach. I was struck by the number of vacancies and the number of locations that have been vacant for many, many months.

Clearly, it is not business as usual in mall land.

The old "name" stores have been in trouble. So have established franchises.

The old tried and true approach isn't working now. Malls need to attract new money, new energy, new ideas. So now they are receptive to entrepreneurs starting a small business, even independent businesses.

The opportunity has never been better for retailers starting a small business. For those with strong backgrounds and financing available, many doors are open. Don't be surprised if these malls try to lure you into a franchise of some sort -- this is what they know. If a franchise is the right option for you, go for it. If not, stick to your guns. You will probably never have a better opportunity to build your own path.