Mabe's Flower Market:
A Successful Dakota Business Lending Borrower
Oct 15, 2021
Growing up with a mother and two grandmothers who had a love for all things botanical, Teale Wold knew one thing: she had no interest in flowers or plants herself.
So how did she become the owner and founder of Watford City’s only floral shop? That’s a story you won’t want to miss…
A college student, Teale found a part-time job working at a flower shop in her hometown while she was home for the summer. The owner, a friend of Teale and her family, needed help, and Teale needed a job. To her surprise, Teale began to really enjoy her job and developed a passion for owning and having a flower shop of her own one day. She later moved to Watford City with her husband and began working another job.
However, her dream to have her own flower shop remained on her heart.
“I knew I would eventually move to Watford City, but I didn’t have the financial means to open up my own flower shop. There were three in the community when I got there, so I decided to work there. I enjoyed them, but in the back of my mind, I still wanted to open up one of my own. I just needed to figure out how to get there…”
Just a few years later, all of the flower shop in Watford City had closed down, and Teale was left in disbelief. “In a town like Watford City, a flower shop is really important,” shared Teale. ‘Not just for “I Love You’ bouquets, but for funerals, graduations, Mother’s Day, and Valentine’s Day. I was wondering, ‘what is Watford City going to do?’” So, she decided to take matters into her own hands, rent a space where one of the old flower shops used to be, and start to pursue her dream and fill that gap in Watford City.
With no history of business management or ownership (and a baby on the way!), Teale quickly learned how to be both a small business owner and a mother as she opened Mabe’s Flower Market in November of 2017.
With her new shop, she had just one goal: to become Watford City’s primary, reliable flower shop. And she quickly became just that. As her business continued to grow, she dreamed of expanding her business to add unique, high quality home décor, bring in more gift selections such as gift boxes and balloons, and offer creative classes to the public. She just needed more space.
It wasn’t until an old friend and employee of BNC Bank approached her at her shop one day about financing options that she knew she was well on her way towards achieving that goal. Teale got connected with Dakota Business Lending and secured an SBA 504 loan, a program providing her with the financing she needed to purchase a building of her own.
This new building came with the space she needed to expand her inventory, better meet the needs of her customers, and continue to grow.
“When I was looking to move into a building, I was only 25 years old. There wasn’t much available, and I didn’t have the financial means. The low down payment and fixed rates through the SBA 504 loan program really helped me set realistic (and achievable) goals for my business and make this dream possible. I was very fortunate to have Dakota Business Lending and their programs on my team.”
Today, Mabe’s Flower Market remains Watford City’s only flower shop, offering a wide variety of florals and plants, as well as a full-service retail shop with unique and high-quality home décor. “People are always surprised about what we have to offer,” explained Teale. “I often hear my customers say that they had no idea something this type of products and décor existed in Watford City. It makes people want to come back.” Given that Mabe’s Flower Market is a destination business, this continued support of her community is highly valued.
Looking back at her small business journey, Teale is filled with nothing but pride.
“I’m a young business owner, and I love being able to look back and see all that I accomplished. I named my business after my grandmother, Mabel, who passed away just a few months before I opened, but I know she would be just as proud. It’s not only my business, but the fact that her name is attached to it that makes it all worth it.”
After becoming a new mom and small business owner in the midst of a pandemic, Teale has learned so much along her business journey. Overall, she has just one piece of advice: be prepared to adapt.
“These past few years as a business owner have shown me the importance of adapting. I had a plan for my business, but it just wasn’t plausible given the current situation (COVID-19). We had to change the whole way we did business, but I’m glad we did. Keep your mind open, adapt, pivot, adjust, and never give up. You won’t regret it.”
This article was written by Dakota Business Lending with permission from Mabe's Flower Market and is not to be edited or redistributed without permission.