small business finances
Company Name:Gogo's Garlic Dip
Who:Yiorgos Samios and Jennifer Samios
Where:Entrepreneur Space, Long Island City, Queens, NY
Our basic challenge is we need money to support our love, our product.
Why did you decide to start Gogo's at this time?
I don't think either one of us sat around and said, well, maybe we should wait for this downturn to turn back up.
If your next question is if you got money, what would you do with it, it would be to pay someone to do some marketing.
Part of the reason I would love more people to do the marketing is so that we can spend a little more time adjusting the recipes and coming up with new flavors.
What's your advice to firms that are trying to sell their products through wholesalers?
Make it a partnership, and focus as much as you can on working with the businesses that see you as a partner, that are interested in what you have to offer.
I'd love to have an office that's not a corner of our kitchen.
What:Infant and Toddler Clothing & Accessories
Where:Soho, New York, NY
One of the things I found was that, of all of retail, children is kind of the most recession proof.
I had great credit. I had basically four times the amount of a loan I was looking for, in my brokerage account, and they didn't care. They were just like, we're not taking any risks on start ups.
Whatever you think cash flow wise you will need for your worst, worst scenerio, like the one you think is never going to happen, double it.
Everyone who works here wears many hats...everyone who's here is a Sales Associate, and a Social Media Manager, and a Marketing Manager, and an Inventory Specialist.
Luckily, I'm not looking for credit just yet. But, a year from now I likely will be. And, I hope conditions gets a little bit better, because I think it's still really hard for young businesses.
There were landlords who are basically like we're just not interested in a startup of any type.
Company Name:The Shannon Group
What:Legal Talent Development Firm
Where:Flatiron District, New York, NY
I think you really have to have a pretty healthy and constructive relationship with fear to be an entrepreneur or to start a company.
We have actually seen almost a 300% increase in coaching, which...that's one of the things
Just being here, at "In Good Company," there's so many other entrepreneurs and people who run businesses. And so, I definitely go to the programming here and that's been really helpful.
One of our things is really to believe in "Abundance Theory," that it's not scarcity mentality out there, but there's enough work out there for everyone.
I'm the daughter of an accountant, and so I tend to have a more conservative financial outlook.
Because of what we do, we're a little bit recession-proof, and we're pretty grateful for that.
Our goal for this year is to make the same money we made last year, and normalize, stablize and organize.