Business Credit
3 business scenarios that need money to make money
For our inaugural issue of WTFinance, vendors at Canal Street Market share their two cents on money-saving strategies, professional rituals, and what freaks them out most about small business finances.
[question]What's one thing you've done in your career that helped you succeed, and that very few other people do?[/question][answer]We stay focused and hone in on what we do well and make sure every move we make is thoughtful to our brand DNA. We also believe that a firm vision anchors our decisions and better shapes how we grow.[/answer][question]What's a mistake you see get made all the time, even by very smart people? What have you learned from that to handle that thing the right way?[/question][answer]You have to keep evolving to respond to your customer's needs while staying true to your goals. Striking the right balance is not always easy to do, but key to this is listening and responding in a genuine way. Whatever you do, do it with intention.[/answer][question]Is there--or has there been--expenses you now see as big wastes in the rearview?[/question][answer]We've had people suggest hiring PR but after doing our research from other friends with their own businesses, it's not really a great strategy from a small business standpoint. There's nothing better and more lasting than the power of word of mouth.[/answer][question]If you had an extra $___, what would you do?[/question][answer]We would love to open a brick and mortar studio in the city.[/answer][question]What are some money-saving strategies you've used as a growing business?[/question][answer]Nurture relationships with your suppliers and you may just get a great deal in the long run.[/answer][question]What business expense-if any-have you most underestimated?[/question][answer]We work with living things and sometimes the weather can be very unpredictable - be it a heat wave or a freeze snap that can kill some of our plants. That's lost time and money right there.[/answer][question]As a creative, is there anything about finance (or a financial concept) that still totally freaks you out (or you just can't seem to get the hang of)?[/question]
[answer]Number crunching and bookkeeping.[/answer]
[question]Best summer job:[/question][answer]Paul: I was an advisor for rising high school students at SCAD's summer arts program. Matt: Getting to apprentice under Japanese gardeners in Tokyo.[/answer][question]Worst summer job:[/question][answer]Paul: I was hauling manure all day at a farm in the french countryside one summer. I was covered in it by the end of the day. Matt: Butchering chickens.[/answer][question]What professional rituals do you have?[/question][answer]We give our bonsais the spa treatment from the time we wake to when we go to bed.[/answer][question]Finish this sentence. Money is _________.[/question][answer]Money is not as fulfilling as having family and a sense of community.[/answer][question]If you had to do another job, what would it be?[/question][answer]Paul: I would hands down open up a bakery. Matt: Become an artist/activist.[/answer][question]3 favorite local independent businesses in NYC (and why):[/question][answer]
[/answer][question]Why is it important to support local independent businesses?[/question][answer]Supporting local independent businesses instills a sense of community and encourages choice and innovation.[/answer][question]Must-have item at Canal Street Market (that isn't yours):[/question][answer]We're currently on an eating spree at CSM so for breakfast we'll have Lulu's Tallulah bowl, for lunch Samurice's Bento and a treat from Boba Guys with their Hongkong Style Boba.[/answer]
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