Business Credit
Understanding Personal vs. Business Credit: Key Insights for Entrepreneurs
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]I attribute my success to not only working hard myself, but also building a team that is willing and excited to meet me at the level I ask them to. I've been able to accomplish so much because of them. I'm pretty sure that many others would agree and so it's not necessarily something that few others do, but building a good team for me has been the thing.[/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]Unproductive micromanaging. I've learned to let a go a little in terms of needing to be in control of every detail. Instead I use that energy to offer support and encouragement to those working for me.[/answer][question]Is there-or has there been-expenses you now see as big wastes in the rearview?[/question][answer]I did a trade show early in my career that cost me a lot of money. It was good exposure in a way and while we had a few products out, I hadn't put the time into making them really great. So when push came to shove, I felt like my ignorance was highlighted more than the products.[/answer][question]If you had an extra $___, what would you do?[/question][answer]Get a delivery van.[/answer][question]What are some money-saving strategies you've used as a growing business?[/question][answer]Still trying to figure that one out,. have any you want to share?[/answer][question]What business expense-if any-have you most underestimated?[/question][answer]It's not that I've underestimated it, but I spent some money on our logo and brand in the early days when I didn't have any money and it's really paid off. People see it and they recognize it and so as we've grown and take on more projects our brand just as much as the work we create is becoming more and more valuable.[/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]I feel like there is so much I'm still trying to get the hang of. I don't come from a business background and I've built the company to the point where it is rather organically. A lot of trial and error has occurred and is likely still occurring. Making mistakes and learning from them every day.[/answer]
[question]Best summer job:[/question][answer]Running a farm stand in PA.[/answer][question]Worst summer job:[/question][answer]I worked for a pharmaceuticals tech company one summer. It was my friend's dad's company and while it was easy per se it was rather soul-sucking. I spent every day in a windowless room entering data from a never ending stack of printed papers into a database. Not my vibe.[/answer][question]What professional rituals do you have?[/question][answer]Not quite sure if I do,. should I?[/answer][question]Finish this sentence. Money is _________.[/question][answer]Necessary evil.[/answer][question]If you had to do another job, what would it be?[/question][answer]I would be a FT Garden designer,. not so far off from what we do now. But reality is there isn't much else I see myself doing.[/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]Small business is what drives creativity.[/answer][question]Must-have item at Canal Street Market (that isn't yours):[/question][answer]The bonsai hosta from Dandy Farmer! I love what they do so much.[/answer]
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