Starting a New Business

Many people dream of becoming their own bosses, having their own businesses and not having to answer to an employer.  Recent figures have shown that in the States 99.7 percent of all-American businesses are actually small ones.  this indicates that people are increasingly moving toward working for themselves and away from the corporate world.

While that statistic is very positive, unfortunately, when you look a few years down the line, the numbers of those businesses that were successful and even remained afloat is not as encouraging.  indeed, around 70 percent of small businesses end up closing within two years.

We took this opportunity to ask two individuals who have successfully been running their own business for 5+ years for tips.

Photographer Mozes Victor Konig works in both the US and in Israel.  He opened his company in 2011 and has never looked back.

“I did work for an agency when I first started out.  And I liked it on some levels.  I didn’t have to worry about getting clients and I had regular work. But after a decade of giving more than 60% of my hourly rate to the agency I started thinking about how I could open my own business.  I have to say – maybe I’ve been lucky – but I’ve never looked back. I think the most important piece of advice I got that perhaps resulted in this success was from a fellow SME owner who said find your niche.  now that I focus on events like museum openings, new restaurants and charity events, I feel like I have more respect from consumers who know that I have a talent in that particular area. don’t try to bite off more than you can chew.  make sure you are 100% proficient in a few areas and offer those services.  The fact that I travel between Israel and America (also for personal reasons) is helpful for me personally since I never tire of what I’m doing; I love it actually.”

Genevieve Marcella opened a florist store in Battery Park City in 2015.  She has lived in the neighborhood her whole life and – similar to Mozes Victor Konig – really enjoys what she does. She said:

“I think that the fact that I’ve lived in Battery Park City all my life really helped when starting a new business.  I know many of the locals – my mother taught half of my clients – and I understand their needs.  I offer flowers for many different events and occasions but in particular for weddings.  Weddings by the Hudson River are fantastic; there are many different options and I like to help clients with that as well.  I suppose the advice I would give to someone starting out is get to know your client base.  The personal touch – especially in the service industry and with local businesses – is so important and can really set you apart from the competition.”

James Cannon

About James Cannon

James Cannon is an experienced hedge fund analyst. He has served on the advisory boards for various different Fortune 500 companies as well as serving as an adjunct professor of finance. James Cannon has written for a variety of Financial Magazines both on and off line. Contact James at james[at]businessdistrict.com