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The Times Follows Six Small Businesses
By Bizbox
We have to admit, as small-business-news junkies, we're a bit excited. The New York Times has decided that how the recession, the credit crisis, and the rest affects small businesses is news fit to print, and will be following the owners of six New York area entrepreneurs and their businesses over the next several months to see how they're doing. The introductory article is here; an accompanying video is here.
Let's meet our contestants:
Mouhamad Shami owns a Middle Eastern restaurant in downtown Manhattan's Financial District. Interestingly, of all the examined owners he may be the one most directly affected by the financial meltdown: it is, after all, employees at collapsed and weakened financial companies--Shami specifically cites AIG, Citigroup, and Goldman Sachs--who are ordering all that hummus for lunch every day.
Michael Menna owns a meat market in Throg's Neck, a neighborhood in the eastern part of The Bronx. Rising energy costs have already hurt him, but the new bad economy is only making matters worse; he guesses that business is down 20% this year. “I noticed they are staying away from the good steaks, like a rib-eye that is higher, like $11.99," he tells the Times. "They’ll buy something that is cheaper, a sirloin or the boneless club steaks for $5.99. Everyone loves the rib-eye, my favorite as well, but you buy four of them for a family of four, it could be expensive."
Ruben Villasante runs a Ditmas Park, Brooklyn-based construction firm. He's had to slash his workforce in half this past year to make ends meet.
Georgette Blau owns a company that runs bus tours, especially ones focused on taking people to real-life sites from famous TV shows or movies--her most popular tour involves Sex and the City. Consumers have less money--that means fewer vacations to New York and less revenue for Ms. Blau.
Lawrence Vayda owns a Saab dealership in New Jersey. Saab is owned by General Motors. Hear how they're doing? Yeah, that badly, and for the same reasons--high gas prices, a bad credit climate for auto loans, the general economy--that Mr. Vayda's dealership is.
Al Venditti's company manufactures heavy-duty bicycles and tricycles. He's had to cut overtime, and is installing solar panels in an effort to reduce energy costs.
Rest assured we will be following these folks as the Times does.
Comments (0)October 17, 2008 12:45 PM
