New businesses find niche
Who in their right minds would start a business in an economy like this?
Neda Darwish is one. She's owner of Sugar Monkey Cupcakes, Inc., which opened its downtown Naperville doors on Dec. 11.
Kathy Day and John Grebe are two others. Day is managing partner and Grebe developer of the concept behind The Senior Financial Group, LLC, Wheaton. Senior FG sent its first mailing to prospective clients January 22.
Cupcakes are selling like hot cakes. Response to Senior FG has been slower; but, to be fair, the idea is a more complicated sell.
For one thing, Grebe says, "Many seniors are reluctant to admit they need help." Senior FG has been in Grebe's plans for more than two years, and he and Day seem prepared to move at their targets' pace.
The Senior Financial Group is Grebe's attempt to bring a complementary assortment of senior financial services providers together. The idea began to percolate when Grebe, working with his CPA firm's older clients, would discover trusts and IRAs that needed updating.
"We see seniors who need help with more than accounting and taxes," Grebe explains. "The work we do is very specialized, and what our clients need often takes a multifaceted approach. So we've researched like-minded companies" to work with on an all-encompassing senior financial services basis.
For example, Grebe's firm, Grebe & Associates, P.C., provides tax planning, budgeting and cash flow assistance. Investment and life insurance issues fall to a local wealth management firm; the pain of figuring out health insurance claims is the purview of a west suburban health claims assistance provider; estate plans, powers of attorney and other legal issues are covered by a suburban eldercare law firm.
The goal is to funnel questions about senior financial issues to Day at Senior FG. She'll bring appropriate group members in to assist. "We know what questions to ask and where to point the seniors" for specific help, Day says.
The going has been much faster at Sugar Monkey, which Darwish says has been profitable both of the two months the store has been open. "We have a good location, and we've been getting a lot of media attention," Darwish says.
Darwish also has benefitted from assistance at the Illinois Small Business Development Center at Waubonsee Community College, Aurora. Still, opening a new business now?
The economy was much better when "We started working on the business at the end of July," Darwish says. When the economy tanked, "We were too far into it. We had too much invested. I never wanted to turn back."
© 2009 121 Marketing Resources, Inc.