3 Entrepreneurs share tips for doing business in NYC

Jean Chatzky: How did you make the transition from working for other people to setting out on your own as an entrepreneur?

Lisa Janae: I majored in filmmaking in college, but after I graduated, I went to work for the United Nations (UN), the White House and the Peace Corps. In a way, fear pushed me into opening my own company since I feared not returning to my initial passion of filmmaking. A city like New York is oversaturated with creatives, but I believe in myself and that gave me the courage to take that step.

Kerry Diamond: I call myself an accidental entrepreneur. For me, it was more naivete than courage. When I started Cherry Bombe, I was working at Coach as the divisional vice president of PR [public relations] and had several side projects going, such as opening a restaurant [Smith Canteen?] with my then partner. I didn’t really think being an entrepreneur through. I think I felt if you were scrappy, you could always figure out how to earn money in a city like New York.

Chatzky: You’re both very talented, but talent isn’t the only element needed to succeed. What advice would you give to entrepreneurs starting out?

Janae: I’m a huge advocate of finding your community and networking. In the film industry, for example, you need state-of-the-art cameras that can cost $150,000 to buy or $2,000 to $4,000 per day to rent. It’s a huge issue. Who can afford that? I’m part of networks like the Black TV Film Collective, that help connect me to resources to access equipment more affordably.

Diamond: I agree about the importance of networking. The Cherry Bombe community is called the Bombesquad and it really is the most amazing group of women that has grown over the years. During the pandemic we pivoted and started networking via Zoom, which means people can engage with people all over the country. Now, for example, if I’m on the road, I can reach out to connections around the country and find someone to eat with.

Chatzky: Absolutely. Community is a thread we all share. Post-pandemic, people are hungry for connections.

Diamond: You can’t be afraid to ask for help. Lean into your network — there are so many people who want you to succeed, and they can give you invaluable advice. For example, in the restaurant business, operators live in fear of surprise health department inspections. Through my network, I found out that there are services where you can book a mock inspection. They will come in and help you see where you need to improve. Nothing they see counts against you, and it helps you be ready when the real inspection happens. New York doesn’t want you to fail—there are people here who can help.

Chatzky: Lisa, you’re from Los Angeles but you’ve chosen to live here. Why?

Janae: I’m an L.A. baby for life, but there’s no community as vibrant as New York. It’s like the saying “you can go faster by yourself, but you can go further together.” I honestly believe I couldn’t have built my company as quickly as I did if I wasn’t in New York. The diversity here comes together in such a beautiful way.

Chatzky: Has managing your finances been challenging? You both funded your businesses in very different ways. Lisa, you’ve never taken out loans and put all your COVID-19 stimulus checks back into your business. Kerry, you’re doing great, but you’ve used a variety of methods, including business credit cards, Kickstarter and even breaking into your 401K.

Janae: The cost of equipment and crews are so high, but every filmmaker I knew told me not to take out loans or use my credit card. It was a blessing that film production didn’t shut down during COVID. Every week, we were getting new projects. Everything I earned went straight back into the business. The entertainment industry is interesting. Internally you have permanent employees but externally you work with lot of contractors. It can be a lot, because you have to open up new bank accounts for almost every project to manage financing. 

Diamond: I’m a creative and it took me a long time to admit that I’m not great with money. I really think there needs to be financial education taught in schools not only to help those who want to be entrepreneurs, but to help people understand the basics like how to balance a checkbook or apply for a loan or mortgage. Until I didn’t financially need to, I had other jobs to support Cherry Bombe. The pandemic was hard because we lost event sponsorships. We just hired a CEO to help grow the company and I’m very happy about that. It feels like a brand new day.

Chatzky: For many people, the most important commodity isn’t necessarily money but time. What is your best advice for time management?

Janae: For me, it was important to focus on prioritization and set boundaries. You need to know when to say “no” and not take on too many projects, even if they are great projects you want to say yes to. I worked for two years straight through so many personal things. I took a month off this year to pause and rest. It was great but I don’t know if my business is at a place yet where it can function without me.

Diamond: During lockdown, whenever someone said they were living their best life because of all their downtime, I wanted to punch them in the face. [laughs] In New York, you can get drawn into the hustle culture and work seven days a week without even realizing it. There’s only 24 hours in a day. I’m trying to lean more into being creative and asking for help when I need it.