OPINION: Turning ideas into reality by helping small businesses cut through red tape
The story of every small business begins with a glimmer of inspiration — that “light bulb” moment when years of work suddenly come into focus. Every entrepreneur can tell you about that feeling, and how it was followed by a surge of motivation and an obsessive desire to turn ideas into reality.
But then the hard part begins, as any successful business person will tell you. A mountain of real-world challenges suddenly crop up, starting with finding the money to actually set up shop. Then, especially in New York City, businesses must enter into a bureaucratic maze with multiple agencies that can cost thousands of dollars as inspections, licenses and permits are gathered and completed. Assuming you survive all that, there is the very sobering reality that one out of three small businesses fail within the first two years, and roughly half do not make it past five years.
With odds like these, city governments across the country have the responsibility to ask what they can be doing to support small businesses. The answer is that there is a lot cities could be doing, whether it’s investing in technology infrastructure, improving access to capital, knocking down bureaucratic hurdles or making common-sense reforms to fines and fees in ways that educate businesses but still protect consumers. These are all problems that call out for locally driven solutions.