Timing is Everything in Life and in Business: SBA's Small Business Development Centers help to set the timing right

College of Staten Island SBDC & Veteran Transition Franchise Program
Staten Island, NY

The unexpected timing in Edmund Singer's life allowed him to start a business in his 60s, after cheating death three times. Edmund's survival of a fuel tanker accident, a San Francisco earthquake, and the 9/11 World Trade Center attack created the right timing for business ownership.

In 2004 Edmund started his Staten Island UPS franchise, after a 36-year career working with Wall Street firms. With the scarcity of jobs after 9/11, Edmund retired to spend time with his family. With so much time on his hands, he ultimately decided to go back to work, and researched UPS store franchise opportunities at the recommendation of a daughter-in-law.

Edmund received information from the U.S. Small Business Administration at a city job fair held after 9/11. From that information, he learned about free business counseling available from the College of Staten Island Small Business Development Center, and about the VetFran program -- Veteran Transition Franchise Program. VetFran -- a joint effort of the International Franchise Association, the Department of Veteran's Affairs and the SBA -- helps armed forces veterans receive discounts on franchise fees from participating franchisers. Edmund completed a business plan and loan application with the help of John Bloom, an SBDC counselor. He obtained two SBA-guaranteed loans totaling $150,000 from Commerce Bank, and a 25 percent discount on the franchise fee thanks to VetFran.

It was fortunate timing for Edmund to receive the very first UPS Store franchise on Staten Island. Sound management and hard work have allowed him to operate a successful printing and shipping business. Edmund said that the early going was tough, but he was able to turn a steady profit after the first two years in business. UPS awarded Edmund with its top-performer honors for the region, which include Staten Island, the Bronx, Brooklyn and Queens.

"One thing that's distinguished me from my competition is that I'm not an absentee owner," said Edmund. "You don't want to go into business and be an absentee owner."

Edmund knows he has been fortunate in life and in business, and he makes it a point to help others. His store provided half-price boxes, free taping and labor to help ship supplies and disaster relief to Hurricane Katrina victims. Edmund also helps local schools with printing services.

Entrepreneurial boomers could take some advice from a man with good timing. "Do your homework, including assessing your market and the competition and be sure you are well-funded in the beginning," Edmund added. "And if you have a good idea, it will all work out."

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