Heart & Soul
  • Health
  • Wellness
    • Fitness
  • Finacial Literacy
  • Beauty
  • News
    • International
    • politics
    • Celebrity
    • sports
  • Family
    • Culture
  • education
    • HBCU
  • Food
  • Spirit
  • Travel
  • Automotive
  • Music
  • Books
  • entertainment
  • Resource Guide
    • Resources
  • Business
    • entrepreneur
  • About
  • Subscribe
February 8, 2023
HomeeducationBusinessLet’s Talk about Money: Starting a business

Let’s Talk about Money: Starting a business

January 24, 2023 admin Business, entrepreneur, JPMorgan Chase 0

Thinking about starting a business? Here are 5 things to consider

More people are choosing to become entrepreneurs and chart a path of their own in the pandemic. In fact, one million more new business applications were filed in 2021 than in 2020 -the highest total on record- according to the U.S Census Bureau.

If you are ready to dive into small business ownership, having a plan, understanding your credit health, and building a strong foundation can set you up for success — and help you sustain and grow what you are working to build today.

“The early days of building a business are exciting and also come with many questions. I enjoy helping people figure out the roadmap and take some of the guesswork out of the first few steps,” said Chase Senior Business Consultant Kristina Sicard.

To help you start, here are some tips for those initial steps:

  • Put it on paper.  Every new business should start with a business plan. Even if your start with the basics, this document is a blueprint for how to build and maintain your company, which is helpful to have on hand once you begin to get into the nitty-gritty of getting your operation off the ground. This 5-steps checklist can help you take important actions before you open.

 

  • Build and protect your credit. Knowing your credit score and how it works is a building block for your overall financial goals.

“As you start your business, it’s important to realize your personal credit score will be the key to help obtain initial capital, such as a small business credit card. Keeping it strong can help you maintain your personal AND your business’ financial health,” said Chase Senior Business Consultant Darla Harris. “As your business grows, the financial health of your business is what will allow you to access other capital and funding, yet both your personal and business credit information could be considered as part of the mix when creditors evaluate your needs.”

One tip: To build credit in your business’ name, set up a small business credit card account, pay vendors and suppliers on time, and be mindful of cashflow and liquidity, among other things.

  • Separate personal and business accounts. Many business owners start their companies with their own money, but it is very important to practice the habit of keeping personal and business finances separate. Starting a small business checking account or opening a business credit card can you help you keep track of spending and will also help establish the credit profile for your business and simplify your accounting and help you when it’s time to file taxes.

 

  • Think about expenses. Start-up costs can vary and it’s easy to get lost in the numbers. Getting a clear picture of how much startup money you will need is essential to help avoid cash-flow problems until your business starts turning a profit. You may need to hire staff, purchase equipment or get an office or warehouse space to run your company. There are many ways you can finance your start-up or small business, including a business loan, credit card, line of credit, equipment financing, and small business grants. Determining the best financing option depends on your credit score, how quickly you need the money, and the long-term effects it may have on your business. Speak with a banker first. They are there to help guide you.

 

  • Ask for help. When you’re ready to get started or grow your business, consider having conversations with your local SBA small business development center (SBDC) which delivers free tools, counseling and training to entrepreneurs.  Seek out licensed experts in banking, legal and tax who can help build your company’s infrastructure as you launch. Chase offers free workshops -virtual and in-person.

 

  • Bonus tip: The U.S. Small Business Administration (SBA) offers information on the process of registering your business name with state and local governments. There are liability protections, contract opportunities, as well as legal and tax benefits you can miss out on by not registering your business. For example, as your business expands, you can apply to become a supplier to larger businesses.

If you are ready to start a money talk, schedule a meeting with a Business Banker or Chase Senior Business Consultant. During your initial conversation, discuss your business plan, ask for advice on ways to manage expenses and access capital, and don’t forget to ask about available resources and support.

For more tips and insight on how to make the most of every business and financial opportunity, visit a Chase branch near you.

Related

  • become a supplier to larger businesses
  • Chase Senior Business Consultant Kristina Sicar
  • choosing to become entrepreneurs
  • Heart & Soul
  • Heart & Soul Magazine
  • Kristina Sicard
  • Let’s Talk about Money: Starting a business
  • registering your business name
  • SBA small business development center
  • Separate personal and business accounts
  • small business credit card account
  • Start-up costs
  • Starting a business
Previous

A Message from Your Family Tree: “You Think You Know Me Well”

Next

Milestones Show Us Where We’ve Come From, Where We Need to Go

Related Articles

Books

New Books Celebrate the Brilliance of Young Black Female Leaders

June 22, 2022 admin Books 0

By AALBC   Unbossed: How Black Girls Are Leading the Way Black girls are leading, organizing, advocating, and creating. They are starting nonprofits. Building political coalitions. Promoting diverse literature. Fighting cancer. Improving water quality. Working […]

Business

Christian Verrette- Piercing Industry entrepreneur

June 26, 2022 admin Business, entrepreneur 0

By Staff What inspired you to get into the piercing industry? Nothing inspired me. I more so, fell into it. When I first moved to Atlanta, the first group of friends I made were at […]

Celebrity

The 15th Headies Winners are!

September 5, 2022 admin Celebrity, entertainment 0

*Winners Final* BEST RECORDING OF THE YEAR “CELEBRATE ME” – PATORANKING LYRICIST ON THE ROLL A-Q – “THE LAST CYPHER” BEST RAP SINGLE “FEELING” – LADIPOE  FEAT. BNXN BEST VOCAL PERFORMANCE (FEMALE) WAJE – “LAST […]

I Have a Dream speech by Martin Luther King .Jr

Black Facts

Flo Brands

The rise and success of the first Black female billionaire Sheila Johnson

Think About Me – Marcus Johnson (feat. Keith Ailer)

RSS CDC News

  • CDC launches website to help consumers find free COVID-19 testing sites January 24, 2023
  • Statement from Deirdre Lawrence Kittner, PhD, MPH, Director, CDC’s Office on Smoking and Health on the passing of Brian Hayden, <em>Tips From Former Smokers</em>® participant January 23, 2023
  • Transcript for Vaccine Telebriefing January 18, 2023
  • Ebola Outbreak Over in Uganda January 11, 2023
  • CDC Announces Negative COVID-19 Test Requirement from Air Passengers Entering the United States from the People’s Republic of China December 28, 2022

You Have a Brilliant Mind. Don’t Risk Losing it to High Blood Pressure

Flo Brands

Christopher Featherston

Flo Brands

Aspire with Anthony

Archives

The information in Heart & Soul is meant to increase your knowledge of health development and disease prevention. Because everyone is different, the ideas expressed by physicians and researchers cannot be used to diagnose or treat individual health problems. A health care professional can best guide you.

Sales and Corporate Office,
8847 Eagle Rock Lane
Springfield VA 22153

Editorial Office,
2742 Oldewood Drive
Falls Church VA 22043

heartandsoul.com
Phone (703)434-0969
email: cbrown@heartandsoul.com
Heart & Soul is a registered trademark of Brown, Curry, Detry, Taylor Associates, LLC. © Copyright 2022

Copyright © 2023 | MH Magazine WordPress Theme by MH Themes

UA-33579627-1