Updated: Oct 12
Entrepreneurship can be one of the most rewarding challenges out there, which is why many take those first steps to start their own businesses. The fact that there’s no clearly defined path is part of the challenge. Successful people have usually learned from their mistakes and grow their businesses as a result. You will need to learn some business basics, but a business degree may not be required, thanks to these tips from The Black Girl Initiative.
Self-Taught Business Knowledge
There are some skills you can teach yourself, such as public speaking, time management, and effective communication. A few more skills include the following:
• Marketing. These days, advertising is easier with all the free tools at your disposal. So start by using this logo design tool to put a face on your business, then spread the word for free via social media!
• Accounting. Tracking financial details accurately and effectively saves time and money in any business sector and provides a solid foundation for effective cash flow management.
• Technical Agility. Being knowledgeable about various types of operating systems and business office software will help solidify your position as a business owner.
• Problem Solving. Handling unexpected problems with ease improves morale for you and your coworkers, and it helps the bottom line as well. Have a plan for crisis management before the crisis comes.
• Project Management. Being able to stay with a project from beginning to end helps grow business confidence.
Connecting with other entrepreneurs is key to starting your business, notes Startup Grind. You can network with individuals who understand and can offer advice in many areas of your industry. Networking with other business people can also help you find a trusted mentor to guide you. You can also enlist the services of business mentorship agencies.
Finding the Funding
As AskMoney points out, one major concern of all entrepreneurs is how to obtain the funding they need to support their business. Luckily, there are options. Especially if you’re considering a loan, though, you want your credit to be as good as possible. So start by reducing your existing debts as much as possible. Also, simply checking your credit score will give you a small bump! In addition to improving your credit score as much as possible, check your credit report and make sure there aren’t any surprises there that could dissuade potential investors.
Steps for Taking Action
Vegas is a great place to start a business. If you’re moving to the area, you may consider renting instead of buying a home, if even on a temporary basis while you search for new digs. First do your research to get a feel for the market and what’s available. You’ll find plenty of options in terms of properties to rent – in fact, there are currently nearly 1,100 apartments available, with a wide variety of amenities and square footage.
Do you follow profitable business industries, or follow your heart? You can do both. Determine your strengths and passions before selecting an industry that shows constant growth. Then decide if your business can start out as a home-based business or side gig, or if you need a building for your office space.
Another type of business to consider is your business entity. You can start either a limited liability company. An LLC is the safest way to start, and you can start an LLC in Nevada to protect your personal assets from business-related liability. With an LLC, there are no shareholders or board of directors required. Forming a corporation, on the other hand, will require a board of directors.
Once you have set up an LLC, you can always add a "doing business as," or DBA, to provide further flexibility. With a DBA, you can remain within budget and you don’t have to use your real name on business materials, which keeps your personal life private. Another benefit of creating a DBA, or multiple DBAs, is that you can avoid using your name as the name of each business, and you can expand your products and services without changing the name of your LLC or corporation.
Entrepreneurship is a challenging goal, but you can obtain it if you understand your strengths and your chosen industry. Remember to keep the above tips in mind, including learning more about marketing, accounting, project management, how to find funding, and how to form an LLC or set up a DBA.
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The Black Girl Initiative is spreading the message that the world needs to know that women of color are worthy, loved and appreciated. Read more informative articles today!