Minority Business Development
Minority owned businesses are growing, especially on the Internet these days. As a minority business entrepreneur, starting a small business will take some homework. Make sure you take advantage of the many different resources available to you. Your minority business development strategies and plans will help grow and keep your business successful.
Small Business Resources
There are many small business resources available that you might want to consider during your minority business development stage. Your local small business administration is a great place to start. They are there to help you get started in the right direction. Especially if you are socially and economically disadvantaged. There is also a wealth of information available on minority business development through video on demand. Furthermore, incorporating your Christian faith can give you and advantage. Statistics have shown that Christian based companies are sought after more than corporate sites on the Internet. Learn more information on how to become a Christian entrepreneur using God’s wisdom.
Most cities should have a small business development center. Make an appointment and speak with someone about any questions or concerns you may have. Just search the Internet for the nearest location to you. Utilizing Christian social media is a great marketing tool to help brand your minority business. Starting a Christian group online will enable your business to connect with others who are looking for your specific products and services. Find out more about Christian marketing today at KNCB.org.
Minority Business Education
knowledge is power
Being educated on minority business development will give you an edge. They say that knowledge is power. Educating yourself in every aspect of what your business entails will give you confidence. Making it easy to expand and fulfill your responsibilities of your business. You can gain useful tips and advice on what to look for when hiring employees. Also, what tax information you will need to provide. It’s important to know how to register your business name and file any necessary paperwork with your state. Visit your state website online for more information.
Minority Business Grants
There are many minority business grants available that can give you that little extra help needed when starting out. Your minority business development strategy should include exploring all avenues and resources. This will help ensure your success. Make sure you fully understand everything before accepting any grants or financial help from investors or partners. Read the fine print and ask questions. If you need an explanation of any terms you may not fully understand, consult a small business attorney before signing any documents.
Last but not least, deciding on what type of legal entity your business will be is very important. Contact a local CPA for any questions you may have. Making the right decision in the beginning will keep you from having to do a lot of extra paperwork in the future. When beginning your minority business development plan, understand the difference between each. So that when it comes to filing your taxes there are no surprises. Here is a “condensed version” of some of the different legal business entities. Become familiar with the terms during your minority business development stage.
- Sole Proprietorship – this is the most simple and is run by one person. You are in business for yourself. Financial activities of the business should be separate from a person’s personal financial activities. The risks are dependent on personal assets and the liabilities of the business. Terminates with the proprietors death.
- Partnership – General and Limited – a general partnership is between two or more persons that contribute money, skill, etc. and shares in the profits and losses of the business. A limited partnership limits the liability according to the amount that they have invested in the company. You must file a certificate of limited partnership with your state.
- Limited Liability Company (LLC) – very similar to a limited partnership but with notable legal and statutory differences. You will want to consult an attorney with questions concerning the LLC.
- Corporation – a corporation operates under state law with filing article of incorporation. There is double taxation: the first being the profits and second on stockholders dividends. (capital gains)
For more information on these and other legal entities, contact your local small business administration, a business attorney or a CPA.
Business Development Plan
Starting your minority business development plan will give you a road map and define your goals. Many successful female entrepreneurs know the value of a good business plan. Having your own small business is very rewarding. It could lead to your educating and helping others in your field of expertise. Being the best at what you do will inspire Christian leaders and entrepreneurs to follow your example. This in turn will create more finances. And, could help your small business become a large corporation. There is no limit to achievement to success in this world. It just depends on you, your desire and your diligence. The time is “now” to get started. And remember, seek a corporate attorney for filing trademarks or patents.
Gain valuable information on minority business development and more by watching video on demand at KNCB.org For more information on how your company or business can advertise or become a partner with Say Amen TV and KNCB.org, email us at: firstname.lastname@example.org.
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