Are you feeling overwhelmed with the worries that come with building your business? The journey to starting a business is different for everyone, but the common thing you’ll have with other owners are  the long and hard hours of starting it. We know that it can be overwhelming having to run every aspect of your business yourself. When you want your business to succeed it is also worrisome that you might mess up in the process. Here we’ll focus on six of the most common mistakes new business owners make. Failing to have a business plan Creating a business plan can be difficult, but doing so is a necessity. A business plan shows what direction you see your business going in. In your business plan you want to include an executive summary as well as a company description. These two categories show why you are doing what you are. Next you want to include your market analysis which gives you an idea of how the economy and competition are doing in your area. You will also include how you plan to operate and run your business from the inside.  This means day to day work, employees, yourself, etc. Going a

What is a Minority or MBE Certification? Minority Business Enterprise (MBE) certification is intended for businesses to show their diversity. In order to qualify for this certification, you must have a for-profit business which has been running for at least a year in the United States. The main requirement is that at least 51% of the owners should have a minority background such as African American, Hispanic, Native American, Asian, and more. The company’s day to day operations must also be controlled by a person of color. To ensure all this is true, the business goes through an application process including a site visit from the certifying organization. How can I get my MBE Certification? A lot of different organizations can provide the certification. To get started, you must fill out the related documents and take them to the organization you choose. After completing the application process, the business must also receive a visit from the organization to get an idea of how the business operates. This certification will “typically” be valid for 5 years before having to renew.  However, some organizations will require you to certify every year to maintain the qualification. To get started check out the National

Do you need help understanding your business financial statements? You have come to the right place, here we will discuss the three main business financial statements. Starting a business can be nerve racking especially trying to figure out how much the business made or how much is coming out. That’s where financial statements come in and help you keep track of your business. Let’s expand your knowledge on the basics of business financials. What Are Financial Statements? Financial statements are written documents that outline a company’s operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure they are precise and for reasons related to taxes, financing, or investments. The balance sheet, income statement, and cash flow statement are the three main financial statements for Businesses. Let us get into what each of them consist of. What is a Balance Sheet?  A balance sheet is a summary of a company’s assets, liabilities, and shareholders’ equity. The Balance sheet gives insight about your business and its operations. Assets include two categories which are current and non-current assets. Current assets are cash equivalents, Accounts receivables, inventory, and prepaid expense. Non-current assets are properties,

what is a budget? You might find yourself asking, where is all my money going? Sometimes it seems to just slip through your hands. A good solution to get yourself on track with your money habits is creating a budget and sticking to it. A budget is an itemized and detailed plan stating where each dollar is going. This creates guidelines for you to follow in order of priorities or personal goals. For the best results, you want to make sure you are customizing your budget so it fits your daily routines in terms of necessities. Creating a budget can help you develop great money management skills! How Do I Create One? Creating a budget isn’t really a hard task at all.  One just has to review their income and expenses and then put the all of the information in a summary format.  Here are the specific steps: Step 1: Calculate your income The core of your budget starts with your income. That’s because it serves are your key performance metric.  Now what do we mean by that?  Well, if you are spending less than your income, you will be saving and creating wealth.  Spending more than your income?  Well

  You might find yourself asking why you were not approved for a loan or credit card. That decision was made based on many factors. Some of those reasons might be because there is a history of not paying on time, you do not have any credit yet, or you are adding too much debt into your accounts.  If you are looking to improve your credit score, I will be listing some tips as well as what goes into your score. Ultimately you can use these to see how you can get an 800+ credit score!  First, we will be breaking down the categories that are used to determine your score. Credit Score History Payment History- 35% 35% of your score is made up of your payment history. The largest portion of the score is going into whether you are paying on time or not. Make those payments on time! If you find that hard to do, set a reminder somewhere visible for you and put it a couple days prior to the due date. Credit Utilization-30% Another big chunk of your credit score goes into a ratio. This ratio is determined on how much credit you have available vs