Too Broke for Business…
Updated: Sep 3, 2020
One of the hardest things about having a small business is implementing financial literacy. Most of us, especially in the black community were never taught how finances should be modeled. Let alone to enter your first business venture and be tested on this reality. Opening a small business is a great way to get more money, but it can be challenging. The main lessons I learned about business finance are:
1. Your 9-5 is not going to fund your business
2. Your business’s profit is not your money
3. You need to pay yourself first
4. You need to pay other people, even if you have no employees
5. Profits aren’t always in the positive
6. Your business needs its own bank account