This is the third post in a series on how you can turn your dream of owning a small business into a reality. If you missed Part 2 in the series, you can find it here. Check back each week for new posts.
Once you’ve figured out that your business idea has legs and makes financial sense, the next step is to try it out. Many entrepreneurs like to dream big as they’re first launching a business—they picture their business with their own office, retail location and staff. Dreaming big is great, but starting small gives you the opportunity to test out your business ideas and perfect them before investing too heavily. Below are some ways to start small and test your business idea.
This is the second post in a series on how you can turn your dream of owning a small business into a reality. If you missed Part 1 in the series, you can find it here. Check back each week for new posts.
This is the first post in our new series about how you can turn your dream of owning a small business into a reality. Check back each week for new posts.
Congratulations! You have a great idea for a new business and want to start your journey as an entrepreneur. But starting a business can seem like a daunting task and you might need some help figuring out if you’re ready to turn your idea into a reality. Read on for tips to help you determine if your business idea has legs.
Validate your idea
The Trump administration bills tax reform as a way to spur job creation and restore the middle class. But fiddling with tax rates won’t solve the underlying crisis that’s been brewing for decades: Our failure to invest in future entrepreneurs–the engines of job creation.
Lyneir Richardson wears two hats, as an entrepreneur and an academic. Since 2014, he’s been executive director of Rutgers Business School’s Center for Urban Entrepreneurship and Economic Development, a program that supports women and people of color who are starting their own ventures. He’s also CEO of Chicago TREND, which offers financing and consulting to retail developers in Chicago’s low-income neighborhoods.
No money, no growth. Without robust small businesses on the South and West sides, joblessness will continue to plague neighborhoods, experts say.
That's the message from a recent report by the U.S. Senate Committee on Small Business & Entrepreneurship, which found that access to capital remains the primary issue affecting growth of minority-owned businesses nationwide. Only 16 percent of small-business loans went to women in 2013, and less than 2 percent of black-owned businesses received loans that year, the report says.
Minority entrepreneurs represent some of the fastest-growing segments of business in the United States today, and make up about 17.5 percent of all employers in the country. Yet they often face a dilemma when it comes to marketing their product: How do they appeal to the widest possible audience while also banking on their background and directing services to the communities they came from?
Today, Octavio Blanco of CNN Money took a look at the negative impact that short-term financing—known as merchant cash advances—have on small businesses, and the alternative solutions that CDFIs provide.