The Black Business Association extends resources to entrepreneurs and connects those businesses with connections and tools. Contact us today to learn more! team@blackbizassociation.org The benefits of hiring a business coach are numerous, but it’s important to think about which areas you need help with before retaining their services. Some coaches are more experienced in certain fields than others; for instance, a social media coach can help you grow your customer base by utilizing specific tools. Other coaches take an overall approach to helping business owners, looking at everything from th ..read more

Image via Pexels Selling your business is a significant decision that should not be taken lightly. It can be an emotional process, and there are a number of factors that should be considered before making the decision to sell. Today, The Black Business Association invites you to take a look at the most common reasons businesses sell, steps you can take to begin the process of selling your business, and some red flags that may mean it’s time to say goodbye. Reasons to Consider Selling Your Business There are many reasons why a business owner may want to sell their company. Perhaps you’ve been ..read more

When you first start a business, your main focus may be building it from the ground up and doing it in the most cost-efficient manner possible. For that reason, you may decide to use your apartment as your headquarters initially. You may be hesitant to ,disturb the peace of your space with running a business, but it can be done. A small space can provide everything you need for success when you know how to proceed. Seek Approval Before you begin, make sure you speak with your landlord and get permission. Asking first is important since the landlord's ,insurance and mortgage agreements may pro ..read more

Nobody goes into business to do taxes other than tax professionals. So it is no surprise that taxes are one of the most confusing and stressful tasks that business owners have to deal with each year. Understanding how your entity type is taxed is one of the first steps to making sure that you and your business don't end up in tax trouble. We'll cover what an LLC is, how it is taxed, and the LLC filing requirements in the state of Kentucky. Picture by Wix Key Takeaways: Single-member LLCs are taxed the same way as sole proprietors by the Internal Revenue Service (IRS). An LLC is not an entity ..read more

Whether you’re a solo entrepreneur or in charge of a larger company, you know that debt is a necessary part of running a business. But if you feel that your company is carrying on too much debt, the ,Black Business Associationshares four steps you can take to pay it down or even pay it off faster. Keep Track of Your Budget Whether you’re just launching your business or you’ve been at it for a while, it is very important to have a budget in place. So keep track of all your expenses over a period of several months and see how much revenue you’re generating. This will help you identify which par ..read more

Have you thought about your business credit or how it may affect your company’s reputation? In many ways, business credit, is similar to personal credit. You need strong personal credit to buy a house, get a loan, or apply for a credit card. Having a strong business credit file may improve your company’s chances of qualifying for business loans, receiving lower interest rates, and increasing cash flow. It may even help you negotiate better payment terms and attract new customers. But what is business credit? What are the implications of separating your personal and business credit? The 5c’s o ..read more

While most small business owners pride themselves on being hard workers and getting things done it is a proven fact that you can scale your business much easier when you learn how to properly lead a team. Your team could be employees, subcontractors, or whoever you need in order to get the job done. No matter who your team consists of the main factor in being a great leader is motivating others to take ACTION. In this article, I will share with you my 3 steps to leading your team effectively. IDENTIFY YOUR LEADERSHIP STYLE Everyone has a different way of leading so you must first identify you ..read more

If you were raised in a household similar to my family’s, then you may have heard similar phrases when the topic of healthcare and/or insurance in general was spoken of like the following: “I can’t afford to go” or “the government won’t get me!” or even “When I leave this earth, just put me in the ground in the backyard”. Just like religion, politics, world views, and family values, these beliefs are instilled in us from our family and environmental influences at an early age and we usually dare not to question it! As many of you that are reading this, I’m sure you could relate to what I have ..read more

Often, when working with my consulting and business legal clients, I am asked if having a LLC makes your business “legitimate.” Last week, again a student from an entrepreneurship course I teach asked “Can you have a real business without it being a LLC?” So just what is a LLC? A limited liability company, more often referred to as a LLC, is one of many types of business structures you can choose when forming a business entity. For most small business owners, especially microbusiness owners, meaning those who employ 10 or less, who are starting a new business, most commonly choose to start a ..read more

Your business website is your business platform for the world. “But I can use social media for business.” You sure can, but that’s on someone else's branded digital real estate and you need your own digital space completely controlled by your team for your business operations. But, it doesn’t start with the web. The process begins with narrative. That’s right. Nothing is communicated well without a succinct story of your business so you begin with a branding and marketing narrative leading to a logo. These are the visuals and written content that begin to inform the purpose and design of your ..read more