Having your ‘economic ducks straight’ is essential as a local business owner

Listen and register for Financial Freestyle with Ross Mac on Apple Podcasts, Spotify, or any place you discover your preferred podcasts.

In this episode of “Financial Freestyle with Ross Mac,” Ross Mac is signed up with by Joy Butts, vice head of state and elderly service specialist at JPMorgan Chase & & Co., as she shares her profession trip and some suggestions for local business.

“The relationships that you have, the relationships that you foster is very, very important,” Butts claims. “Most of… your time is spent at work… And so you want to make sure that you’re comfortable, you want to make sure that you’re enjoying what it is that you do.”

Butts discuss among the fastest expanding sections in entrepreneurship. “What’s amazing is that black businesses, especially women-owned businesses. They’re actually one of the fastest growing segments within entrepreneurship. And so being able to really wrap our arms around them in a way that makes a difference is… not only just rewarding, but it’s so important and vital.”

Butts talks about a commonness that services really feel, which is sensation “alone.” “All of these businesses feel like they’re in it by themselves. And they really need community. They need their tribe. They need people that are surrounding them. And so what’s interesting is that when you think of entrepreneurship, we always talk about you need a banker, right? You need an accountant, you need an attorney, but you also need some other people to support that journey as well.”

When it concerns obtaining funding, Butts keeps in mind that, “first of all, you need to know how much you need and what it’s going to be used for… It’s understanding how much you need, what you’re going to use it for, and how you’re going to get the return.” Butts clarifies that “if you have a solid plan as to what it is that you’re going to do, and you can articulate that within a business plan or with that banker that you have a relationship with, that is key. So that’s number one. Number two… would be that relationship. So having a banker, somebody at any institution, right? Somebody that you trust, that knows you, knows the ins and outs of your business, understands your journey, understands where it is that you’re looking to go, that is… key and vital because they become your advocate within that space. The third thing that I would say is having your financial ducks in a row.”

Personal debt is extremely crucial when it concerns obtaining funding too. “Personal credit is the bedrock and the foundation to get access to capital for your business. And the reason is because you are the one running the business, steering the ship. And so the way in which you operate as an individual is going to naturally transport over to the way in which you operate in your business.”

Story proceeds

“Financial Freestyle with Ross Mac” on Yahoo Finance is committed to advertising financial success for all. Through specialist understandings, sensible suggestions, and motivating success tales, we encourage you to construct and expand wide range. Join us on this transformative trip towards economic flexibility and comprehensive financial development. Catch Financial Freestyle with Ross Mac every Monday at 12 p.m. EST.

This blog post was composed by Mariela Rosales.