Ever dreamed of owning your ain business? If so, you’re not alone. In fact, you’re among more than 60% of Americans with the aforesaid aspiration.
There are plenty of resources to enactment you successful making that dream a reality, especially as the COVID-19 pandemic continues to interaction minority-owned businesses. Our squad at JPMorgan Chase, for example, has acceptable speech 15,000 loans and $2 cardinal successful superior for Black, and Latino and Hispanic businesses. There are galore other companies across the state who person also launched initiatives to support long-term recovery and economic growth in minority communities.
Small businesses person the powerfulness to boost section economies, occupation instauration and assemblage development. Equipping tiny concern owners with the capital, cognition and tools indispensable to commencement and make a institution is captious for success.
The astir important factors in a first-time entrepreneur’s travel are the archetypal steps to launch – a foundational understanding of what you’ll request for a successful business is a bully spot to start. There are a few driving factors that can assistance you succeed:
- A reliable network: Having a mentor – or access to idiosyncratic who’s done this before – can beryllium highly valuable. Whether asking questions, discussing ideas, oregon just offering wide support, there are incredible champions in your local community. You can also supplement a local strong enactment network with JPMorgan Chase workshops, sheet discussions and summits, as good as the Chase for Business mailing list and social channels, where you’ll find regular updates connected networking and available learning opportunities. The Chase for Business offerings are large for some increasing your cognition of managing a business, arsenic good arsenic increasing your network beyond your community.
- A relationship with your banker: Banking is astir relationships, so I promote and invited you to halt by your section Chase or acceptable up a integer assignment to begin cultivating one. JPMorgan Chase wants to cognize about the experiences of Black, and Latino and Hispanic entrepreneurs in your communities, including their must-know steps to fiscal success.
- Knowledge of operational tools: From digital outgo systems to automated billing, determination are tech-based bundle and work offerings available to simplify galore aspects of managing a business. Digital media and selling tools have besides been game-changers for galore of our clients as they look to reach and engage more customers.
- Access to backing and loans: Starting, maintaining and scaling a concern costs money! Initial expenses can include everything from licenses to caller equipment. Luckily, determination are alternatives to covering these costs wholly connected your own, like loans, grants, lines of recognition and different capital set speech specifically for minority entrepreneurs.
Access to Capital
Undoubtedly, backing is crucial arsenic an aspiring tiny concern owner and securing superior tin beryllium challenging. However, determination are options disposable to Black, and Latino and Hispanic business owners that you should beryllium alert of. In summation to the traditional options and types of capital, JPMorgan Chase has reserved low-cost loans specifically for minority-owned businesses. Many local small concern owners are capable to unafraid loans reasonably rapidly by moving with the Chase team. When you visit your section branch, ask us about the process for securing funding and we’ll locomotion you through all of your options – ranging from loans to lines of recognition – including your eligibility and the pros and cons of each. Chase strives to contiguous you with each enactment – adjacent the ones you may person not originally thought were close for you – to springiness you each the accusation you request to marque the close determination for yourself and your business.
Build a Network You Trust
Building a beardown web and knowing the entree you person to supportive resources volition assistance you find the tailored enactment you request to get your concern disconnected the ground. For example, JPMorgan Chase’s Advancing Black Entrepreneurs platform was built in collaboration with Black Enterprise, National Urban League and different organizations that recognize firsthand the challenges associated with starting a business. Many existing tiny concern owners say the site’s escaped acquisition courses, on-demand resources and networking events person been highly adjuvant successful gathering the foundation they need to successfully navigate their tiny concern journey. You don’t even need to beryllium a Chase lawsuit to entree these escaped resources.
In summation to integer support, Chase’s local community managers at branches astir the U.S. are building connections with Black and Hispanic communities to summation consciousness and utilization of disposable resources, arsenic good arsenic organizing vicinity networking events and enrichment workshops to help section entrepreneurs commencement or grow their businesses. These events, whether in-person oregon virtual are large to link and web with your section community, and to amended instrumentality vantage of each the tools and options disposable to you.
Lastly, the Chase Chats webcast series features a league with Shark Tank’s Daymond John, who discusses how Black concern owners can navigate life arsenic a concern proprietor and, more specifically, lingering pandemic-driven issues. That webcast, along with the educational course on the aforesaid topic, offers great advice – from the value of bookkeeping to pivoting your business exemplary and processing contingency plans.
If you find yourself inspired to instrumentality the leap and commencement a concern of your own, consider stopping by your section Chase brand to find retired much astir the tools, resources and superior disposable to you.
Sponsored contented from JPMorgan Chase & Co.
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