The Covid Economy and Black Americans

The saying that when America gets a cold, Black Americans get pneumonia holds true in this Covid economy more than anything.

The economic effects of the pandemic have been quite challenging for Black Americans, particularly for business owners who are already struggling to keep their businesses afloat. The troubling aftermath is still something that African Americans are still trying to navigate, despite the fact that Black women, for instance, are most likely to start a business compared to white men.

The premise and motivation for starting a business may just be a single story that requires a balance of sustainability and growth to truly appreciate the business challenges that Black Americans face when it comes to starting and growing their businesses.

The multitudes of businesses that are started each day in America require more than just the knowledge of registering and starting a business. The required funding and technical know-how of how to keep a business sustainable outweigh the initial desire of opening and run a business.

According to LendingTree, 18% of businesses fail in their first year of operation. Now that’s one significant number when it comes to being able to navigate your way through your first year in business to ensure you beat the one-year business sustainability odds.

If you are lucky enough to go past the one-year mark, the question you should be asking should then be, how do you go beyond the first year and stay relatively profitable? Well, having a regular and somewhat consistent revenue can help your business stay profitable, however, you need more than just that financial backing if your goal is to grow and expand your business.

Interested in knowing how to take the first step to start that business of your dreams? Well, we got you covered!

How to Register Your First Business

If your goal is to start your own business, then taking the first step to register your business can help you get things going in the right direction. For most business startups, including home-based businesses, especially in the United States, you may have to go through some type of business registration.

This process of registering your business may require a visit to your county, city, or state’s business development website where you can register your business.

Once you have collected all of the required paperwork for your business, then the next steps would be simply following the prompts that you need to get your business registered.

Business registration is essential for many reasons, one of them is that it can help you access business funding, particularly free business grants for your new business. Though there are a number of funding options available for businesses out there, why get into any debt of any kind you could simply get the business grants that you need, and grow your new business.

Getting Grant Funding for Your Business

The big question for many new business owners remains, how to get that “elusive” business funding. Business funding isn’t just about putting down your real estate investment properties as collateral to get a business loan with a 12% interest rate, that your business can barely afford to meet up with.

This is where we come in. Being able to access business funding that is grant-based. Not a business loan that requires that you fill out over 20-page paperwork to fill out, that still does not guarantee that you will get the funding that you need at the end of the day.

If you’re ready to get the process of starting your business launched, and need help navigating business registration, grant funding, and setting up an efficient business structure, click here to speak to AAG grant and business consultants today.