Starting a business is no easy task, and it’s not uncommon for Black entrepreneurs just getting started to feel alone in their business endeavors.
In 2023, the US Census reported that there were 161,031 Black-owned businesses employing more than 1.4 million people in the US. “But you also need some other people to support that journey as well," Butts said. "You really need other business owners that have gone through the journey before."As those key relationships are built, however, don’t discredit the relationships already started, namely with those three key players.
While it may seem like investing heavily in parts of the business, such as marketing, should be a high priority, these avenues don’t always require a large financial investment right away.AI can be an incredible resource in this capacity, offering a cost-effective way to get the ball rolling in those areas while capital is tight.
Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and moreAccording to College Board data, 51% of undergraduates finish college with student debt. J.P. Morgan Asset Management Head of Education Saving Tricia Scarlata joins Wealth! to discuss strategies for managing college debt. Scarlata points out that student loan debt is the second largest debt among Americans, behind mortgages.