OneTransaction® to Build Generational Wealth - Profitable Business

We, at OneUnited Bank, want you to focus on #OneTransaction to build generational wealth, which includes a profitable business.

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Time To Pivot!

The internet and social media have increased the opportunity to move beyond brick-and-mortar businesses to online products and services. We simply need to pivot!

The Program

Here Are 8 Steps to Get Started

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Have a Family Meeting

Start by sharing this article with your family members to explain that you are committed to creating generational wealth through a profitable business.

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Make Sure You Own Your Brand

Many times, we do not take the necessary steps to secure the ownership of our company name or brand. Here are 3 steps to make sure you truly own your business, including trademark and domain name!

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Hire an Attorney and Accountant

Through the Paycheck Protection Program, we found many businesses are not correctly organized. Many organize as a corporation (C Corp), when a Limited Liability Company (LLC) is better. Many also do not have full documentation in the company’s name including: Articles of Incorporation, payroll, financial statements, bank statements and tax documents. To create generational wealth, you must have accurate documentation.

Hiring an attorney and accountant can ensure your business has the documentation necessary to fully participate in programs and/or qualify for business loans.

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Measure the Profitability of Your Business

With accurate financial statements, you can assess your business profitability. You can also review what steps you can take to improve your profitability including increasing sales or reducing cost. An accountant or simply a program such as QuickBooks can provide this invaluable information. Sometimes we can minimize profitability to lower tax liability. However, to grow your business and create generational wealth, profitability is important.

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Join Your Local Chamber of Commerce

There are many resources available to help you grow your business or improve your profitability, including government contracts and technical assistance. Businesses can do better when they have an advocate and a network of other businesses. So, join your local Chamber of Commerce today.

There are some chambers that specialize in Black businesses such as the Black Economic Council of Massachusetts (BECMA) in Boston or the Miami-Dade Chamber of Commerce (MDCC) in Miami! Visit the USBC Chambers Directory to find a Black Chamber of Commerce in your community.

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Create a Business Plan

Whether your business is profitable or not, you need a business plan to help guide your decision making. You do not need an MBA or business degree to develop one. In fact, the business knowledge you gained from running your business is invaluable. There are online courses to help that are free or not very expensive. You can also check with your local Chamber of Commerce to find free technical assistance programs.

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Seek Loan Funding

Profitable growth can require funding such as a business loan. There are many banks and business lenders waiting to offer you a business loan. Do not be intimidated. You’re in the driver’s seat. We recommend you begin with your bank, which must abide by all government regulations to protect you from being scammed. There are also alternative business lenders such as the Miami Bayside Foundation or BBIF in Miami or Pacific Coast Regional in Los Angeles or Lendistry, a national Black-ledsmall business lender. These alternative lenders have more flexible requirements and better terms than bank loans. To find an alternative business lender in your community, ask your local Chamber of Commerce. Do not just search online because there are many “bad actors” that provide predatory loans to businesses.

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Seek Equity Capital

Today, there are many more options for equity capital for businesses. As examples, Tabor in Seattle, Washington launched the Black Business Equity Fund in 2020 to combat the pandemic and systemic racism. The Foundation for Business Equity launched the Business Equity COVID-19 Emergency Fund to support Black and Latinx businesses in Massachusetts. The Oakland Black Business Fund provides capital to Black businesses in Oakland, California. And BLCK VC is seeking to increase diversity in venture capital by providing a link to venture capital financing. An important resource for information on equity capital in your community is your local Chamber of Commerce.

This summary is to get you started. Please check with a financial advisor, an attorney, family members, and/or friends. Simply focus on getting this OneTransaction done to create generational wealth!

OneUnited Bank is not a financial advisor and recommends you discuss with your family and a financial advisor. All services, including non-real estate secured business loans or equity capital, are not offered by OneUnited Bank. To learn more visit our Loans page.

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