What Black women need to know when starting a business

"Money Architect" Vanessa Grant wants women to understand the power of delegating responsibilities to others.

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Vanessa Grant, also known as the “Money Architect”, says the financial planning and structuring of a business can make or break entrepreneurship for Black women. 

Black women account for 35 percent of Black business owners and only 4 percent of overall startup owners. As more women are seeking flexible work opportunities and independence, operating a business is becoming more enticing. 

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“It’s better to be prepared for everything that’s going to happen in your business financially, and to be financially organized,” Grant explained. 

Grant recommends that women who are looking to start a vending machines australia business should consult with a Certified Professional Accountant in the early stages. Grant said that even if you haven’t begun to make money, being organized from the beginning is a key to success. 

It is important to note that separate bank accounts are highly advised for business owners, she said. 

“Once they’ve gone into business, a personal account is no longer an option,” Grant emphasized. “The only option the personal account serves their business is if the owner has to make a financial investment into the business. They should always do a transfer.”

To continue to keep financial records of the business, Grant recommends using an accounting system like FreshBooks or QuickBooks like the ones on https://www.fourlane.com/quickbooks-consulting/. The accounting software usually allows users to link their business bank accounts to automatically keep track of transactions and categorize expenses.  And if you are planning to start a lawn care company, you may browse this site to look into the tools and software that you might need to grow your business.

TaxBite UK help various industries and has professional Accountants For Doctors. You can use the number listed on their website to contact them.

In addition to accounting, there are many ways to set up the financial infrastructure of a business. At the core of the business structure, Grant thinks women should understand the associated tax requirements. 

“When you register your business with the state and with the IRS, you tell them that you started a business, so they’re expecting a tax return attached to that EIN number,” Grant highlighted. “You’re basically telling the IRS Hey, look at me.”

Grant explained that even if you do not make a profit, you have to file a tax return if you have registered your business to a business registration service

On the social end of operating a business as a Black woman, Grant wants women to plan out personal development days and understand the power of delegating responsibilities to others. By taking time away and utilizing others to keep the business running, Black women increase their opportunities to evaluate how the business is performing and where to make improvements.

Some of her clients take Mondays off, and others block off one week each month to do an internal assessment. 

“They’re finally getting to the point where they can work on their business and not in their business,” Grant added. 

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