Starting Business

Zanade Mann

Zanade Mann (r) of Online & Offline Marketing with Oprah Winfrey

Laid off, Zanade Mann now runs her own brand awareness firm called Online and Off Marketing and PR, a boutique firm in New York City.  She says her education is in accounting, but she has worked in customer service, health care and communications. Many of her clients are physicians. For the startup costs, she used her severance pay. She says she loves the freedom to be creative in her business.  For staffing needs, she uses a rolling list of interns and has a marketing manager. Follow Mann on Twitter @ zanade or email zanademann@yahoo.com. Even though it’s kind of rough because she has two daughters to support, when asked if she’s having fun, her response was a resounding, “yes.”

Denise Cooper

Denise Cooper, Coach HR

Cooper had to leave her job to take care of sickly and elderly parents after raising twin daughters. She was offered a job as Senior Vice President of Human Resources at a local mortgage company, but within six months the market crashed. Cooper said she did not want to do traditional HR work and needed flexibility for her family. Cooper found there was a need for leaders who could create workplaces that generate creative and innovative solutions and customer intimacy, so she started Coach HR LLC. Located in Charlotte, N.C., the firm is dedicated to guiding CEOs and executives to become successful in their jobs.   Cooper says her start-up costs were between $70,000 and $80,000. Although she misses corporate life, she savors the thought of running her own business and the flexibility it affords her. Cooper says there is definitely a potential to make money, and yes, most days are fun. Cooper intends to use contract coaches instead of employees, and says African Americans have to believe we have the strength to do well because in that strength, we will find freedom.

Elizabeth Wilson

Elizabeth Wilson, Business Consultant

Wilson taught entrepreneurship since 1996, but then decided to practice what she was preaching and started Business Consultant, based in Atlanta, Ga. Wilson provides services specializing in training, and among other things, small business plan development. She is also the author of two books. To prepare for her role as business owner, she drew from her experience of training entrepreneurs, and she attended workshops, conferences and seminars. Wilson works with government staff and national community-based organizations. Wilson loves the fact that she is responsible for the results and can now control the quality of the work she delivers. So far, she says she’s on track to recoup her previous salary by the end of the year, and her previous assistant is now working with her again. She hires consultants for various projects and part-time support staff. And yes, she’s having fun. Her one regret is waiting until she left her former employment to start working on her business.

Lynette Suttlar

Lynette Suttlar, S & S Consulting Company

Suttlar obtained an MBA from Jackson State University and runs her business from home. Located in Benton, Miss., Suttlar started S & S Consulting Company LLC, during the recession to help people who needed answers to questions about their taxes and financial situations. Before starting her business, she worked for H&R Block. Suttlar completed 60 hours of continuing education and attended classes in real estate. She started her business with approximately $500. Suttlar loves the fact that by owning her own business, she now has the potential to be very successful, and she loves the independence and flexibility that she has. She expects to make a profit within two years and plans to hire at least five people. Suttlar cautions that although you will not be an overnight success, you should follow your heart, vision and dreams, and you will fulfill your destiny and make a difference in the world. S & S Consulting can be reached at (601)503‑6610. By the way, she’s having a lot of fun.

Dawn Michelle Hardy

Dawn Michelle Hardy, Dream Relations

Hardy is the founder of Dream Relations, a PR and literary consulting agency located in Brooklyn, N.Y., which was started during the recession. She has a Bachelor of Science in Marketing International Trade. Hardy’s business, Dream Relations, offers publicity, book tour and promotional services to mainstream and independent authors. Hardy says she was fired ten days before Christmas, and she was devastated. She worked for a small publishing company where she oversaw production and served as a personal assistant to the CEO. While working for the CEO, she learned all she could about the publishing industry, and had hands-on experience in drafting publishing contracts, proofing manuscripts and press coverage. That learning has served her well in her own business. Hardy says her start-up costs were approximately $150, which was used for a business license. Hardy says she now enjoys the freedom and peace of mind she never felt working for someone else, and that now, there is no limit to how much money she can make. But one of the drawbacks is that she has to wear many hats for the business to operate. So far, she has made two-and-a-half times her last salary, which was $42,000. She uses interns in her business and temporary assistants as the workload increases. She feels that being responsible and hardworking gave her a good foundation for her business. Yes, she’s having fun!

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Starting A Digital Video Services Business: A Practical Guide

Those who have tried starting their own business in the past know exactly which the main obstacle for any business project is: Lack of Finance. The inability to obtain the needed funds to establish a new business can be overcome by knowing beforehand what the lenders expect from you and what options you have to get the funding you need.

It is essential to understand which are the loan requirements needed for successful qualification and which loan sources are the most advantageous for starting a business. The knowledge of the different business loan types will also contribute to boosting your chances of getting approved for a business loan with the best terms you can obtain in the loan market.

Starting Business Loans

Business loans for starting businesses are specially designed for those who have a business project on mind and need funds to get the company running. The financial assistance includes all the necessary funds for legal procedures, equipment purchasing, hiring personnel, buying provisions, etc.

Starting business loans differ from running business loans in the fact that the loan is granted under the head of a person or group instead of a company. Thus, the requirements must be met by the one who wants to start the new business. This implies that personal income and credit requirements will be taken into account for loan approval.

Loan Qualification

Qualifying for a starting business loan is not that easy. Apart from the usual requirements that have to do with credit and income, you will have to show proof to the lender that your project is feasible and that your business will be making money soon enough to start repaying your debt when the first installment is due.

This is usually proved by market and business project analysis from lender’s sources or from third parties. However, you will be required to present a business plan with budgeting, costs, expenses, etc. Thus, you should have this information prepared to quickly offer any documentation that you might be required to present to the loan consulters.

As regards to credit and income, you will need to prove that you are willing to repay the loan and that you have honored your obligations in the past. Moreover, you will be required to show that you have alternative sources of income in case the company does not start generating income on time and the installments are due before you can repay them with the business’ cash flow.

Subsidized Loans

Subsidized loans are loans that feature a promotional interest rate because either the government or a private institution is paying for a proportion of the loan costs. The idea is that the subsidizer wants certain areas of the economy to develop or certain products to be available to the public and thus, takes care of the lender’s costs and risks so as to offer financing at very competitive rates.

Many government agencies are offering business loans with subsidized interest rates to promote certain activities in particular geographic areas or for particular products. If you want to learn more about this subject you can consult the government agencies’ web sites for detailed information on their current programs.