5 tips for starting your own business

(BPT) - There’s no doubt the pandemic has hit small businesses hard. Even in its early weeks, February to April 2020, the number of active businesses plummeted by 22%, according to a report from the National Bureau of Economic Research. And unfortunately, the consequences of the early shutdowns impacted minority-owned businesses even harder, with Black-owned businesses seeing a 41% drop, Latinx businesses 32%, Asian businesses 26% and women-owned businesses 25%.

Does that bad news mean that now is the wrong time to consider starting a new business? Not necessarily. Opportunities exist for small businesses today, including support and funding for start-ups — and especially for minority business owners.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.