41.Equipping Underserved Entrepreneurs for Success with Carla Youngblood

Carla Youngblood is a Certified Public Accountant, Comedienne, Speaker, Author and Podcaster. On this episode of CFO at Home Carla and Vince discuss tips for beginning entrepreneurs, the specific work that she’s involved in helping Black entrepreneurs in Birmingham Alabama, and more.

• Key Takeaways:
• • The “4 P’s” for beginning entrepreneurs
  • • Place
    • Price
    • Product
    • Promotion
  • Tips for beginning entrepreneurs:
  • • Make sure your personal finances are in order:
    • • (Preferably) debt free
      • Have sufficient income to meet personal obligations 
      • Have 3-6 months of emergency savings
    • Understand you business model
    • Legally form your business (Appropriate business structure, Business License, EIN, etc)
    • Set up a proper bookkeeping system; documenting your revenue and expenses so you have a clear picture of how your business is performing. This is critical, even if you need to pay for bookkeeping services
    • Clearly segregate your business and personal finances 
    • Ideally shoot to have access to funding equal to 2 years worth of expenses for your business before launching  
    • Having a basic on-line presence (website, social media) is important even for brick and mortar businesses in underserved communities
    • Enlist help to take a 3-5 look at the viability of your business (important for financing)
    • Unless you’re a CPA, enlist professional help in preparing your taxes and file every year. 

• Resources:
• • BE BHM

• Ways to contact/follow:
• • CarlaYoungblood.com
  • Edge Of The Truth Podcast
  • CarlaYoungblood - Instagram
  • Carla Youngblood Facebook

• Contact the Host - vince@thecfoathome.com