Renee Nesbitt is a boss and intends to help others be bosses, too, by showing them how to start a business, how to dress for success and how to bank with confidence.
The 27-year-old Detroiter learned how to do these things herself after spending 12 years in banking.
Her new business, called, not surprisingly, Building Bosses Boutique, is an online store that sells affordable casual and business attire.
The clothing business is a part of her Building Bosses Camp, which is a free mentoring program in which Nesbitt will teach aspiring and current entrepreneurs and professionals how to start and run a business, as well as how to go about finding financial resources and more.
“During my years of meeting with different business owners and going to different networking events, you come across so many people that either are being overcharged for something that they could do themselves but they didn’t know,” Nesbitt said.
“I think the pandemic woke up so many business owners because they didn’t have that capital to leverage on. They didn’t have the money in their account to leverage on, so basically they were either forced to shut down or figure out another way to run their business.”
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So here are five key things Nesbitt says you should do to create a financially secure business, save money along the way and prepare for unexpected expenses.
Create a business plan ahead of time
Nesbitt said creating a business plan will guide you on how much money you will be spending during the course of running a business, from startup to how far you want to plan in the future and how much money you expect to make. She says most people create their plans based on where you want to be in one year, three years and five years.
You’ll also need to know such things as how to register a business through the Department of Licensing and Regulatory Affairs or by applying for an Employer Identification Number from the Internal Revenue Service.
“The pandemic actually shocked everybody — it shocked the world,” Nesbitt said. “It caused a lot of businesses to be closed. So when you have that plan set up, you’re able to leverage something to help make that business still go in the case of a shutdown.”
Build a relationship with a bank
Knowing about banking and finances is an important step to running your business, Nesbitt said.
First, she recommends you keep your personal and business finances separate from each other
Next, she says you’ll need to build a relationship with a bank.
Nesbitt states you’ll need that bank for a line of credit “to expand your business.” She said the first step is to find a bank that fits your business needs and find a trusted adviser that understands your…