Over 17 million small business applications have been filed since 2021, according to the Biden administration. As more small businesses pop up, BE Group Inc. Founder Suzanne Stantley joins Wealth! to break down key information you should know before starting your own business.
"The most important aspect of starting a business is really understanding the industry that that business owner is operating in," Stantley explains. She emphasizes the importance of research in understanding everything from employment and staffing to healthcare and payroll. She points to the Small Business Administration as a great source of information and assistance for small business owners, even providing them with mentors to guide them through the process.
Stantley also highlights the work of the Minority Business Development Agency in empowering and supporting marginalized individuals to start their own businesses.
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