If you have an entrepreneurial spirit and excel at setting your own goals and deadlines, opening and running a business might be a good option for you. However, there are many things you need to consider when starting your own business versus being hired as an employee at someone else’s company. Here are some things to know if you are opening a business for the first time. 

How To Secure Funding

Obtaining funding for a brand-new company can be difficult because potential investors do not yet know whether the company will be successful and bring in a profit. Fortunately, there are several ways that small businesses can get off their feet. The Small Business Administration, for example, provides micro-loans and other types of funding for both new and existing companies. If you have a minority-owned business, you might qualify for a grant or loan through the U.S. Department of Commerce Minority Business Development Agency. 

When a Certification Might Be Beneficial 

There are many types of certifications, with some pertaining to the business owner and others to the business itself. For example, a business run by someone who is Black, Asian, Hispanic, or Native American could choose to become certified as a minority-owned business, a distinction that can open the door for more funding. 

Business owners themselves can also elect to receive a certification that displays their knowledge and ability to run a startup. Some ideas include:

• Completing a Project Management Professional certificate, which indicates that you can lead and manage teams of people
• Earning a Certified Business Analysis Professional designation, which demonstrates your ability to investigate and come up with solutions to problems in a business
• Becoming a Certified Supply Chain Professional, which is helpful if you deal with distribution and purchasing 

While there is a time and monetary investment involved in obtaining a certificate, doing so can never hurt and might greatly benefit you and your business. 

Where To Find Other Support

Monetary support is not the only type of support business owners need. Entrepreneurs need educational opportunities at all stages of their journey, which organizations such as SCORE can provide for someone who runs a minority-owned business. Do an internet search to see if there are any networking groups in your area that provide education, mentorship, and the chance for business owners to meet with one another.  When you have the resources, starting a business can be a very rewarding step.