3 Financial Tips Every Faith Based Business Owner Needs Right Now
Updated: Jul 28, 2022
In this chat with my friend and business mentor Artensia Delbridge she helped me clear up some misnomers about business structuring and "need to knows" about financial management if you're a faith based business owner and just starting out. First off, we're here to tell you that when registering your business with the government you do not have to be a non-profit to be considered as a faith based business.
When registering, you would register your faith based business just like you would any other business entity. Artensia walked me through the entire process from start to finish with registering Cry But Don't Quit LLC's EIN number with the IRS and getting our Articles of Incorporation established with Virginia here, and it was a breeze.
It wouldn't have been that easy otherwise. But because Artensia is the owner of Journal Audits LLC., a financial industry expert and a full time self-employed tax professional and bookkeeper, she knows how to make the entire process seamless.
Especially since she runs her own business and can relate to being a woman of color who is striving to become more financially empowered.
Get Insured Artensia can't stress enough the necessity of protecting your biggest asset, which is you, with life insurance. She suggests that everyone in business for themselves, or not, have an affordable policy that can provide lasting coverage and as a legacy option to leave wealth to your kids.
a few other tips for you:
Use tax exempt Healthcare plans, and other tax exempt retirement plans to invest and grow your wealth over time.
Showing a profit, even if it's small, shows banks and lenders that you are creditworthy. (which is personally my most cherished piece of advice Artensia has given me thus far.)
Hold onto your capital. Build your business credit, and maximize your tax exempt options.
Watch the full interview here and contact Artensia at firstname.lastname@example.org to get her mentorship and support.