Workshop helps minority-owned business owners network, gain knowledge on available resources

CAMBRIDGE, Md.- “I noticed that a certain population on the Eastern Shore was kind of being overlooked. That being women owned business, veteran owned business, and small business in general,” Potter said.

Randolph Potter, Founder of the Think Big Plan Bigger Network, says he has a solution to that problem. Wednesday, the organization hosted its first-ever Small, Minority, and Women-owned Business Resource Day.  “So, I figured the best thing to do would be to get all my resources in one room and let the people explore those resources,” Potter said.

Entrepreneurs got the chance network and sit through several workshops that dove into topics like marketing, insurance, and financial planning.

They also learned the importance of a FIN number. “A FIN number is your Financial Independence Number. So that’s the number you want to know for where you’ll be in terms of retirement or say for instance where you’ll be comfortable in terms of your finances,” Malone said.

“It’s just like a larger business or a corporation. If Apple wasn’t hitting their marks, they would go out of business. So that’s the same thing, you don’t want to go out of business especially starting up initially.”

Financial Planner Jonell Malone stressed the importance of keeping one’s business and personal accounts separate to help avoid legal trouble down the line. “A lot of times when it comes to taxes people forget that. That’s where the IRS will really tare your business apart and you can actually lose your business because say you actually owe taxes to the government and you may not have that money at that time,” Malone said.

Tashana Phillips is the owner of De’Carlas Treats which has now been in operation for 2 years. She tells us her biggest challenge was finding ways to expand her business.

Now with this new network, she can continue satisfying sweet cravings across Delmarva. “Getting to know the extra knowledge that I have other resources available to me has just been mind-blowing,” Phillips said.

Financial Advisor Jonell Malone also advises business owners to always think ahead. He suggests creating a 10-year business plan with obtainable goals.

If you weren’t able to make it out to that workshop, experts say there’s already many resources available including the small business administration.

To find out more about De’Carlas Treats, click here