This episode focuses on the ins and outs of what it takes to become a black business owner in today's economy where we're faced with a inflation and a mild recession. My guest, Malik Chamblain, a Business Credit Coach/CEO of ULeverage Capital that provides financial literacy, consultation, provides a business credit builder program that teams you up with an financial advisor, and financial opportunities to business owners.  

For starters, he mentioned the fact that "how you build something is how strong its going to stand". He broke down what should be considered when starting off your business; come up with a name and google it to make sure it doesn't already exist, create an LLC, apply for a virtual address, sign-up to get a professional phone number for your business, start a business bank account, and create a website. The purpose for having these things done in the initial stages of you starting your business is to first establish yourself as a business, one that the banks can take seriously when considering approving you for a business loan.

In our community, we often times make mention of "generational wealth" but Malik spoke about what it means to have and establish "sustainable wealth"; wealth that can be maintained and passed down to your kids and family. We also get fixated and prideful about word "ownership", which Malik mentioned is fine but what good is it to own something at 100% and not make much or any money from it? The quote he used was a powerful one. "Would you rather own 100% of a grape or 50% of a watermelon?" Building a successful business and ultimately selling is what successful business owners do as well as buying up businesses. 

As a business credit coach, he touched on the importance of establishing your business credit and all that it takes to do so; for instance, paying your bills early and in full puts you in good financial standings and helps establish a financial relationship with the banks. He also said that it's okay to apply for multiple business loans from multiple financial institutions likes banks and or credit unions and not look to get all of what you need from one place. In the event that you're not able to get approved for a loan, if you work a 9-5, be able to save money from that to go towards your business ventures to help you start your business. It's with the understanding that in order to make money, you have to spend money, wisely and responsibly. 

For information on how to become a successful business owner, what financial opportunities are out there for you take advantage of, or consultation on how to sustain a healthy business, you can find him on Instagram @leveragewithmalik. For a consultation or guide to building a healthy and successful business, visit his website at www.uleveragecapital.com and the viewers and subscribers to this show will receive a 25% discount from his company to have a financial advisor walk you thru the process of being a successful business owner. Be sure to put in the comments of your online application " Speak To The Mic Podcast" to have that discount be applied.

Much love and appreciation to Malik for being on the show to share this very important and helpful information.