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3 Ways to Keep Your Feet on the Ground as the Cost of Business Rises

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Entrepreneurship is booming in black neighborhoods across the country.

2021 saw the highest number of black businesses created in more than two decades and accounted for 25% of all businesses founded nationwide. Owning a business is one of the fastest ways to build wealth for black American households. And while starting a business is tough, especially when faced with today’s challenges like inflation, supply chains and labor shortages, the benefits of owning a business are numerous.

Additionally, black entrepreneurs are more optimistic about the future of their business than any other small business group, according to the Seek insights from business leaders. If you’re a business owner or thinking about starting a business, one of the best things you can do as an entrepreneur is to invest in yourself and your business. As you hear more about inflation and the economy in the news, now is the time to check in on your business’ financial health and lay a solid foundation for long-term success. Here are three suggestions to consider.

Rise above the cost of doing business

There are creative ways to combat higher costs that can help lessen the impact on your customers. For
For example, some business owners tend to opt for a combination of cutting non-essential expenses and
increase the prices of certain products and services only. You can also consider adopting other tactics,
such as buying smaller inventory orders or ordering in bulk, investing in new technology to streamline operations, diversifying or changing suppliers, changing the products or services you offer, and obtaining financing to help with cash flow or refinance debt on a business loan. When it comes to financing, always talk to a banker who can help you explore competitive or flexible loan rates and understand which options are best for your business.

Collect the rewards

Whether supplies, inventory, utilities or payroll software, these essentials are recurrent and operational
expenses related to running a business. Rather than dipping into your working capital to pay
them, you can consider using cashback. Some cards allow you to redeem for cash back in the
form of a credit statement to be applied to your business credit card balance. It can help maintain your
workflow even as costs rise.

Your team is your greatest asset as a business owner. Consider investing not only in their training and
development but also their happiness. Redeem your business credit card rewards for a gift
cards to employees of the month or collect cash back to offer surprise bonuses throughout the
year.

Make the most of downtime (for personal development)

As an entrepreneur, it’s sometimes easy to forget to invest in personal growth and focus on the
business at the same time. Fortunately, there are a number of resources to tackle both – and sometimes it can
go through your bank.

For example, JPMorgan Chase offers many helpful programs designed to empower black entrepreneurs,
including through our Advancing Black Pathways initiative. We’ve developed Advancing Black Entrepreneurs, an educational program that offers practical advice and resources to help business owners navigate challenges and prepare for long-term success.

To celebrate the vast contributions of black small businesses around the world during Black Business Month,
we’ve also compiled a list of businesses to consider shopping with this month and beyond, including
Miami-based JNYC Jewelers, Atlanta-based Play Pits, Harlem Candle CompanyTeas with Meaning in Oakland, California, and Lush Yummies Pie in Detroit.

This year, after a two-year hiatus, the Chase Business Insight Seminar brings growth strategies, networking opportunities and business tools to owners nationwide. Additionally, entrepreneurs can now enroll in free one-on-one coaching for three to six months and work with a Chase Certified Senior Business Consultant to help them prepare for credit, improve business efficiency, get a free MBE certification, and more.

For more resources and tools on how to start, run and grow your business, as well as grow your
business leadership skills, visit the Chase Business Resource Center. JPMorgan Chase Bank, NA Member
FDIC.