In order to make the appropriate projections and decisions, business owners need a solid understanding of how fluctuations in the economy might affect their business, as well as know how to view the current economic situation. In today’s episode, economist Guyesha Blackshear joins host Corey L. Townsend for a conversation about rates, inflation, and the economic climate concerns underlying all the latest news. She began her undergraduate career with a dual major in engineering and chemistry. However, after getting a taste of a microeconomics course, she knew that’s where she’d really thrive. The world is in a state of constant flux, so it can be challenging to provide a direct response regarding any long-term projections about the state of the economy. However, this is precisely why economists like Ms Blackshear examine historical data. She spends her days analyzing historical data, identifying patterns, and exploring the cause and effect of certain economic indicators in an effort to formulate an economic forecast for the future. Lately, as new economic data is published every day, forecasts have been adjusting quickly in response. Due to the most recent economic instability, business owners will need to determine when and how to make adjustments in response to rising costs, particularly those who are in need of supplies. To compensate for economic changes, sometimes businesses have to adjust employment strategies or policies, source suitable replacements, or pivot the services they offer. It’s up to each entrepreneur and CEO to be open to fresh strategies for maximizing the knowledge and experience they have gained in their industry.

In this episode, listen for:

Michigan's RSQE survey - Research Seminar Quantitative Economics forecast which is a survey where they predict the US economic outlook up until 2060

Consumers’ purchasing trends reflect they value services rather than goods

Guysesha’s prediction over the next 3-5 years for the housing market

Must-listen Moments:

[00:02:57] Guyesha explains what the day to day work looks like as an economist

[00:06:42] What's going on with the current economic environment and the cost of living

[00:16:00] Perspective on what the unemployment rate really means

Find and connect with Guysesha Blackshear:

https://www.linkedin.com/in/guyeshablackshear/

https://thejunioreconomist.com/about/

https://www.instagram.com/thejunioreconomist/

Thank you for tuning into the The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals.

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com

Savanna joins me today as we discuss her journey toward having her own business as a life coach. In her previous career, she worked in international development, followed by fundraising for national and local charities, raising hundreds of thousands of dollars to assist in fulfillment in the missions of these organizations, which work with disabled people, homeless youth, and people living in extreme poverty in countries all over the world, among other causes.

She didn’t know what she wanted to do before she became a life coach, but was certain she wanted to be driven by a higher purpose. Savanna wanted to contribute and know she had a positive impact on at least one person’s life. She hired a coach for herself because she needed to make adjustments and believed she could make those changes.

Realizing the impact it had on her, she realized she could do the same for someone else. Her journey began as a high school student, where she was involved in a variety of extracurricular groups, including a study-abroad program.

After a horizon-expanding experience in Bolivia, she became firm in her desire to be part of something larger and have a positive impact on the community.

In this episode, listen for:

It doesn’t matter how much financial capital you have, it's more about mindset to have success

Savanna shares what she wants her future to look like and how it’s already growing

What has changed her perspective about the future because of the word of the year and why others should choose one for themselves.

Must-listen Moments:

[4:33] Savanna describes what international development is and how she got involved with it

[9:30] She discuss how she ended up hiring herself a coach and what lead her to start her own entrepreneurial journey of becoming a life coach

[20:21] Resilience is a one of the biggest traits which every entrepreneur should have and can develop

Working with a wide range of people, but she concentrates on entrepreneurs and high achievers in particular. When working with entrepreneurs, she can assist them in gaining confidence in their ability to start and maintain a successful business.

When dealing with high achievers, she can assist them in calming the anxiety that emerges, working with their self doubt and fear, productivity in the sectors in which they work, and feeling confident in the connections that they have with others.

She wishes to assist people throughout their achievements and help them refrain from overthinking while taking action. Every thought you have might potentially be dismissed or forgotten, simply because fear of judgment or rejection has the power to hold you back. Having the internal resilience to navigate those emotional experiences and still bring thoughts and goals to fruition, even in the face of fear, will help you become successful.

Connect with Savanna: https://confidencewithsavanna.com/ https://www.instagram.com/confidencewithsavanna/

Thank you for tuning into the The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals.

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com

Vijay Kailash has been an advocate of financial literacy for the better part of the last 15 years. Since middle school, he had an entrepreneurial, money-creating mindset, which has continued throughout his life. 

Even after he followed through on his plans to attend college and earn his degree, he knew that working in the corporate world was not what he wanted to do long term.

During this episode, I sit down with Vijay Kailash, a serial entrepreneur who as early as middle school, began his first money-making endeavor teaching music lessons.  

Vijay shares his story about the “business” he created while competing in DECA in high school, which is an association for marketing students where they learn how to grow their business, which ultimately revealed to him his real passion - numbers. 

He could have gone to Wall Street after college, but he recognized he wouldn’t be able to pursue his dream of working for himself there. He got a job at PNC bank while he continued to learn and trade on the side.

He left his full-time position and officially opened the doors to his own hedge fund and option trading firm at the start of this year (2022). Listen in as he explains his process and strategy.

In this episode, listen for:

• Why he clicked and ad and bought Bridger Pennington’s course - ultimately one of the best investments he has made
• Investors are not going to just wait around for you, they’re going to move when they see an opportunity.
• When you’re wrong, accept it and try to learn and thoroughly understand why 

Must-listen Moments: 

[8:16]  Vijay experience during his career at PNC

[13:51] What trading options means

[16:46] Why is better to be a seller than a buyer, addressing the skeptical side, sharing the results

For more information, follow Vijay Kailash at https://vijaykailash.com/

Check out his Recommend Books and listen to the Vijay Kailash Podcast 

Thank you for tuning into the The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals. 

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com

In this episode, I’m excited to flip the script and have my fellow mastermind members interview me. JD Roth and Amberly Grant have been helping me stay accountable, think outside the box, and get started on the right foot through their experience, excellent questions, and valuable insight. Get your popcorn! Despite not being exposed to entrepreneurship growing up, I knew I wanted direct involvement in business. I followed what society dictates and checked off boxes. I attended college to earn a degree in Economics and began my career in retirement services. After a few years, I returned to college to study law. Now I get to pursue my passion in creating a business where I get to help support entrepreneurs as they achieve their dreams. While SBA loans aren’t guaranteed, they can aid entrepreneurs during times of growth and I can help educate new and established business owners along the way. Start-ups and businesses in their early stages may apply for a loan, and the bank may view them as a high-risk proposition. However, I view it as my duty to help shed the best light possible on those businesses, help the business owner understand how the bank assesses risk, and reassure those individuals about potential reward associated with being awarded a business loan. When you’re considering starting a business but aren’t sure what to do, you need to determine your passion. Would you be comfortable and content spending a significant amount of time on what you’re pursuing? There is a widespread notion that when you start a business, you work less than you did during your 9-5, yet nothing could be further from the truth. Especially as you start out, it’s likely you’ll pour even more hours into your business. Entrepreneurship is not simple; it requires patience and persistence. Before businesses approach the loan application process, it’s important they have access to educational materials and real, actionable resources about the SBA loan procedure. I love to start at square one with entrepreneurs where I teach them how to develop a business plan as the first step. In this episode, listen for: Education is critical, regardless of how it is obtained A business plan is critical for more than just lenders The difficulties associated with securing a loan for start-up businesses and why they may be considered high-risk Must-listen Moments: [8:28] Why I continued returning to school in pursuit of higher education [15:15] The top tips for starting a business [17:21] What I recommend over a book or course for a business plan and why Follow me @yoursmallbusinessbanker on Instagram And visit https://www.yoursmallbusinessbanker.com/ for more information and education on small business loans Learn more about JD Roth at https://www.getrichslowly.org/ Learn more about Amberly Grant at https://www.amberlygrant.com/meetamberly

In today’s episode, I speak with Virginia Elder, an entrepreneur who started her service-based business without the need to raise capital. She’s now the CEO of a thriving online content-production business whose focus is on helping entrepreneurs get their voice out to the world with content they can be proud to share.

It wasn’t always this way though. After graduating college with an accounting degree, she stepped into a project manager role at a construction company and later became a sales and use tax auditor for a consulting firm. She climbed the corporate ladder, grew her family, and began to look forward to “the next step.”

She needed a new income-producing endeavor that would allow her to spend more time with her young children and give her the space to create the life she’d always wanted. Meanwhile, her own financial journey from being $80,000 in debt to becoming debt-free was brewing in the background.

Virginia began a financial coaching business and started her own podcast, hoping to help other moms who were going through the same thing. Soon other financially-focused entrepreneurs began to ask her about online content and to launch their podcasts. She saw this as an opportunity to pivot from financial coaching toward audio and video production in support of other entrepreneurs.

Two years after her family became debt-free, she created Podcast Abundance. In this second entrepreneurial adventure, determined to make it profitable, she focused on gathering resources, taking classes, getting coached, and learning from the missteps she’d made in the past.

These days, Podcast Abundance is going strong, tripling its numbers year after year and helping more entrepreneurs get their voices heard.

In this episode, listen for:

A common misconception is that starting your own business is a cash grab and that you’ll make a lot of money quickly. For many entrepreneurs, however, the real story is quite different.

If something isn't working, pivoting may be the best choice

To start a business on your own, you must be willing to take the risk of “starting ugly.” You can pretty things up once you get consistent sales coming in.

Must-listen Moments:

[5:55] When you’re your own boss, you have control, do what you want

[9:22] Attempting to relieve some mom-guilt from the world, she wanted to reach other moms

[12:06] Entrepreneurship is about being open to learning and open to resources that come your way

For more about online content production, follow Virginia Elder at www.podcastabundance.com

and on Instagram at www.instagram.com/podcastabundance

Thank you for tuning into The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals.

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com

In this episode, I am talking to one of my dear friends who, for many years, felt stuck in the corporate world. It was Xiomara's experience that when working for someone else, it felt like something was missing each day. She became frustrated by the number of small businesses seeking loans that were repeatedly overlooked. 

Her belief is that everyone, regardless of background, should have a chance. Businesses were coming in asking for millions of dollars, but those asking for a smaller amount were not getting the chance. She became the solution.

Xiomara is a go-getter who doesn’t back down from a challenge; she believes her strength is in experience. When she left the corporate world, she learned quickly that peers and recruiters assumed her small business idea would fail and that she’d be back soon enough.

She turned down job offers, which only fueled her fire to start SBA Direct and make it a success. She wants to educate small business owners by walking them through the process to obtain a loan, doing her part to help them achieve their desired level of financial independence to some degree.

She aspires to make a significant effect on her community through perseverance and education. The existing system is out of date and new programs and processes are being developed for the next generation of entrepreneurs through SBA Direct. 

Not only is Xiomara assisting people who are already in business, but she is also positively influencing the next generation through her youth summit events where they learn how to create their own path in business, which is unparalleled.

The future looks bright for SBA Direct. 

In this episode, listen for:

• What she learned from her mistakes as an entrepreneur
• Explains why relying on a broker to handle everything is a bad idea
• Reaching out to other states and Puerto Rico is part of her mission
• Her service to the community and her contributions to education

Must-listen Moments: 

[5:16] Entrepreneurship necessitates being tough, refusing to take no for an answer, and believing in oneself

[12:49] What she instilled in her children: the variety of job alternatives available to them and the freedom to choose their own route rather than following in the footsteps of others

[28:47] An explanation of SBA Direct's various programs

For assistance, reach out to SBA Direct via: 

SBA Direct 

Linkedin 

Facebook 

Thank you for tuning into The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals. 

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com

Welcome to The Source Capital Podcast™ where I help entrepreneurs like you gain a better understanding of the capital-raising process and help you get the funding necessary to start and grow your business.

On this show, we’ll be talking with bankers about the capital raising process, we’ll talk to economists to get updates on the economy, and we’ll talk to entrepreneurs about their experience raising capital and get some tips, best practices, and much more.

My name is Corey L. Townsend. I’m the creator of the Your Small Business Banker channel. I focus on helping small businesses, because I believe entrepreneurship is the best path to self-reliance, self-determination, and self-ownership, and I believe small business is the most tangible manifestation of the American Dream.

But starting a small business is tough. In fact, 82% of small businesses fail due to cash flow problems and less than half of Small Businesses have enough money to meet their financing needs.

That’s exactly why The Source Capital Podcast™ is here, to provide you guidance toward raising capital and creating a profitable business. Listen in monthly to learn how to start a business, find out about and learn from challenges other small business owners have faced, and explore your options for creating profit to positively impact your family and the community around you. Let’s build a legacy together.

You’re invited to follow me, Corey L. Townsend on Instagram at www.instagram.com/yoursmallbusinessbanker

Email any questions you have to me at info@yoursmalbusinessbanker.com

And learn more about small business loans at www.yoursmallbusinessbanker.com