TSD Memphis

Wed04232014

Business

Big steps for starting a small business

comeinwereopen-2-400For the budding entrepreneur who made a resolution to start a business in the New Year, there are literally 100 things to consider before taking a risk in the marketplace. Here are a few tips to get you started that will address the most pivotal steps needed for success in every industry.

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Panel shares secrets to owning, operating a successful business

symposium-600A woman attending a business symposium at Bethlehem Baptist Church wanted to know how she and her husband could prosper their small family-owned business in the Hollywood community in North Memphis, although neither one has been paid a salary in five years.

Natasha Donerson, CEO of Success Unlimited, a coaching and consulting firm serving businesses throughout the world, took the question and asked the woman about location, number of employees, how long she and her husband had been in business, their product, and whether they'd consider moving.

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A backup plan for the unexpected

CharlesSimsJr-160As people work longer, they often carry major financial responsibilities, such as mortgages and college loans, into their later years. Someone who has high medical expenses or a spouse who no longer works may have to shoulder a heavier load than a younger person.

If you're still working, have you considered what might happen if you were suddenly unable to earn a paycheck as the result of an illness or injury? Would you have to dip into your retirement savings to pay bills? Could you afford your medical expenses if you lost your income?

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Tips for a modern resume

resume-600Economic downturn and declining job forecasts can paint a dismal picture of the future. A resume must paint a better picture in five areas to showcase an applicant as the ideal candidate.

The modern resume tells an interesting and quality story about a person's life experiences through its appearance and by highlighting professional objectives, academics, leadership skills and special talents.

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Is a star born or made? Connecting the dots!

CD LOGO-400Church choirs and performing arts schools are filled with talented folks that can blow the church doors off the hinges. Few, however, will become stars.

With the powerful and versatile voices of Patti LaBelle and Whitney Houston as contrast, we note that more and more of today's stars are studio auto-tuned performers. Teams are creating performers rather than singers. When a team happens to meet a true talent that can perform, the team's job just became easier.

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Early retire – ment plan withdrawal will cost

CharlesSimsJr-160It's not a good sign when people raid their retirement plans to pay bills, college tuition, or auto repairs, but more workers have been borrowing from their accounts or taking hardship withdrawals in the past few years.

At the end of 2010, 28 percent of active 401(k) participants had outstanding account loans, and another 7 percent took early withdrawals. In 2011, retirement savings account loans rose by 20 percent across all demographics.

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Trusts – the basics will get you started

Many people think trusts are only for the rich, but that's not necessarily the case. Most estates must go through the probate process, which can be costly and time-consuming. And with tax changes scheduled to take effect in 2013, even modest estates could be subject to federal estate taxes. Certain types of properly executed trusts may help avoid both of these potential liabilities.

Trusts can also be used for other purposes, such as to provide for a dependent with special needs, to maintain control of a legacy for your heirs, or to make a substantial contribution to your favorite charitable organization.

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The business of entertainment

Entertainment is a business that can be lucrative, if done correctly, and Memphis has had its share of successes.

Entertainment covers a wide range of business endeavors, including film, television, theatre, music, publishing and multi-media. The supporting cast needed to make a venture successful includes lawyers, accountants, agents, managers, actors, musicians and designers.

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December jobs report: Hiring and unemployment steady

4jobs-600NEW YORK – The job market ended 2012 with more growth, as moderate hiring continued at the end of the year.

The economy added 155,000 jobs in December, bringing the total number of jobs added in 2012 to 1.84 million, the Labor Department said Friday. The unemployment rate held steady at 7.8 percent.

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Tagging up with 2012

We put forth every effort to be On Our Way to Wealthy in 2012 as business owners shared their experiences and expertise.

From government contracting to supplier diversity certification, churches' economic development to young entrepreneurs, crowd funding to bankruptcy, and from mini manufacturing to sports-related businesses, their stories were inspiring and filled with advice to help others avoid their mistakes.

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Your gender and credit card debt

An April 2012 study by the FINRA Investor Education Foundation shows that women with low levels of financial literacy are more likely to engage in costly credit card behaviors than men with low financial literacy. Interestingly, there was no disparity in credit card behavior between men and women with high levels of financial literacy.

Does your financial intelligence need a boost? Below are some tips to help change costly behavior patterns and, hopefully, close the gender gap in credit card debt.

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Entrepreneurs bud at The Consignment Shoppe

004-600The Legacy Consignment Shoppe – run by students in The Legacy Project – was a change-agent vehicle designed to help young people further their interests in growth and development.

Stocked by donations from local businesses and individual supporters of the 2Unique Community Salvation Foundation, The Legacy Consignment Shoppe did its business during a four-hour-plus shift at the Hickory Ridge Mall on Dec. 8. Complete with a crowd of shoppers, great food and entertainment, the event had all the appearances of a huge success.

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Certification: Private sector opportunities

wealthy-600In the world of certification, the Tennessee Minority Supplier Development Council (TMSDC) has found its niche connecting minority businesses with private sector opportunities. With over 3,500 corporate partners, it would be difficult to find another agency with matching partners.

Carlee McCullough, Esq.: Mr. Keith Eakins, thank you for taking the time to share your experiences and knowledge with us. Tell us about yourself and how you became involved in promoting economic opportunities for minorities in business?

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