For many business owners, scaling their business is sometimes more difficult than when they were just starting. This is because transitioning from a small scale to a larger one has its own set of challenges and growing pains that not everyone is capable of overcoming.
Ron Escoffery is a serial entrepreneur who’s faced these challenges himself, failed more than once, but has ultimately come out on top. He’s published three books on his experiences and, in this new podcast, is broadening the discussion on what it means to build true wealth and how to achieve it.
On the fourth episode of the African-American Business Owners Podcast, Ron Escoffery discusses the importance of building a relationship with your bank, how to start understanding your business by making use of a financial management tool, and the added advantage of having a mentor.
Topics Covered:
- Today’s podcast is called financing your business. [1:00]
- How to obtain financing for your business [1:35]
- Our mission is to transform you from where you are today to where you want to be in the future [1:53]
- Money gives you options. [2:11]
- Growing means taking a risk… means falling down a couple of times. [3:39]
- Building true wealth is a journey. It’s not an easy journey. [4:23]
- Once you know what you’re worth, you start on the journey to improve that. [6:11]
- Because money runs through everything [7:10]
- If it were easy, everyone would be financially well off [8:04]
- The financial system has been failing Black-owned businesses since the beginning [12:33]
- Credit is an integral part of the loan process [14:38]
- You don’t want more information…You want an advocate. [14:58]
- Your financial statement is a good place to start [16:41]
- The big banks are not your friends. [19:46]
- Before you want to borrow a dime, start building a relationship. [20:36]
- It’s always a plus if you tell them you’re working with a mentor. [22:57]
- Closing Remarks [23:18]
Connect with Ron Escoffery:
- ronescoffery.com
- ronescoffery@gmail.com
- (404) 626 1425
Don’t miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast
