Lee: There is more of 60,000 small businesses in Detroit (2012 US Census). Small business owners often have to use their personal credit and finances to start and grow their business. If someone is looking to start a business, how should they save?
Dickerson: There are 30.2 million small businesses in the United States, employing 58.9 million people – 47.5 percent of the nation’s workforce (SBA.gov). If you are moving into self-employment, you should allow 6-12 months of living expenses to help you until you can generate a reliable income and pay yourself.
We encourage people who are starting a business to use the similar debt management tips GreenPath provides them every day: Save Money to Fund a Business. Adopt strong budgeting techniques. Focus on …
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