How Black Entrepreneurs Can Build a Sustainable Brand
Since 2007, the number of firms owned by Black women has grown by 164%. There’s no denying that Black women are the fastest-growing demographic of entrepreneurs. Unfortunately, 8 out of 10 Black-owned businesses are projected to fail within the first 18 months.
So below, let’s look at what could possibly be five of the top challenges Black entrepreneurs face when starting a business, and a few tips on how you can overcome them.
Funding – This is probably the most challenging obstacle for most Black entrepreneurs. Unlike our White counterparts, we don’t have access to inheritances, trust funds, and wealthy relatives. Not to mention, less than 1% of venture capital funds or bank loans are disbursed to Black entrepreneurs. So how can you raise money for your business?
First, you need to make sure that your business meets the funder’s criteria. Is your business registered? Do you have the proper documentation like a business plan or proposal, financial projections, patents, etc.? Once you have those items, you can raise money through crowdfunding, applying for accelerators/incubators, apply for business loans, and/or seek venture capital.
Fortunately, right now there are more options available for funding our businesses than ever before.
Education – This is not always the case, but in some instances, we lack proper education and etiquette on how to do business. This could range from our inexperience in bookkeeping, time management, customer service, knowledge of how to price our products and services, etc. This is not a one size fits all problem.
The great news is that you no longer have to enroll in some expensive college or university to learn new skills. Popular websites like YouTube, Upskill, Skillsoft, Skillshare, and Udemy make it more affordable and convenient for you to learn nearly anything you want, anytime, and from anywhere.
Not thinking BIG enough – Many times we halt our own growth by not thinking big enough or what some would say “out of the box”. You have to stop thinking about your business as that “little small business”.
The great thing about most businesses going online is that now the whole world is your marketplace. Now you can build a BIG business and create jobs, a retirement plan, wealth, and leave behind a legacy.
Schedule a free business development consultation with me to discuss how you can go from starting a small business to building a corporate brand. Here’s my link https://buildyourbrandnow.setmore.com
Trying to do everything by yourself – This is one that I am still sometimes guilty of, although as my physical condition continues to deteriorate I find it easier to do. As the sole proprietor of your business, you probably believe you need to do all of the work in order to save money. Trust me, this will cost you.
Learn to outsource tasks or to ask for help. With the right knowledge, a great business plan, and a talented team, you could be making much more money.
Learn more about outsourcing and building your dream team by booking a free consultation with me at buildyourbrandnow.setmore.com
Seeking support from family and friends – As you can see this is last on the list. When starting a business we expect our family and friends to be the first to support us. We want them to show interest in our business, make purchases, tell a friend or neighbor, and give encouragement. This is a natural aspiration for most entrepreneurs but is not likely to happen when you need it or want it to happen.
The best way to deal with this challenge is to come to terms with it, accept it, and give your energy to networking. So unlike what our parents told us, I’m going to tell you “go talk to strangers”. Start building new relationships, attend networking events, join Facebook groups, and focus on your business.
So these are what I believe to be the top 5 challenges for Black entrepreneurs. The Star Factor Effect strives to help entrepreneurs who are facing these challenges. By teaching them about new tools and technologies and connecting them to resources such as funding, TSFE is helping more Black entrepreneurs to build sustainable businesses and brands.
Join our free Build Your Brand Now Facebook group for more tips and resources to help you with your business – https://www.facebook.com/groups/buildyourbrandnow
If you want to learn more about our company, The Star Factor Effect, which I started in my basement more than 7 years ago that is now an award-winning international business development agency, please visit our website at https://thestarfactoreffect.
The Star Factor Effect’s (TSFE) mission is to help businesses, organizations, and governments improve their processes in order to increase proficiency, productivity, and profitability. Contact us to Build Your Brand Now!
POST CREDIT - SHANTA LANA HEREFORD...
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