Firstly:
- Be persistent - don’t give up, keep going and prove you can
succeed
- Show initiative - look for unique ways to approach your
service or product
- Be creative - explore different avenues for opportunities
- Have courage - don’t dismay if you are having difficulty
securing funding
4 Business Tips for African-American Women
Fortunately, there's a wealth of support and encouragement
being shared with African-American women looking to become entrepreneurs.
Resources such as the Small Business Administration provide resources
specifically for women and minority business owners.
SCORE and the US Black Chambers of Commerce also provide
tools and resources to make entrepreneurship more accessible and help
entrepreneurs develop healthier, longer-lasting enterprises that serve their
customers and communities.
Tip #1. Dorethia Kelly - it’s difficult to see if no one knows your selling
Dorethia Kelly created and launched the online subscription
box Work Space Spark in March of 2020, right before the pandemic began. Her
work-focused subscription box was something that employers gifted their
employees as they worked from home and tried to manage the stress of a changing
workplace. Dorethia shares a key tip on marketing your products.
“Often as an entrepreneur we have a product, skill or talent
that we are passionate about and know can change lives. We focus on making it
great, but never learn how to successfully market it so people will: a) know it exists and b) buy it. It's important
to learn marketing and not just social media, but online, offline and stay on
top of industry changes. Be creative, don't just do what everyone else is
doing, test ideas, ask your team for their suggestions.
I see so many people open their doors and/or launch a
website and are confused when no sales come in.”
Her point is that it’s difficult to sell your products if no one knows what you’re selling. Also, looking into how to become a certified woman owned business can help you establish yourself as a serious seller.
Tip #2. Takeia Washington - always have a backup plan
Takeia Washington is the founder of Mutha Lovin’ a
successful online candle company known for making unique candles that invoke
moods, mantras, and mindsets. Unfortunately, COVID has impacted her ability to
consistently source the materials needed to make her candles and other products
that she sells in her business. Takeia has some tips for managing volatility
when sourcing materials during these unusual times.
“Always have a backup plan
I’ve only been in a business for a little over a year, &
have faced different obstacles, the biggest ones being supply shortages and
shipping delays.
My biggest tip is to have multiple different supply
vendors(always make sure these suppliers' quality is top notch before adding it
to your shop), so when one is experiencing delays and back orders, you’ll have a
few other suppliers that’s available with whatever it is you’re needing for
your business.
This helps limit frustration, thoughts of giving up, &
it doesn’t mess up your business flow. I truly believe finding another way when
plan A doesn’t work shows your customers that you’re about your business and
dedicated to serving them and their needs, despite obstacles.”
Supply chain volatility shouldn’t be why your business is
unable to deliver the products it sells. Having a backup plan has helped Takeia
stay in business, and her proactive planning has also helped her business
flourish.
Tip #3. Crystal Hammond - your uniqueness will speak to future customers
Crystal Hammond, founder of the online sewing company “Sew So Fab,” talks about how your uniqueness will speak to future customers and
clients looking to buy from you.
“You need to start your own business because there is
someone who looks just like you looking for similar advice! You know full well
a substantial increase in income is (potentially) right around the corner if
you take that first step!There's a huge
market of people who can also benefit from your expertise. So find your tribe,
get a mentor and start that business!”
Tip #4. Michelle Jackson - be aware of different funding sources
Michelle Jackson is a digital content creator who has grown
an online brand in the personal finance space called “Michelle is Money Hungry”
to have empathetic and substantive conversations about money and social policy.
Michelle’s tip ”Grants and Loans are the Angel Investors for
the rest of us. Make sure to set aside time to apply for this type of funding
that doesn’t need to be repaid like a loan does. There were times when a grant
or scholarship kept my business afloat.”
These funding sources can keep your business afloat as you experience growth, need to buy more products, or hire staff. Michelle’s point is to be aware of all of the different funding sources that are out there for small businesses. Today, there are many business loans for women available online.
Important Questions to Ask Before Going into Business
The trend of Black women going into entrepreneurship isn't
slowing down anytime soon. But issues related to access to capital, challenges
with the cost of expansion, and lower earnings per enterprise continue to be a
persistent issue for entrepreneurs focused on their businesses' long-term
health and growth.
As African-American women continue to open business ventures
at a rapid pace, there are several questions that they will find themselves
working through:
- What are the resources that are needed to have a financially
healthy business?
- What details specific to running a business are these women
unaware of, and where can they seek advice from a trusted source?
- Does this new business venture have the potential to be
lucrative?
- Have I explored the various small business ideas for women
- Where do you find your customers?
- What technology is needed to run the business?
- Should you open a bricks-and-mortar facility, run pop-ups in
collaboration with other businesses or focus on online services?
And one final question that many entrepreneurs are still
working through is the impact of the current pandemic and how the impact will
influence future business decisions that a business owner finds herself working
through.
These are just a few of the numerous questions that
entrepreneurs may find themselves working through as they work on the initial
setup of their business and then transition to regular business operations.
Conclusion
Planning for the possibility of future funding now is a
great way to be prepared as your business grows. Nurture your business credit,
keep your financial records organized and review lending terms for the
different lenders you may want to work with.
Biz2Credit provides small businesses with loans that meet
their current and forecasted funding needs. Borrowers can borrow between a
minimum of $25,000 to a maximum of $250,000 for term loans. However, depending
on your business needs, Biz2Credit provides other types of loan products that
may help you navigate financial changes in your business. Take the time to
review the financial products that Biz2Credit has to offer. Good luck on your
financial journey.
