Happy Black Business Month!
If the last few years have taught us anything, it’s that time is extremely valuable. So, finding ways to maximize your time through entrepreneurship can be a worthwhile cause.
In honor of Black Business Month, we’ve put together a list of tips to help you start the business of your dreams. Whether you’re new to starting a business, thinking about beginning a new venture, or simply checking out if entrepreneurship is all it’s cracked up to be, the following five tips can best help you succeed in your new Black-owned business.
Keep scrolling to check out our tips!
Locate your passion
Find what it is that brings you joy. Think bigger than the numbers. If you have a passion for giving back to your community, perhaps a business with a social cause would be a great choice. If you’re a math whiz and find yourself reviewing documents, taxes, and numbers on behalf of others, an operation focusing on accounting and bookkeeping could be beneficial. It’s all about following your passion!
Analyze and assess your current skillsets — Use what you know and find out what you don’t!
It doesn’t take a Ph.D. to start a business, and not having a degree of any sort shouldn’t deter your goal of going into business. However, certifications may be necessary for some individuals who desire to learn more about their intended business. It’s always a great idea to brush up on industry-specific skill sets. For example, cosmetologists looking to open their shop and freelance are responsible for upkeeping certain certifications. Additionally, project managers and real estate agents must maintain annual certifications as well. So it pays to check out if you need to get certain certifications to pursue whatever field you’re going into.
With that being said, don’t discredit time in another profession or career. Chances are, it’s taken years to develop your current experience. Similar to when you switch careers, when you’re developing your business, it’s essential to focus on transferrable skills.
Consider the cost
New businesses can gain capital through various routes. Determine how to obtain funds. Some options include business loans, crowdfunding, and grant opportunities. Creativity is key in this realm. Consider what you can offer your supporters. This can be in the form of a physical object like a t-shirt, poster, or mug, a ticket to a future event, or an NFT.
A word of advice: consider what keeps customers coming back. If you’re fortunate enough to have family and friends who believe in your business enough to fund it, always maintain the correct documents, gift, loan, or not. A notarized document has more chance of holding in a court of law than one not officiated.
Who is your customer?
Consider if this new venture is profitable for you and your target customer. What does your customer need to succeed? How can you best provide a solution for their current and future problems? Where do they live? Where do they invest? Where do they prefer to buy, in stores or online?
Location, Location, Location
With much of the world existing on the world wide web, consider how you can maximize your business by creating a thriving virtual experience for your clients. Additionally, consider how you show up online; a marketing course will benefit any new start-up.