Starting and running a successful business is not easy. It’s even harder for BIPOC (black, indigenous, and other people of color). But don’t be discouraged, it’s possible to create a thriving business even if you’re black. Additionally, the rate at which black entrepreneurs are starting businesses today should give you hope. But if you want to succeed, you’ll need to make the right moves to overcome adversities. Here are some steps you can follow.
- Research the Industry
Understanding how an industry operates before investing your money is crucial for business success. It’s particularly important if you don’t have a mentor. There are many resources you can use. Spend time reading books, doing research on the internet, attending conferences, and meeting industry experts. Read stories about how similar businesses have thrived in the industry. If you can find a mentor to hold your hand throughout the journey, the better for you.
- Look for Different Ways to Fund Your Business
Many black entrepreneurs struggle to get funding to run their businesses. If one investor says no, don’t give up. Try crowdfunding, business angels, or borrow money from family and friends. You’ll need to get creative to raise capital to pay for marketing and other business expenses. Car title loans can also help when you need quick funding.
You can also learn skills required in the industry and become a DIY entrepreneur. This is the best way to cut operating costs if you lack working capital. The less you spend on business expenses, the higher the chances of making more profit.
- Have a Support System
Many successful black entrepreneurs have made it because of support and advocacy. Surround yourself with people who understand your struggles. People are generally more confident when they have support as they face adversities. Don’t keep quiet about your struggles or feel ashamed. Talk about your business aspirations and communicate your strategies to your friends. Also, don’t forget to support others.
- Focus on the Things that Matter
Spend enough time each day focusing on things that must happen for your business to be successful. Here are some things you can do:
- Write down your priorities–your goals and objectives
- Plan your day, week, month, and year
- Establish a morning routine–like exercising then catching up on industry news
- Create time blocks to manage your day
Doing this every day can take a lot of time. However, it helps you stay organized and focused. And when you know what you want to achieve, you’ll be in a better position to manage your daily operations and grow your business.
- Create Clear Agreements with Your partners
Write clear agreements during the early stages of business formation. Agree on who will be responsible for what. When you agree with your partners, you’ll all work hard to keep things running during adversities. Your partnership agreement terms can define dispute resolution, decision making, shares for each partner, distribution channels, and other things.
Adversities are part of the entrepreneurial journey, how you deal with them is what matters. Have well-defined goals, a support system, and clear focus and you’ll face the challenges confidently and grow your business.