Are you thinking of starting a black owned business? If so, you probably have a lot of questions and concerns, including – first and foremost, where do I start? Here’s a quick-start guide that’ll help you get started and ensures you’re on the right path.
In a world where consumer demand is high, entrepreneurship has become very trendy. However, becoming an entrepreneur isn’t easy and doesn’t solely involve writing down your business idea. There are many aspects involved.
How does someone become an entrepreneur?
1. Find the right business for you.
A common mistake many of us make when becoming entrepreneurs is starting a business simply because everyone else is doing it, and making it look easy. Remember, for your business to be successful, you need to be passionate about it. Therefore, focus your attention on something you care about. Something that you are good at and something that you enjoy. This will help keep you motivated to push through when the going gets tough. And it will.
2. Determine what type of education or formal training, if any is needed.
Although entrepreneurship doesn’t require any specific type of formal education, you shouldn’t ignore education and training entirely. Knowledge is power so get your training, do your research and learn all you can about the necessary skills and information for success in your business.
3. Plan your business.
Before opening your black owned business, you need a business plan that lays out your strategies, objectives, and goals. A business plan not only ensures you can get investors on board, but it also gives you a guide for measuring your progress, growth and how successful your business is.
4. Find your target audience or customer.
Loyal customers and consumers are the backbone of any successful business. You’ll need to research which group best fits your proposed business. Age, race, gender, income, culture are just a few broad ways of defining how to determine and target your market. Knowing your consumers ensures you can channel your marketing efforts towards the right audience, allowing you to generate leads and convert those leads into customers.
Networking is a vital aspect of entrepreneurship. It allows you to meet individuals that have skills you can use in your startup and exchange information. Networking is also a great way to build relationships. Relationship building is critical to success in business. A good network will send new customers your way once you’re open, ensuring your doors stay open.
6. Sell your idea.
Most customers need at least some convincing when purchasing products. They may not purchase your product or service at first blush but by making it unique and selling the value of a useful and desirable product, you can turn a browser into a buyer. Don’t be afraid sell people on your idea or product. It’s the whole reason you put in all that hard work.
When running your own business, marketing is a must and a never-ending process if you want to attract customers and generate profit. It’s wise to use powerful, modern marketing techniques such as social media marketing and email list building strategies to promote and grow your business.
Entrepreneurship is not easy and is not a one size fits all prospect. You can a will achieve success with much support, hard-work and as much belief in yourself as you can muster and sustain.
The Good Habits Team!