On Black Business Women Online I previously started a discussion entitled "Is Something Holding You Back?" This discussion was intended to create a support forum for women entrepreneurs to discuss the various types of obstacles they face when trying to get their businesses off the ground.
Quite a few BBWO Members posted their stories all very unique but many of which centered around an issue that's common for most of us "Lack of funding, investment capital." Though I unfortunately am not in a position to help you finance your business, I can offer you some words of wisdom.
As you might know, black women entrepreneurs tend not to apply for business grants, loans, or seek out investment capital as much as our white female counterparts (an issue I won't address now, but worth noting). With that point in mind and considering that I too fall into this category of Black Women, I would like to share several alternative strategies that you might find useful in getting your business venture off the ground.
1. Creating a Savings Account for your Business Ventures, perhaps start an ING Savings and direct deposit regularly. Starting the invest in yourself is always a good way to put aside a pool of money to tap into later.
2. A great savings / financial blog to read is Single Ma's Faboulous Financials, this sista's blog is informational, inspirational, and full of issues that many of us can relate to.
3. Put that tax refund back into the business.
4. Have you opened up a Small Business Account. Even if you are only eligible for a $500 credit limit, it is something to start out with and grow with through time.
5. Always remember to put aside a portion of your profits to reinvest back into your business. Set a goal of what percentage you want to re-invest and do that.
6. Research Small Business Grants
7. Revamp your business strategies. Though it is great to offer your services for free, how about offering a particular service for free and or various discounts. A lot of businesses start out with prices that are dirt cheap and then raise their prices as they gain more exposure. There is nothing wrong with that. Oh and to address the issue of people not paying, I have learned the following - it never pays for you to invest all your time and energy into a project in the HOPE that you customer will pay. I learned the hard way that many do not, you need to either request full payment or partial payment up front. Don't be afraid to turn down a gig or request what you are worth. Whenever you lowers your standards to get that job or do too much for free you will find that you lose big. Remember you, me, and every other normal human being is going to try and get as much as they can for FREE so if that is your hook you are the one who is going to get caught. I've learn that when I created a clear policy and stuck to it, the people who really wanted what I was selling stuck around.
- Click here to read the original post: "Is Something Holding You Back?"
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- Related Post: Turn Your Craft Into Cash
- Related Post: Home Business Ideas for Women
- Related Post: Art of Sou-Sou (Savings Strategy)
-lhenry
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I want to say that since I have discovered your site I am more motivated in putting my ideas to good use. I feel more of a support on here and willing to share and receive ideas.
Thank you for this one...
very informative!!!!
Saving it to my notes.
Replies
Quanisha
Thank you for this one...
very informative!!!!
Saving it to my notes.