Tips for Black Female Entrepreneurs

March 9, 2011  |  

So you want to start your own business, huh? Congratulations! But first, know these basic tenets…

Dream big, but act small-by-small, to get big!
When you have an idea, and maybe not millions of dollars with the idea, you need to start small and be successful within a small target area, before launching to the next level, and the next level. For example, if you have an idea to start an international shipping service, perhaps you should start with helping your city ship goods internationally first. Then, after you perform well in your city, expand to a region, and then expand nationally.

Plan, plan, plan
Yes, you know that you need to market your business for example, but how much does marketing cost? What are the strategies involved? Which strategies will you use and how often? You need to have a sheet, and it could just be a few-page outline, that details the actual daily, monthly and yearly strategies that you will use to grow and sustain your business. Planning helps everything!

Research competition and failures
Hey! That person started a business! I can start one too! Yes, sure, you can, but you need to research the circumstances surrounding how your competition was able to start and grow a business, and research his or her failures. In fact, you should know more about what makes a business fail than what makes it succeed, and ensure that all your planning centers around ways to prevent failure.

That’s right. Don’t quit your day job. Save enough money to operate your business. You will find that you need to spend money on some small-ticket and big-ticket items, but you don’t want that money to come from your regular paycheck (or any other regular stream of income). You want to sit down and create a pool for your business that is funded by monies outside of your daily personal expenses.

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