Tag Archives for " Small Business "

Anyone Can Start Their Own Business

light bulb with money banknotes inside it on blue backgroundThere are three reasons people give for not starting their own business: 1) don’t know how, 2) don’t have the money, 3) too old or too young. It’s hard to imagine after being in the workforce so many years that you could go out and start your own business. I’m here to dispel the myth that you are either too young or too old to start a business. There’s no law saying you have to be a certain age to get started. Well, if you’re under 18 you may need your parents assistance, but other than that, you’re good to go. The basic requirement to start your own business is to be alive and have an idea.

 At 10 years old Asia Newson proclaimed herself to be Detroit’s youngest entrepreneur. She had an idea and her father’s help. Boom! Look at all of the people who started businesses that went on to garner untold success. We all know Steve Jobs and the story of Apple. Dell computers started in a garage. Who doesn’t know the story of Facebook? If you’re thinking these people started with an advantage so of course they were able to make it. Let me disabuse you of that thought. 72% of entrepreneurs come from a middle class background and 22% come from the blue collar class*.

I get it. I started my business after being in the workforce for almost two decades. I had amassed a ton of knowledge and skills, but I wasn’t using to serve myself or frankly anyone else. What skills have you developed that could be shared with the world while enriching your life and providing jobs? The one thing that I have learned about in the past few years is entrepreneurship. I read the book Secrets of the Millionaire Mind by T. Harv Eker and later became a member of Peak Potentials an organization built on educating people about their own possibilities. I had never before been exposed to this type of teaching.

Let me ask you something. When you were in school were you taught about starting your own business and making it successful? What were you taught? To get a good education and a good job and work really really hard. The reality is, you can do what you love, make money doing it and help people. Again, your age doesn’t matter. What’s your passion? What’s your dream?

If you don’t know how – there are endless amounts of resources to get you pointed in the right direction. You can set up an LLC as easily as you can open a bank account. Put together a business plan and seek out funding in the form of loans, grants and investors. Other people have started businesses. Don’t be afraid of failure. There are lessons in every failure and every lesson gets you closer to success.

If you’ve started your own business or thinking about it feel free to comment below and share this with your friends.

5 Options To Fund A New Business

If you haven’t heard the news, let me tell you. Black women and women of color in general are the fastest growing demographic of entrepreneurs. This is exciting news. We don’t always hear about these statistics in the media so let’s take a moment to celebrate that!

Single Black women have the lowest amount of wealth, but this is partly attributed to Black women using their personal funds, including their credit cards, to launch businesses. Black women are less likely to get business loans or lack the social capital to network to reach potential investors. Here are some options to get your business off the ground.

  • Small Business Administration is great place to start. The government wants more people to start businesses and want more minority-owned businesses at that. Check out www.SBA.gov for information on loans and grants to fund small businesses.
  • Angel investors – these are people with funds to invest in great ideas. Think Shark Tank but not quite as sharky. You can find angel investor groups through Google or other search engines. There’s typically an application process.
  • Small business grants. Once again the government wants small businesses to generate job growth. Go to www.grants.gov to research grants available for women and businesses in general. Another source is the National Association of the Self-Employed, www.nase.org.
  • Ask for money from people who believe in your idea. You can ask family and friends for a direct investment but in this digital age you can also set up a webpage where people basically invest in your cause. Websites such as Go Fund Me, www.gofundme.com, are springing up. You put together your page, send out the link and watch the money come rolling in. People have posted all manner of things from investing in a start-up to collecting cash to pay for medical bills.
  • Private investor – this will likely be a friend, family member or someone who would be a great partner for your business to help drive revenue. This takes networking, but a joint venture can be the best way to capitalize on your idea.

You can find all sorts of resources online with a few clicks. Whatever your method, be prepared when asking others for money. Put together a business plan that clearly outlines your business’ goals, objectives, and proforma financials. People want to know you know what you’re doing and have put thought into it. Also having a business plan will keep you on track when distractions come your way.