June 6th, 2008
A Poor Economy Means, It May Be Time For More Black Business Owners
Hey, I hear you, why would anyone start a business during hard times? I am new at this business owner stuff and I was intrigued by a blog post I came across. Helen Anderson hipped me to a blog called Bankaholic.The post I read had to to with starting a business with no money. It overs some simple yet important keys regarding starting a business.
Black in business, we know the often times we are the last hired and first fired. And many times we will find it more difficult to find new opportunities for similar money. A pontenial trend for out of work black professional and blue collar workers, is to start businesses rather than to continue a job search.
Money for start up and cash flow are dangerous impediments to a business.
Go visit bankaholic and read their blog.Stop back and leave us a comment.
June 7th, 2008 at 1:43 pm
Jim - All good points in Johns Wu article.
Too often people start a business without any plan - and that can only lead to failure.
Ways to ‘find’ money?
Don’t eat out, don’t go to the bar, cancel your subscriptions to newspapers and magazines, cancel your cable service, use your computer to make your business cards, letterhead, fliers, envelopes, etc. This may seem harsh, but would you rather forgo these things for a year or so, or be picking up soda bottles and aluminum cans out of the garbage to pay your phone bill?
If you can stand that, then you’re on your way to the success you can have in starting your own gig.
Keep your eyes on the prize!
June 7th, 2008 at 7:26 pm
I am too happy about Obama I cant explain it. Eight years of him will get us all back to where we want to be. I have a side business selling funny t shirts and would love to see it thru to a full time gig. Like Morganlighter said, keep your eyes on the prize.
June 9th, 2008 at 12:58 pm
Good find Jim.
As a young guy who currently runs his business as a part-time deal and actually dipped his toe into full-time before needing medical benefits, the most important thing when starting a business is the fortitude and confidence to keep moving forward.
You’ve heard the phrase ‘fake it until you make it’, starting a business, in my opinion, requires this mindset.
I’d recommend to your readers to book ‘Before You Quit Your Day Job’ by Robert Kiwasaki, the guy who authors ‘Rich Dad, Poor Dad’. Invaluable tidbits in there.
Last piece of advice is to get your legal stuff in order FIRST! You need a solid foundation, and while skimping on office materials and office space is good, do NOT skip on getting incorporated or registered and keeping up with your taxes.
Thanks!
June 9th, 2008 at 1:12 pm
Morgan, thanks for the good suggestions, it is all real and a harsh reality. Some businesses may fail, not because of the business, but the personal expenses are so high, one haS to quit and take a job.
June 9th, 2008 at 5:10 pm
Fredric, thanks for the visit and the suggestions.your point about the legal stuff is huge. There are many factors and cash flow is at thetop of the list.
June 9th, 2008 at 5:11 pm
Dutch, thanks for your comment and good luck in your business.
June 18th, 2008 at 8:15 am
thanks for showing the real reason for diminish economy when there is deflation in the eco.so i m agree with u.
June 18th, 2008 at 11:01 am
So main reason of black business is poor economy ,wow thats the amazing news for whole world
June 18th, 2008 at 6:06 pm
JD,
Good post. I’ve read the book ‘Before You Quit Your Day Job’ and would recommend it also. There’s a lot of good information it for you to think about. It’s important also to have a good support system. Someone who has been successful in business who can talk you up when times get rough. I have one and I usually take him out to lunch as a thank you for the time he spends with me.
Also word of mouth is the best form of advertising. If you can build a strong network of people you trust around you then they can speak on your behalf.
And finally if you can find a Geno to handle your past due collections, that’s always helpful in keeping your cash flow strong
June 25th, 2008 at 5:50 pm
Remember Marcus Garvey?
He had a great idea and almost made it work. Start Small,Think Big! He had an Ocean Freight Company that he started with small “micro” investments from working class people like you and me.
Then his success caught the idea of the “wrong” people and they brought him down.
The idea still works…
There must be a lot of us that have great market ready ideas and products and “0″ Start-Up Capital.
Starting small and networking with one another is the best way to slowly grow until the Capital can follow.
But, a word to the wise . . .
If we as a people do not participate in the “Green” Economy, we’re going to wish we had.
Speaking of ….did you hear DOE is granting the Big Three Auto Dealers $10M to come up with a viable Electric Hybrid Vehicle?
I hate to ask,but . . ..are there any “independent” African American Mechanical , Electrical and Auto Engineers out there? Post if you know any.
June 27th, 2008 at 7:46 am
Agree, we should top whining about the economy. One great business man said,”Ignore economic news, and you will achieve success”. Simply put, the bad news permeates ones mind, and tends to slow you down…
August 18th, 2008 at 8:21 pm
True starting a business in a recession is risky, but if your new business can survive a recession chances are it’s a solid business. Also you may work more creatively to solve your problems during the recession than you would have in a good economy, thereby laying a stronger foundation for the future of the business.