Black Washed has offered you a step by step way to become a black entrepreneur. We know how important it is to own your own business, so you can create opportunities for your communities. We will discuss at least 7 ways for you to make that dream come true. You can be an entrepreneur without a college degree if you stay consistent and dedicated.
Figure out a Problem
First You need to realize a problem that can have a solution, from your business. Most mainstream companies, have figured out their consumers problems, and created a solution. When you figured out a problem like Nike help the athletes with better shoes for workouts and running, then you will be able to target the right group of people. What will be your product, service, and logo? These are the questions you need to ask yourself.
Know Your Target Market
This is the most important thing for your company, when your thinking of launching your product or service. Your target market are the people you’re building your business for. These are the people that will be your customers, and you need to have a specific group of people your marketing too. You need to know the age, ethnicity, interest, and personality. you’re probably wondering, how will I find this out? by doing your research of course, just think of your product and what problem you will solve. This will help you get an idea of who would need this product and what the age group is.
Get Funding “$$$”
So you want to know a secret for all minority entrepreneurs, there are companies that give you specific loans for start up businesses, just because you are a minority. You can also get an angel investor, and they most likely don’t want parts in your business, they are strictly there too help. Don’t forget that you can also crowd fund your business. Crowd funding is the new wave for young entrepreneurs, because you can do it through Facebook, Go Fund me, Kickstarter, Indigogo and many more sites.
Create a Business Model
A business model is a plan to obtain revenue, you need to figure out if you start your business/service how will you get money generating. If you want to rent a building for your business than you need money to pay rent, utilities, employees and so on. Revenue will help your business advance and become the best it can be. Are you going to be a streaming service that makes revenue off of ads and subscriptions, or are you going to make revenue off of sales? These are the questions you need to ask yourself.
Get your company/service name trademarked and items copy written. It’s nothing worse than having a great idea or product and then it gets stolen and you can’t sue. Hiring lawyers when getting funding from other companies or angel investors is a great way to lead your business onto the right track. As a startup, hire at least one lawyer but in the future plan on getting more.
It’s never enough research you can do. See where other companies lack and build yours off of that. Continue to study your market, if you open a retail store look at other stores and see what they bring to the table. Always stay aware of new trends and make your brand appeal to the new era. Don’t stay in the same spot forever always look to advance your business.
Be a Promoter
In the beginning you won’t have enough to pay for a pr company or pay you tubers to promote your brand. You have to become one for yourself, so you can create business accounts for your company on Instagram, Facebook, and a website. These are good promoting tools, because then you can post what you create and get potential buyers. Make sure every thing look professional and holds the aesthetics of your brand. The name on each site should have the same name, and logo pic. Write catchy headers and use readable fonts.
With these 7 steps you guys will be starting your business in no time. These steps don’t take college at all just practice. The business won’t be booming over night but if you stay consistent then you will achieve your goal. For more helpful blog posts on BlackWashed make sure you follow our Twitter and Insta @blackwashed1 also come to this website of course!