10 Steps To Start a Successful Black Owned Business

If you plan to start a business, you should review these 10 steps. It's not a complete guide, but it will help you get started in the right direction.

- 1) Ruthlessly identify your target market and your ideal client. It may be tempting, but you don’t want to market to everyone, you want to focus your marketing dollars and attention on the right people.

- 2) Focus on what your target market wants to buy, not what you want to sell. Period.

- 3) Keep your overhead as low as possible. An office in a luxury building may boost our ego, but a co-working space with all the amenities you need will serve the same purpose and boost your bottom line.

- 4) Create a cohesive social media presence. It goes a long way toward building your brand and helps your audience recognize you and connect you to your brand.

- 5) Market like a maniac – strategically. Do at least one marketing activity every, single day.

- 6) Test and measure every marketing technique you try. This will help you understand what’s working and what’s not, and know which to keep and which to ditch.

- 7) Network like you mean it. Start networking as soon as possible – even before you launch your business. Don’t network to make sales, network to make contacts and connections! Make it a point to give as much as you get.

- 8) Find at least two strategic partners. These are fellow business owners and entrepreneurs who have a complementary, not competing business, and who come into regular contact with your ideal clients.

- 9) Invest in a business coach with a proven record of success and a list of successful clients. Not many things help your business get started in the right direction like someone who’s been there and done that and is willing to share experiences.

- 10) Create a for-your-eyes-only business plan. This isn’t the multipages document you take to the bank or investors. It’s a one or two-page document that states your business vision, identifies your target market, defines your marketing plans, outlines your business goals and helps keep you focused and on track.

Our best bonus tip is to spend time with like-minded business owners. Black business owners and CEOs face life experiences and business obstacles unique to us.

You’ll need resources, services, and support and buying Black is a great way to expose yourself to the Black community, learn from their trials and errors, and help others while helping yourself.

In the business world, we call that lifting while you climb.