If there was a silver lining in this pandemic, perhaps it would be this: Black-owned businesses within the past year have seen the biggest boom in the last quarter century.
Experts say the startup surge was partly a reflection of the heavier toll the COVID-19 crisis took on Black Americans, in deaths as well as job and income losses.
“People in my community lost their jobs, and went to the startup space to make a living. But now, it’s time to build on those numbers.” says Alfred Nickson, a successful entrepreneur, who went from welfare to millionaire by age 25. “Our community has so much opportunity this year, but we struggle with unique challenges. Often, through no fault of our own, we have no clear path to follow.”
To recognize August’s Black Business Month, Nickson is offering 5 tips for Black entrepreneurs who want to overcome adversity and start successful businesses. From welfare to millionaire, 28-year-old Nickson is the youngest person ever inducted into the Network Marketing Hall of Fame, with over 100 documented 6-7 figure earners in his organization while coaching and empowering thousands in the Financial Literacy space.
1). Start (Any) At Home Business: You only need $200 to start any at home business. That’s because the structure, business model and core values have already been established. With an at home business, the faster you learn the ropes, the quicker you start making money.
2). Brush Off Haters: In the business world, racism creeps and lurks. When someone is skeptical of you, brush off their comments and move on to the next potential partner, client or lender. I find this translates to less time focusing on their negativity and more time focused on you.
3). Build A Support System: You need a successful band of people who understand the struggle our community faces when trying to differentiate, advocate, and support oneself. Don’t keep everything to yourself! Black entrepreneurs tend to hold back asserting their ideas. It’s not like this for non-people of color. Often, they don’t have shame pushing their ideas because they know they have people who have their backs.
4). Learn About Your Industry: The biggest challenge that many Black entrepreneurs face is learning how their industry operates, especially when there’s no proven path to follow. Create your own path to success, attend conferences, study other successful businesses, network with other entrepreneurs!
5). Repay 2020 Debt: Start your business off on the right foot. If you stopped paying bills due to job loss or illness, try your best to start again. Set up a budget to start paying down some of that debt, 35% of your credit score is made up of debt!