Aight let's talk BUSINESS (info to build and advice for those looking to start)

[Unknown Poster]

So...I've basically have been taking the past month off from handling business to formulate plans for the remainder of this year.

But right now i wanted to talk about how to start your own business and how to get into the habit of keeping wealth in the circle. I just want to say a few things before i start.

1. If you have an idea...make sure you can carry it out.
2. Put up your own money and don't rely on banks or loans. Not necessarily because banks aren't willing to lend to black people as much as others..
But to not be indebted to others not directly involved in your business.
3. Make sure you have a presence established to warrant making that next move of taking your business public. Have a cultivated following. If it wasnt for my web presence we would of never got the green light to be approved for the space for the pop up shop i just did.
4.keep the momentum going. You don't want to start something and lose steam when it's still hot.

 

[Unknown Poster]

Okay. Let me explain something about running a business. I had honestly no experience being a boss or managing a staff or hiring people to help with my business...but it is a gratifying feeling. It is demanding too.

1. You have to be professional at all times. And your taff has to be too. I made sure to get the message across to the people that i hired to work at the shop that any negative action from there reflects on the whole store and business.
2. You have to establish a comfort level with your clients/customers/etc. I stress this especially cause as a black businessperson there is already a negative stigma attached unfortunately that makes people hesitant to do business with us. That being that we are not professional or we're scamming people, etc. I had to make sure that we had all pf the tools necessary to build consumer confidence. We used SQUARECASH to handle credit and debit transactions with an ipad. We had reciepts on hand for each purchase and made sure to have records of those purchases in those books for tax purposes. As well any expense that went towards the busineas went on record as well.

 

[Unknown Poster]

Let's talk about starting costs. It takes money to make money. It helps to have an idea of what you want to do where you want to do it and how much you need to get it off the ground.

It took $2,000 between renting the space and the production of merchandise total to get things started.

 

[I AM WARHOL]

Lemme get some of this knowledge

 

[hoodheronova]

What is your business? How many employees do you have? Are they family? How long have you been in business? Are you in a major city? How did you analyze the competition?

 

[Unknown Poster]

Be sure there is a demand for what you are selling.

Luckily being in New York City where it's the world worlds hub for fashion....selling my clothes was not an issue. If i would of done that in Pittsburgh or somewhere else in the rest of the country? Nah. Things fly here that wouldn't anywhere else...and let's be honest...the rest of the country is 3 years behind the times and not filled with risk takers.

My next goal is another pop up shop here in NYC for spring. But it wil be at an actual storefront for a month. Will keep people posted.

But going back to a demand for product or services. Sometimes you have to create a demand. Manufacture hype so to speak. If this includes web publicity so be it. But if you are doing something like cell phone computer repair where people need it all year round the demand creates itself.

It helps to focus on goods and services people actually need than want.

 

[Playeroni]

Got me a little operation going with my little sister. @DrX made a thread about side hustles and how everybody should have one. It was some links posted, and in one of them I found a website. Copped some shyt I know my sister will be able to get off. Once we get the first shipment off we gonna double up. Buddy was right, dont take much bread, just gotta be willing to put in the work.

 

[Unknown Poster]

Another one of these threads

And?

You still wanna be a white man's bytch for a paycheck or you want to be your own man and help create and support black businesses?

I did it...why? Cause they wasnt trying to give my ass a job. My resume threatened them. You best believe that these employers get off on throwing yo resume in rhe trash after you get an interview with them. They'll hire a gay nikka or a black woman before they hire you as a black man. True story.

I made a business to help me and my family out. So i wouldn't have to depend on anyone. So i wouldnt have to work for someone that hates my guts.

I was so good at it though. We made so many sales in the two weeks we were open the owner of the store we rented the space from was getting mad cause we were stealing their traffic. I went from no one even giving me more than basic responsibilities at a job to and owner and a boss overnight.

Im trying to make sure that young black men and women who arent getting a chance are getting that chance to prove themselves. It takes more risk to be a leader than a follower. But leaders are the ones that change the world.

 

[Neil Tyson]

 

[It is a mystery]

What were the first steps involved that you or others would often overlook?

 

[Neil Tyson]

What were the first steps involved that you or others would often overlook?

Get a loan, oh wait. Get a job, oh wait.

 

[BlackAchilles]

What costs if any are assosciated with self incorporation

 

[sportscribe]

2. Put up your own money and don't rely on banks or loans. Not necessarily because banks aren't willing to lend to black people as much as others..
But to not be indebted to others not directly involved in your business.

Just to add to this, you can always reach out to friends and family for a short term loan in exchange for equity in your business.

If your venture entails the creation of new or sustainable technology then you can always apply for state and local grants (federal grants I believe are only for non-profits).

Aside from this you have to incorporate obviously.

 

[Unknown Poster]

Man...there's a reason i made this thread. And this comes from a thread about Dr. Boyce Watkins about black business.

We are taught to just be an employee and the best employees we can be. You can't pass a job down to your kids. Why be an employee when you can be and owner and a boss!? That's an amazing feeling.

I did the corporate america thing...wasn't for me. It felt unnatural. But it was the idea of being able to plant that see in the minds of others to start their own business and make their own money.

Now there will be people that will tell you it's not possible or laugh at you cause you aren't making as much money as them at their own job while you run your own business.

Working on Wall Street...knowing it's history in terms of slavery and amassing wealth from black people's blod sweat and tears made me say fukk it. I'm about Black Wall Street. Someone or groups of us have to help break this cycle. Why should we be the only race of people who can't go to their own for employment? The fact of the matter is no one cares about our situation socially economically except us. They aint gonna do the work you can for you yourselves and others.

 

[Unknown Poster]

Bruh stop it. Realistically you're not getting any money in this world(legally) unless you work for a white person.

I made money everyday selling my own products at a store i managed that was open for two weeks. My customer base was mostly white people. Congrats on thinking you can't do it on your own when you can. Your mentality is sad...you don't need anybody else to make money when you have your own good or service. You are in a position where you make money off of people period.