Not a BASH Thread: Black Women Businesses Average $24K in Revenue

[Wildhundreds]

Yup.

Also, people still have a hard time understanding the relationship between money and time. They don’t understand credit and good debt and how to use these tools to your advantage. Vastly underestimate just how much time and life starting/building/maintaining a successful/profitable business requires and the risks that come with that. They don’t have a thorough enough plan, some don’t even have a plan at all.

A lot of this isn’t their fault though. There are guidelines but there’s really no step-by-step guide or blueprint to this shyt. There’s lot of moving parts and while the information is out there, it’s not curated and it’s not one size fits all. Some are lucky enough to have people in their circle that can share knowledge and warn them of mistakes not worth making; one of the reasons with building out a solid network is really important. And even with all that you’re still gonna need some luck. However, the vast majority of people who go it alone will fail. Here’s where a lot of people give up, when they should have used it as a learning experience. You’re gonna need a certain level of grit and grind to make it work. Need to be ok with taking chances and understanding risk and risk appetites(this is very important; I’ve seen some really smart people lose out because they have no appetite for risk; they’re way too safe/calculated). If it was easy everyone would do it.

I think the bigger issue is black people just cant work together. You can have those with the same talent/skill set, yet they want to go in it alone. I said this in other threads, we have a ton of tradesmen in the black community, a ton of educated black men with degrees in business.. Somehow they can't come together and build a corporation like white people do.. We look at white people all the time when we want to make excuses in destroying one another. But somehow, we ignore how the white HVAC companies how white collar people in the front offices, while the blue collar workers are bringing up the rear.. We got to be the white collar and blue collar guy of the company. Same with women and nail salons. Chinese people have a person working the finances, while 6-7 chinese workers are doing the nails, making hundreds of thousands A WEEK.

WE ARE THE PROBLEM..

 

[Piff Perkins]

The average non-employer small business makes about 46k in yearly revenue. Nearly 90% of small business owners make less than 100k yearly. We'd have to know the profit margins for these particular black women businesses before saying this is a bad number.

Owning a business is hard. I think a lot of people get pushed into small business ownership based on poor thinking and planning too. Not just black women, let's not forget the Dame Dash "everyone should own a business, a 9-5 is worthless" mentality that predates the push for black women businesses. With women there comes a point where it's like...how many beauty businesses (lashes, lips, makeup, etc) or clothing "stores" can we have before reaching saturation point in cities? Figuring out how to stand out from the competition, and how to increase your clients, is how you start increasing revenue. But getting there is hard and as we know, most small businesses fail.

My only wishes/advice is that 1) if you create a small business you should have a nuanced, well thought out business plan 2) there's nothing wrong with a 9-5. Most of the people who make the most money (doctors, engineers, lawyers, etc) have a 9-5. 3) I think people, especially black men, should look into trades before starting a business. There's a lot of opportunity and money in shyt like plumbing, HVAC, electricians, etc.

 

[Scaaar]

A lot of those businesses are MLMs, real estate, and selling stuff online.

Essentially. I get tired of seeing all of these online boutiques. How are they even turning a profit? Are the clothes that cheaply made that people have to constantly keep replacing them?

 

[CodeBlaMeVi]

Smh. You know you can have a business and a job right? You know you can off set your job income with your business expenses right? Smh.

You don't even understand how you don't need to make a dime from a business inorder for it to benefit you but have an opinion on it.


And you must fail to be successful. So while those businesses may fail, those women gain valuable information about business that will help them succeed in the future.


If you don't understand business and unwilling to learn just say that.

Actually you can’t and you’d be opening up yourself to an audit. A W2 cannot be deducted by schedule c expenses.

 

[UncleTomFord15]

When you hear black women talking about being the most educated, having the most businesses or having the best jobs its pure.

The "education" comes down to INITIAL ENROLLMENT. Not graduation rate. The ones who do graduate it's some nonsense like liberal arts, gender studies or psychology or something useless.

The "good jobs" come down to companies killing two birds with one stone, they can say they hired both a woman and a black woman at that. Keep in mind they won't put you in the actual high positions in that company due to fear of a "black takeover".

The "entrepreneur" shyt is what the article touched on. Most black women businesses are some bullshyt like eyelashes care, makeup artist or nail tech. It's not real shyt like a law firm, real estate investment firm, banking, car dealership, medical practice, software company, etc.

Not even trying to talk down on our sisters but that's the reality of it. When you see bw saying "we're bossed up and making moves" keep in mind what I wrote. Tbh this should just motivate you as a black man to find a black woman and make moves together.

 

[Scaaar]

most people are broke . Most men are broke Look at all the broke ass dudes you know . Women make less then them . This boss bytch shyt is a facade.

Even when I’ve met women who were “bosses” they tend to live out their means check to check . Leased Benz, expensive apartment, expensive purse nothing in it

Yup.

Also, people still have a hard time understanding the relationship between money and time. They don’t understand credit and good debt and how to use these tools to your advantage. Vastly underestimate just how much time and life starting/building/maintaining a successful/profitable business requires and the risks that come with that. They don’t have a thorough enough plan, some don’t even have a plan at all.

A lot of this isn’t their fault though. There are guidelines but there’s really no step-by-step guide or blueprint to this shyt. There’s lot of moving parts and while the information is out there, it’s not curated and it’s not one size fits all. Some are lucky enough to have people in their circle that can share knowledge and warn them of mistakes not worth making; one of the reasons with building out a solid network is really important. And even with all that you’re still gonna need some luck. However, the vast majority of people who go it alone will fail. Here’s where a lot of people give up, when they should have used it as a learning experience. You’re gonna need a certain level of grit and grind to make it work. Need to be ok with taking chances and understanding risk and risk appetites(this is very important; I’ve seen some really smart people lose out because they have no appetite for risk; they’re way too safe/calculated). If it was easy everyone would do it.

All good points. I would add that alot of people create businesses just to keep up with everyone else. They're hearts isn't truly in it. So they'll drop the venture at the first bump in the road or when they see the actual time commitment that it takes. They fall for the IG smoke and mirrors but fail to realize you gotta put you 10,000 hours in to even actualize that possibility

 

[CouldntBeMeTho]

#bossbytch who resells weaves online

 

[Dameon Farrow]

LLC gang isn't always 6 figure or 7 figure gang as well. Mom and pops businesses can be just as dead end as any job.

So many folks don't realize this. If you wanna be a business owner it better be something you like. Because it will not always be roses.

Now the independence of not having a boss makes it worth it, of course.

 

[OnFleekTing]

They don't care about the income
They just care about the title of being your own boss

 

[beenz]

A lot of those businesses are MLMs, real estate, and selling stuff online.

don't forget all the clothing lines and boutique stores. it's mostly bullshyt to be honest.

 

[beenz]

You gotta start somewhere, my business took three years before it turned a profit. I encourage those who can and stick with it to start their own business

how did u survive those first couple years in the red? did u still work a 9-5 to hold u over?

 

[TDA92]

I think the bigger issue is black people just cant work together. You can have those with the same talent/skill set, yet they want to go in it alone. I said this in other threads, we have a ton of tradesmen in the black community, a ton of educated black men with degrees in business.. Somehow they can't come together and build a corporation like white people do.. We look at white people all the time when we want to make excuses in destroying one another. But somehow, we ignore how the white HVAC companies how white collar people in the front offices, while the blue collar workers are bringing up the rear.. We got to be the white collar and blue collar guy of the company. Same with women and nail salons. Chinese people have a person working the finances, while 6-7 chinese workers are doing the nails, making hundreds of thousands A WEEK.

WE ARE THE PROBLEM..

I was talking with a coworker yesterday about our networking issues as black people. We can put a lot of innovative ideas and solutions together. Black people are VERY smart. However as a group, we don't have the business sense and wherewithal to come together to even work out a blueprint. Can't even get STARTED on an idea We love to brag about what we're doing individually though.

 

[DropTopDoc]

A lot of those businesses are MLMs, real estate, and selling stuff online.

This

They don't really care about the revenue, they just like calling themselves entrepreneurs and business owners.

Also this

It’s like the trope women will be on we the most educated and degreed up, mf don’t even say the rest, having 3 degrees in humanities 100k plus in debt making 50-60k

This article is catnip for feminist, and clout jockeys they will take this and run with a narrative, that ignores owning a business and turning a large profit is not synonymous

 

[datnigDASTARDLY]

Essentially. I get tired of seeing all of these online boutiques. How are they even turning a profit? Are the clothes that cheaply made that people have to constantly keep replacing them?

I work in shipping, I get tired of managing and consulting these things…they all import from China, they all have the same inventory, they all have no real business plan, they all get assed out when Amazon and the SHEIN’s of the year comes along and kills their business

The only thing less sad is when everyone and they momma tried to hop on the pandemic mask wave

 

[Luke Cage]

So many folks don't realize this. If you wanna be a business owner it better be something you like. Because it will not always be roses.

Now the independence of not having a boss makes it worth it, of course.

You always have a boss. Whoever pays you is your boss.

When that electrician comes over to fix my fuse box, he may be independent owner of his business, but i still get to tell him what to do when i hire his services just like that mid level manager people complain about in a office job.

and even worse, since i don't have to ever see him again, i can treat him like shyt, not pay him if i'm unhappy with his work, and throw all kinds of abuse his way without every having to worry about bad reviews or bbb, or unemployment coming after me. I can terminate his contract just because he one race or another and not have anti discrimation laws on my case.

The only independence you truly get is being able to work when you want, make your own schedule. and even that aspect is iffy, because we can work from home now and basically do the same with any office job,