Achieve Black Wealth

Starting a Small Business? Look before you Leap! ®

By MOSES FOSTER, President
Achieve Black Wealth, L.L.C.

There are one million black-owned businesses in the United States, accounting for over $100 million in annual sales...

Almost half a million people start a new business every year.

Or, otherwise stated, many Americans quit good-paying jobs with benefits and perks, standard 40 hour work weeks, and dependable salaries to roll the dice in a industry that sees more failures than successes.

Why do they do it? The desire for wealth, a fierce passion, or more often than not, to prove something.

Successful business people are smart, enterprising, and competitive. They want to show doubting family members, attention-stealing bosses, and in fact, the entire world that they can do it!

Success can definitely be found in business...but before you leap make sure you consider these things:

1) Are you really an entrepreneur? If you’re not willing to do the bookkeeping, work eighty-hour weeks, and potentially take a paycut in the first few years, business may not be for you. Many businesses lose money in the first year, hope to break even in the second or third. If you're going to suceed, you're going to have to be prepared for some lean years.

2) Do you have a solid business plan? Poor planning probably sinks more businesses than any other factor. Make sure you've got a solid business plan that realistically evaluates income potential, operational costs, competitive advantage, and market opportunity. Confirm that consumers really want the product you're selling or the service you're providing.

3) Do you have the money? Think about all of your expenses – marketing, rent, payroll are just a few. You've got to have enough operating cash to pay all of these bills. If you're using your own money to finance the business, you might want to think about operating out of your own home in the beginning. If you're borrowing money from a lender, make sure you borrow enough. If you run short, it will be harder to get more money later.

For more information visit the achieve black wealth website at www.achieveblackwealth.com. And remember: black wealth is our right, it’s our obligation, and it’s the key to our future.