The U.S. Census Bureau’s Annual Survey of Entrepreneurs projected that “minorities owned more than 949,000 businesses in 2014, and roughly 11% of those minorities were Black-owned.” Other sources predictably report that Black-owned businesses are still substantially lower than Whites. Nevertheless, Black business ownership continues to climb primarily because of a change in mindset.
For the past month, I’ve witnessed some Black-owned business closings
My husband and I craved for some perfectly seasoned, mouthwatering catfish. There was only one Black-owned spot that could satisfy our appetites. We decide to drive by there to place our orders. As we drove, we imagined adding some Louisiana hot sauce (and maybe ketchup for those who like it with both) to our freshly fried catfish but soon arrived to a vacant restaurant plastered with city eviction notices.
Another day, I wanted to surprise my husband with some deliciously sweet banana pudding. The old-fashioned kind, baked in the oven with fluffy meringue. It usually takes 25 mins without traffic to get to this place. Upon arrival, there were bright signs on the doors and windows that read: CLOSED! Talk about my heart dropping; I couldn’t believe it. I asked myself, “How can we prevent this?” Well, to eliminate Black business decline, I feel having an influential millionaire mentor, millionaire coach and or millionaire consultant can bring significant benefits. And if you don’t have any of these at your disposal, let’s discuss something much more tangible, the millionaire mindset.
Life happens
I get it. Life also teaches us lessons. Understanding this concept is the first step to obtaining a millionaire mindset. For the millionaire, any negative encounter helps paint and frame new pictures for success moving forward. If you give your mind permission, these experiences will help you understand exactly what will be of value in the present and near future.
One particular area of concern comes to mind in regard to the Black business: managing start-ups with ordinary people who are in debt and have little or no money. If you’ve ever been a part of this process, then you understand how it works. When you begin, you simply don’t know everything. Your mind is conditioned to look for a location outside of your home and apply for a start-up loan. While this can be good, the millionaire mindset says to begin with what you have. This helps boost stamina and endurance.
Startup in your home using the form of weekly motivational meetings, or set up a small office area, use your kitchen for meal orders or products, create space in various regions of your house, etc. The objective is to eliminate too much overhead from the start. More on this later.
Millionaires have a frugal mindset
They limit spending on unnecessary things and focus on strictly what’s needed for the business. 7-figure earners always research ways to capitalize on their businesses.
Depending on the business type, many of them also look for specific investors. For example, asking close family members and very close friends if they can invest may work. You will need an already established trust. These persons also should believe in the mission, trust you and want to show much support.
Accept any investing amount. Every little bit helps and adds up. Once again, starting in your home is beneficial because you’re able to save money to capitalize. That’s the primary focus. As the business grows, you will eventually think about larger space.
There are other ways to leverage space, time and monetary turnover
Now, to my point about home start-ups. Many times small business owners feel a need to rush into more overhead expenses minus realistic checks and balances. It’s perfectly ok to work from home before venturing out. You may be thinking this isn’t a reality for the influx of traffic. But, traditionally, self-made millionaires began in similar fashions and with a little more structure. Working from home is one of the biggest money savers.
While planning, saving, and investing, their thought process did not include moving into larger spaces right away. They used time wisely by waking earlier before the crowd, reading loads of materials and spending time alone to think about how to make more money for leveraging, make more significant moves.
Self-made millionaires tackle any and all debts with intention and force. The objective is to owe no one. You also have to release people with no value from your life. Self-made millionaires refuse to be around negativity. Hence, they train their brains to always think positively. They are intentional about a shift in mindset.
They set small daily goals to accomplish. Smaller aims each day are good to avoid feeling too overwhelmed–it’s like pacing yourself to achieve desired results. You will also remain on track with the position, the call, and purpose.
When establishing your business, all of the above experiences should be applied. Learning and adapting to the millionaire business owner mindset and culture can be a stark contrast but I urge you to keep at it and trust the process. All new experiences with this mindset make you wiser and build you and your business to last.
This article was posted on www.webuyblack.com/blog