9 Secrets to Success (As Shared by Black Business Owners)

Black business owners face many difficulties in their businesses for various reasons. That’s nothing new.

Compared to their white counterpart, it is pretty difficult for entrepreneurs from BAME entrepreneurs to establish a successful business. This is often due to a lack of business knowledge required to run a successful business and a lack of access to funding.

However, it is also crucial to look at the positive side. Even after all these drawbacks in funding, around 2 million black entrepreneurs-owned businesses around the United States have become successful in generating more than $155 billion of revenue since 2012.

Now, the question is, what’s the secret to their success? 

Well, there are various strategies BAME entrepreneurs have adopted in recent times to make their businesses successful. We’ve come up with 10 of these secrets that can help you take your business to the next level. 

Ready to dive into the details?

#1. Be the best at what you do

Gresham Harkless Jr. (Blue 16 Media) states you must be perfect at work. This mindset will help you stand out and attract your customers. As there are other business owners in the same industry as yours, it is crucial to have something in your business that makes you different from them. 

Moreover, make sure to surround yourself with successful investors. This connection can inspire you to become better. 

#2. Build strategic partnerships

Jasmine Powers, the owner of Jasmine Powers Multimedia LLC, says that strategic partnerships can make your business successful. Today, there are forums, clubs and online communities to meet business owners like you. 

If you’re looking for an exclusive community for BAME entrepreneurs, check out our thriving business community, MyCEO Tribe.

#3. Clear values are necessary

According to Joey Price from Jumpstart: HR, LLC, it is essential to have clear values when planning to start a business. Even if you own a small business or are experiencing bad days, you must set values and act upon them. 

However, the values depend on your business goals. Furthermore, they can help to build your business’s reputation. For this, a business expert can help you.

#4. Connect with investors

As Michelle Lenore, founder of the LENS Consulting Firm, puts it, you must collaborate and connect yourself with other business owners.

It also means that you should reach out to angel investors who can help you fund your business. There are so many ways to find investors. The first is looking at your personal network to see who might be interested in funding your business. The second is searching online with platforms like AngelList or Caena. 

At Sohcahtoa, we’re building an investor-matching platform exclusively catering to BAME entrepreneurs. We call it SmathFund, and you should keep an eye out for when we launch it.

#5. Find ways to improve your network

“Your network provides your next work.” Those are the words of Nicole A. Thomas, founder of Nicallyss Creative Group. You always need to strive to improve your network. The key to success is networking with successful business owners and other experts in your industry.  

Consider this, the man who knows who to call when he has a shipping problem will sell 5X faster than the man who knows no one at the shipping dock or agency.

It is critical to know every detail about your industry and the key people who make it work. That is why one of the key features we’re building at My CEO Tribe is Interest-Focus Groups where people can connect with others within their industry. Check out MyCEO Tribe. 

#6. Never look down on yourself 

According to Rai-mon Nemar Barnes, know your value and never feel wrong about what others say about you because of your race. 

It is only your hard work that makes you successful. Therefore, never doubt your worth because of other people’s biases. 

#7. Find mentors within your industry

Crystal King says finding mentors from your industry is the key to success. They can help you by providing relevant information about the industry, which can assist you in planning business strategies. Sohcahtoa is working on a mentor-matching platform; watch out for it.

#8. Invest in a business coach

Atiya Brown says getting a coach is essential to improving your business strategies. An expert can help you correct your mistakes while searching for solutions that could benefit you. Moreover, having someone to advise you at your lowest point can motivate you to get through it.

#9. Make Customer Service Your Top Priority

Aikyna Finch, the owner of Finch and Associates, says it is crucial to understand your client’s problems and offer the best service to them. This strategy will help you build a community. In addition, your customers will feel more connected to you, which will help them to develop trust in you.

Concluding Remarks

It might be hard for BAME entrepreneurs to succeed due to a lack of business education and funding. However, it is not impossible. Get started by signing up for a life-changing business community we’ll launch soon: My CEO Tribe.