- Define the business idea: Clarify what the business will offer, what makes it unique, and what problem it will solve.
- Conduct market research: Identify potential customers, competitors, and their needs. Identify the potential users of your product or service, their pain points, needs, and how your product or service will provide solution.
- Develop a business plan: Outline the strategies for reaching customers, operating the business, and reaching financial goals.
- Register the business: Choose the legal structure, obtain the necessary licenses, and register the business with the appropriate state agencies. Check out Starting a New Business in Arkansas.
- Secure funding: Determine the funding needed, research funding options, including grants, and gather capital. Are you a woman? Visit Women-owned businesses (sba.gov). Are you a minority? Visit Minority-owned businesses (sba.gov). Are you located in Northwest Arkansas? Check this out UpStart Small Business Grant – Grants for small businesses in Washington County, AR. Grants for $5,000. In Florida, visit Orlando Business Funding Availability – Website with links to several funding options for businesses based in Orlando, FL. Are you Hispanic and reside in Louisiana? Check out: Hispanic Owned Business Grant for Louisiana – You must be at least 51% Hispanic-owned business for profit business operating in the state of Louisiana and be/become a Member of the Hispanic Chamber of Commerce Louisiana. Grants are $2,500 – first come, first served.
- Establish systems and procedures: Develop record-keeping, billing, and customer management systems.
- Network and build relationships: Connect with others in the industry and with potential customers and suppliers. Connect with other Black women entrepreneurs and business owners. Find your tribe. Networking can provide valuable information, resources, and opportunities to help you start and grow your business.
- Launch and promote the business: Create a marketing and promotion plan and launch the business through advertising and public relations efforts.
- Continuously monitor and evaluate performance: Use performance metrics and market research to identify areas for improvement and continuously refine the business strategy and processes.
Bonus tip: Check out The 10 Best Resources for Women Business Owners in 2023 (startupsavant.com)
Thank you for hanging out with me! Dr. Abi Adeleke, you can find all my podcasts via hangingoutwithdrabi on Spotify. Please subscribe to this blog, so you can get my latest posts. Let’s connect via LinkedIn! P.S. visit our African Fashion Accessories store and support this blog.
