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How to Leverage Trillion Dollar Black Spending Power

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Black Spending Power photo

Black people spend most of their money at non-black business

AFRICANGLOBE – A coalition of Black media owners, professional and political organizations are calling on African American consumers across the nation to begin immediately to redirect a minimum of $20.00 per week in spending to Black-owned businesses.

The initiative being called “The Million Dollar Black Spending Power Campaign” is being organized by local groups in a number of key cities. It’s projected that even with minimal support this effort may turn one million dollars per week back into predominantly Black communities throughout the country.

The initiative is the brainchild of Bob Law, longtime radio personality, entrepreneur and community activist, who recently sent an open letter to the Congressional Black Caucus, highlighting the assault on Black-owned radio and requesting the CBC to bring the matter to the attention of the FCC and the full Congress.

According to the African-American Consumers: Still Vital, Still Growing 2012 Report released by Nielsen and the NNPA, Black consumers have a projected buying power of $1.1 trillion. The Million Dollar Black Spending Power Campaign raises the question “where is the money?”

It’s not reaching the Black community argue the organizers. Additionally, scholars who convened an African American Economic Summit at Howard University in early February sketched a very bleak economic future for Black Americans, noting that the wealth gap between Blacks and Whites has grown since “The Great Recession”. For every $1.00 in Black wealth, Whites now have $20.00.

Further, Black communities suffer the highest unemployment rates, the lowest median family income, and the highest levels of consumer debt. “From the corporate community to other ethnic groups, every community seems to benefit from Black spending except the Black community,” says Bob Law.

“We fully intend to renegotiate the Black community’s financial relationship with corporate America and others doing business in the African American marketplace. We believe however that a significant starting point is for Black Americans to first take control of our own spending.”

“There was a time when African Americans controlled their own economy,” adds Norm Bond, activist and Chairman of the National Alliance of Market Developers, who is working with Law in promoting the campaign. “If you look at the 1910 Census, there were more African American entrepreneurs than Whites.

Today with all of the communication tools at our disposal, the tremendous consumer spending, and the urgent need to create jobs within the Black community, we must raise our collective consciousness and bring that entrepreneurial spirit forward again through massive action.”

Through ongoing nationwide activities the campaign will begin to mobilize Black consumer dollars through several strategies. These include: Recycle Black Dollars Shopping Tours; e-commerce utilizing online business directories; websites; social media; Buy Black Meetup Groups; referral networks; and educational events including community forums and local community based expos.

In addition coalition media partners are going to call on their audiences to support the effort. Philadelphia, the 5th largest city in the nation is also a key market for the coalition members. Local radio station 900AM WURD, the only Black-owned radio station in Pennsylvania, has agreed to support “conscious consumerism” through their programming and additional activities.

The cooperative effort also includes Dr. Maulana Karenga, Creator of Kwanzaa and Professor and Chair Department of Africana Studies California State University; Norm Bond; Professor Jim Clingman of the University of Cincinnati, author and syndicated columnist; and Sara Lomax-Reese, President and General Manager of 900AM WURD in Philadelphia.

Additional information can be found on the website at www.BuyBlackAllYearLong.com . For more information please contact: Bob Law via bob.law4@gmail.com and Norm Bond via norm@normbond.com.

 

HOW TO LEVERAGE BLACK WEALTH

 
 

 

 

 

 

 

 

 

 

"I'm just trying to make a way out of no way, for my people" -Modejeska Monteith Simpkins

 

AFRICAN AMERICA IS AT WAR

THERE IS A RACE WAR ON AFRICAN AMERICA

THERE IS A RACE WAR ON AFRICAN AMERICANS

THERE IS A RACE WAR ON BLACK PEOPLE IN AMERICA

AMERICA'S RACISTS HAVE INFILTRATED AMERICAN POLICE FORCES TO WAGE A RACE WAR AGAINST BLACK PEOPLE IN AMERICA

THE BLACK RACE IS AT WAR

FIRST WORLD WAR:  THE APPROXIMATELY 6,000 YEAR WORLD WAR ON AFRICA AND THE BLACK RACE

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Originally Posted by EbonyRose:
Originally Posted by Yemaya:

When we had a chance to do something about this, we poo poo'ed it off. Now well with all that's going on.. we're just about toast.

 

Well ..... I'm hoping that we'll jump out of the fire ... right at about 'golden, biscuit brown' .... instead of after 'burnt to a crisp'!!  

We are too satisfied with the status quo. And we have too much too lose, but wait until we don't have a gotdamn thing, which is coming sooner than we realize, that's when we'll make a change. We are on the cusp. More is a comin'

The spirit of Black people needs a post-slavery/post jim crow overhaul.  We simply have the keys to our own jail cell now.  Why don't we spend money more Black-wards??  The hard reality is that most of us only spend money in Black businesses during a haircut or a hair-do....that's it!!!  We must refocus our efforts to grow ourselves up.  Too many of us are dependent on "others" to hire us for THEIR PROFIT!!!  

 

 

 But!  Hang on yall.  It ain't over til the fat lady sings....even though we do have burnt edges.  I just know we can't give up on our people because of a few of 'em that are azzwipes.  We still gotta think of us as a group of deserving folks and think about our offsprings down the line...since this new generation of blacks are not thinking about no one but themselves-just SELFISH and IMMATURE. But!   Somebody has to be BIGGER than their apparent EGOS.   Cuz it real clear a lot of 'em are NOT wrapped too tight.  So...,is this the fault of our future offsprings?  That would be a HELLLLLLLLLLL no.   

 

I think this is an excellent idea.  So I'm a gonnA hold my breathe, keep my thoughts to myself while looking at the better picture in terms of our culture progress......and SUPPORT as many black businessfolks as I can.  I'm already knowing some of 'em are gonna PISS me the fock off by giving me poor service and with a self-entitled attitude....but!  If slave fighters back in the day felt that way about the severely brain-washed slaves who told massa EVERTHING...we still be slaves.  So I'm gonna have to OVERLOOK a lot of things about my peoples and focus on my eyes on the sparrow.  I'm practicing for a while now picking and choosing my battles...even on this forum so I KNOW I can ignore the obvious problem and concentrate on being effective for my "people."  I can at least do that while I'm living...can't do nothing when I'm gone.     

 

Plus...I know yall know this:  We set the social TREND for everything....so the world is watching at our every move..maybe even in Africa.  So we gotta keep on pushing....we can't stop now.  Look up a little higher....some way some how...but!   

Originally Posted by Kocolicious:

 But!  Hang on yall.  It ain't over til the fat lady sings....even though we do have burnt edges.  I just know we can't give up on our people because of a few of 'em that are azzwipes. 

It is not just a few.

 

Over the years I have talked to a number of Black IT professionals and every one of them has told me that they have had Black business men either rip them off or try to.  One tried to steal some equipment from me and I had to go there with a friend of mine to get it back.  One Black pro even told me he didn't try to do business with Black business men anymore.

 

Personally I think this is a problem with Black men competing with each other.  Black IT people tend to not be men who competed at sports that tough.  So it seems like some Black men want to get back at us.  It is weird to me but that is what happens.

 

I looked through Dr. Claude's book about 8 years ago.  It was a thick book.  I didn't see too much about science and tech education in it.  I have put my 2 cents on the net.

 

http://www.toxicdrums.com/econ...s-by-dal-timgar.html

 

I say NAZInomics is a BIG LIE and the Depression is still beginning.   The Laws of Physics do not care about Us or White folks.

 

And then we have the problem of what to do with these tablet computers.  I thought netbooks would do it but tablets are cheaper and the touch screens are better for real little kids.  I say the educators are in big trouble if parents and children learn how to use them.  The school system is obsolete.

 

http://www.technologyreview.co...en-teach-themselves/

 

Xum

Originally Posted by Yemaya:

What year did he say we'd become a permanent underclass?? 2013.. what's going on this year. Sequestration is in effect this year affecting the governmental sector which hires more Blacks than the private sector... this is just another death knell in all of the things he's talked about in the lecture posted here.

 

The "backdoor" tactic, [something you can't get Black people to understand for nothing in the world], although other groups in America may only have to concern themselves with who or what is trying to get in the front door, WE need tp make sure we know who or what is trying kick our front door down AND who or what is trying invade us from the backdoor as well.

 

African Americans have become waaaaay too complacent, and it leads most of us to live the fantasy world that things are so different now than the used to be, when in reality, things are not all that different than they used to be, just the way in which those that want to break us as a people go about it has changed and the tactics that are being used to achieve that goal.  

 

 

 

One of the main problems that I see with African American economic independence is the fact that so many Black minds that think alike are so far away from each other, or often do not even know the other exists.  Case-in-point, all of the members on this site, I think we are all from different states.  If we all lived in the same state or the same city, maybe we could have implemented something by now.  Another thing is, that there are so many out there telling us what needs to happen, without a plan to go about making it happen.  The Million Dollar Black Spending Power Campaign” is a good start.  


ER is right in that Black entrepreneurship within the community is greatly needed because many of us live in cities where there really are not too many Black businesses to begin with, but, we shouldn't throw in the towel just yet.  We also need those with knowledge of how to get all of the free money that the Federal Government doles out, to make this information privy to African American entrepreneurs, and those that want to establish non-profit organizations that are beneficial to the community, as well as those interested in the education and well-being of our children.  Just like Koco, I'm not ready to accept that African Americans are now or will be a permanent underclass anytime soon.  We just need find some way for enough like minds to connect in the first place, [with blueprints in hand].  


[My big idea about how to start the ball rolling, as I've said for years now, is first for a Map of African America to be created, and then start from there.]

We need something like Amazon.com for Africans. Put all the stuff we like in one place, so we'll know where to buy. There aren't a lot of African businesses where I am.  I'm like a fly in buttermilk here; in a Yankee State.  Couple of cities where there are many Africans; I'm 50 miles from the nearest one and don't travel much.  Where are the websites, and I'll purchase.  I think all 43 million of us should open an African in America bank account, to which we all contribute so that the "race" can become affluent and stop getting trounced upon by Skeletor.  We need to bind together; so that we can stand tall and our brothers can be brothers with pride and money, from us, by us, for us.

Brotha Xum wrote: 

 

It is not just a few.

 

  I know I was just being "nice."

 

Over the years I have talked to a number of Black IT professionals and every one of them has told me that they have had Black business men either rip them off or try to.  One tried to steal some equipment from me and I had to go there with a friend of mine to get it back.  One Black pro even told me he didn't try to do business with Black business men anymore.

 

I don't blame him.  And I totally understand....but!  For me, [well I should talk cuz I really don't get along with anyone except my fella but] I think about the journey of our people....and the many who died and the ones yet to be born...and I can't help but feel some form of responsibility to continue our plight.....despite those who seep with self-hate.   

 

Personally I think this is a problem with Black men competing with each other.

 

I agree.  I see it much too often.

 

Black IT people tend to not be men who competed at sports that tough.  So it seems like some Black men want to get back at us.  It is weird to me but that is what happens.

 

 Yep.  I agree.  And I don't know why or understand the purpose of making it hard to collaborate like other cultures do.  It's like self-sabbotaging our future. 

 

 I say educators are in big trouble if parents and children learn how to use them.  The school system is obsolete.

 

I say you're absoutely correct my brotha.   If the school system as we know it doesn't catch up with what is going currently with this computer "age".....well you already know the story....but! 

 

 

Xum

 
 

WOW!!  What an interesting conversation!!

 

You know .... about a month or so ago ... when I was chatting with MBM about allowing new members to join the site ... I told him that I (somehow) envisioned doing something BIG with the Board one day!!    Of course, I had no idea at the time WHAT  that "big" thing might be.   Still don't!!  But I told him that maybe one day we'd be able to get together and harness all the incredible talent and intellect we've always had through our core members.

 

Seems to me everybody here seems to know or do something special and individual that can be connected in complimentary ways!!!  Plus, perhaps, with the addition of a few new 'others' that we might be able to attract (through some select-but-well-placed invitations to join the group ... and I KNOW I keep saying that ... but it's important to avoid the riff-raff, if ya know what I mean!!   ) ... but that if we put our minds to it ... I figured we could probably "launch" some sort of project or something meaningful if we REALLY tried!!!

 

He told me he'd be happy to let us use AA.org as a "springboard" for something like that!!!  And to let him know what he could do to help!! 

 

Sooooo ... if we were  looking to do/make/create/launch/build/voice/advocate something together as a group ... we at least already have an established name and Web presence from which to do it! 

Originally Posted by nuggyt:

So hang on a minute, are we oppressed or a powerhouse?? 

It is African American yoga.  Lie on the floor.  Put you foot on your neck and yell racism, racism.

 

How often have any Black Americans told you about  really informative book and you checked it out and it was great?  I spent four months trying to get a Black librarian to stock a book on electronics.  She looked at me like I was crazy.  And that was before these White folks started talking this STEM junk.

 

https://itunes.apple.com/us/bo...ty/id529423841?mt=11

 

Transistors today work the same way they did in the 60s.  We can just put lots more of them on a single chip than 50 years ago.  So a good electronics book for introducing a kid getting started does not really need to change much.  Ohm's Law will always be Ohm's Law.  So why don't Black Americans have a reading list for kids.

 

We are more stingy with knowledge than the Honkys.

 

Xum

Originally Posted by sunnubian:

IDEA:

For example:


Koco
, can you write a k-12 curriculum?

 

Xum, could you design a computer program that would incorporate the k-12 curriculum that Koco writes, that could be programmed into an inexpensive tablet, reader, or net-book?

A curiculum that extensive would be really BIG.  Each year would be larger than the previous year.  The tablet should use a microSD.  K-4 could be on one  5-7 on another.  8 and 9 on one.   And then 10, 11 and 12 on one each.  But are you talking about mp3 and video files?

 

How often do you think I get responses even when I mention a book?

 

Xum

 

http://pro.stansberryresearch....02PSIEOA1Y/PPSIP386/

 

13 years ago:

 

http://www.toxicdrums.com/econ...s-by-dal-timgar.html

 

He talks about the Laws of Economics but not the Laws of Physics.

 

In the 20th century consumers bought technology that was never possible before.  Physics makes technology wear out.  But we didn't make stuff that didn't last before 1900.  The sewing machines made in the 1800s could last 100 years.  They don't make cars like that.  But our economists have ignored the depreciation of all of this junk but if we make and buy more junk they called it economic growth.

 

Xum

Originally Posted by Norland:

We need something like Amazon.com for Africans. Put all the stuff we like in one place, so we'll know where to buy. There aren't a lot of African businesses where I am.  I'm like a fly in buttermilk here; in a Yankee State.  Couple of cities where there are many Africans; I'm 50 miles from the nearest one and don't travel much.  Where are the websites, and I'll purchase.  I think all 43 million of us should open an African in America bank account, to which we all contribute so that the "race" can become affluent and stop getting trounced upon by Skeletor.  We need to bind together; so that we can stand tall and our brothers can be brothers with pride and money, from us, by us, for us.

 

You know, Norland .... for about the past six months, I've really been toying with the idea of starting a Black business directory (both online and possibly a restart of the "Black pages" print directory!)

 

It's an ENORMOUS project .... the level and magnitude of which I just don't have enough time for right now!!     But ... I'm trying to get to where I DO have it.  'Cause projects like the one talked about in this article are just ripe for that kind of thing!!

Bullshit.  If WE as a people are oppressed then WE as a people can not be a powerhouse. You can make up stories in your head all you want, but it is NOT possible.  You belittle what truly oppressed people in this world and down through history when you spout such foolishness.  An oppressed "people" have NOTHING. 


  PS Where did that $1 Trillion dollar come from?  

So I got you, you don't know what you are talking about.  You don't have to go such extremes and I know what oppressed means........but since you did, apply that definition to the average black citizen in america.....I mean truthfully not in your bizzarro world.  You can't apply that word OPPRESSED to the entire black population in american and then turn around and say "we" have a trillion dollars to spend.  Not only that, we need to do x,y, & z and make even more money.  An oppressed people don't have such opportunities. The fact that you can sit there on the internet and express your outlandish opinion proves you are not oppressed.  

*sigh* ..... Black people are most certainly oppressed, nuggyt.  Always have been.  

 

I didn't MAKE THAT DEFINITION UP.  And you can't MOLD IT simply to suit your argument.  It is what it is.  And NOTHING about it has ANYTHING to do with "having" (or not "having") a damn thing in order to experience oppression .... or to oppress others.

 

There's no EXTREME involved here ... and you obviously DO NOT understand the meaning of the word.  To put it in small words ... "oppressed" simply means to hold someone down.  To restrict them in some way.

 

Whether or not that "oppression" is successful ... and how much or little that amount of "success" is .. has NOTHING to do with the fundamental definition of what it is.  White people have been oppressing Black people since we got off the boat.  They STILL do their best to oppress us TODAY.

 

In some ways, they are STILL successful.  In other ways, we've managed to get ours!  But that doesn't STOP a damn thing as far as the effort to OPPRESS goes!!!  And it doesn't STOP a damn thing that we've been able to achieve $1 trillion in spending power.

 

THE OPPRESSION GOES ON REGARDLESS.

 

Just because I'm sitting here at my computer typing ..... DOESN'T MEAN that I am NOT prohibited by OPPRESSION from achieving certain things or going to certain places or being able to do a variety of other things.  I can own 100 computers ... and still get in the car, drive down the street and be stopped, arrested and convicted of "driving while Black" if a certain WHITE cop decides that that's my fate for the day!!  

 

When THAT type of thing stops happening to BLACK PEOPLE ... simply because they're Black .... THEN we can talk about there being NO racial oppression in America.

 

But until then .... what you're saying is ridiculous ... and ONLY makes sense to YOU ... because that's what YOU want it to do!!!   There is a .... (and here come some BIG words ... so be forewarned!! ) .... historically systemic operation of oppression and discrimination BY WHITE PEOPLE against BLACK PEOPLE ... in every facet of life in this country .... that started and has continuously been happening from DAY ONE!!!

 

And if you don't know that by now .... well ..... 

 

That's your denial to deal with.  Not mine.

Last edited by EbonyRose
Originally Posted by nuggyt:


  PS Where did that $1 Trillion dollar come from?  

 

You wanna know where it DIDN'T come from, nuggyt?? 

 

It DIDN'T come from the .. what is it now ... 60+% of Black people that are living BELOW the poverty line!! 

 

It DIDN'T come from those million+ Black men ... many of them totally innocent of their charges ... that have been taken out of being productive members of society because of fake trumped up ass charges by dirty, corrupt police officers that MAKE IT THEIR MISSION to OPPRESS BLACK PEOPLE in certain neighborhoods in EVERY state in this country!!

 

It DIDN'T come from the generations of Black families that have been broken up by the intentional  flooding of DRUGS that the GOVERNMENT pored into Black neighborhoods throughout the 70's, 80s & 90's. (And if you're gonna say something stupid like "that's not true" .... then you're being a waste of my time even trying to make rational sense to you!!)

 

That $1 trillion ISN'T coming from the MILLIONS and MILLIONS of Black people SYSTEMICALLY and SYSTEMATICALLY being DENIED good/better jobs, good/better promotions, home loans, housing in good neighborhoods, funding for businesses, college admissions, a decent K-12 education in public schools ... every freakin' day all over this country .... by a White power "establishment" that doesn't want to see Black people better themselves!!

 

(Oh!!  But wait!!!  Don't tell me!!!  That couldn't possibly be happening here in America, could it???  "Cause THEN .... that would be OPPRESSION, wouldn't it??    White people intentionally doing things and making laws to keep millions of Black people down for no other reason but they're racist and don't like Black people???  Oh no!!  You would never consider accusing White people of that, now would you??  So HOW IN THE HELL could Black people be negatively impacted by not being allowed to better their situation???)

 

SOME Black people have LOTS of money.  Others make enough to pay for a comfortable living:  a roof over their heads and food in their mouths; support for 2.5 kids.  Others still DON'T make enough for the basic necessities ... but ARE earning and spending what little money they get.

 

Our $1 trillion potential consumer spending economy means that of those within the Black community that DO have a job and ARE spending money .... we have the economy of some small countries!!  But the U.S. is the biggest economyin the WORLD.  That's WHITE PEOPLE control the biggest economy in the WORLD!! 

 

Black people ARE oppressed in America!!  We have a $20-$1 wealth gap from White people.  ON PURPOSE. BY DESIGN.

 

But with the money that DOES flow through (and out of) African America - if we were to harness that and direct it inward into our OWN communities, developing our  OWN economic system that benefits our OWN economic and social development, make intelligent spending decisions instead of spending our money on STUPID STUFF .... then WE have the power to control the 16th largest economy IN THE WORLD.

 

So are we "oppressed"??  YES.  Are we an "economic powerhouse"?? (consumer spending-wise) YES.  At the SAME time??  YES.

 

And if you can't see that .... you need to go on and crawl back under whatever rock you crawled out of before you decided to come here and try to say something ignorant about Black people. 

Not only do "White" people control the biggest economy in the world, they control the whole damn world.  Let some people somewhere royally fluck up and they're going to END the world.  I believe they're working on that right now. They think that Life is meant for them to live in luxury at the demise of everyone else.  Everyone darker than a paper bag is their _itch!!

Originally Posted by EbonyRose:
 
 
Originally Posted by nuggyt:

Your 60%+ of black people in poverty is utter bullshit. If you're gonna lie, do it further down in your rant.  You wasted all those words because I stopped right there. 

 

I had truly hoped you weren't gonna say something (else) stupid.

 

My bad.

Stupid??? Back up your stats dumbass. 

As long as we have to go to the DOMINANT culture for our very existence, we're OPPRESSED.  We are not AMERICANS.  We were BORN in AMERICA.  We're AFRICANS with some very flucked-up bloodlines.  That's what we are.  These Europeans DO NOT accept us as AMERICANS.  That's why our intelligent, handsome, articulate president is experiencing all these problems with these fluckers.  He surely has as much on the ball as all the rest of the presidents of this country, if not MORESO.  I've seen damn near all 43 of the previous ones along with their wives, and in my opinion there's absolutely no comparison.  We're not ruled by Africans, we're rules by Europe's crazy azz rejects.  They were really an insane gang when they came here, slaughtering and shooting people like there was no tomorrow.  Do we not know where we are and what we've been up against for these 5 to 6 centuries?  Damn!!

Originally Posted by sunnubian:
  We also need those with knowledge of how to get all of the free money that the Federal Government doles out, to make this information privy to African American entrepreneurs, and those that want to establish non-profit organizations that are beneficial to the community, as well as those interested in the education and well-being of our children. 

After 5 years of trying to get my transcription business off the ground (mostly due to a LOT of procrastination and not being SERIOUS enough about it to take the time and do what I needed to do!!) .... there are a few things I can say about the prospect of starting your own business!! 

 

First and foremost ... no, it's NOT easy!!  But ... it's certainly not the extremely difficult or impossible task that most people THINK it will be (which is probably the #1 reason why most don't even try!) either!!

 

Three things you need to know most if you decide to go into your own business are:

 

1.  Choose something you love or are good at!  It gives you 90% of the incentive you need to make it happen!!

 

2.  You NEED to write a business plan!  This is probably the MOST INVOLVED (and hardest) part of the whole process.  You HAVE to put your ideas down on paper.  But ... whereas most people think they don't know enough about the business to write a good plan ... or they don't know how/where to start writing it ... the thing is ... you don't HAVE to know ALL those things when you start!   In fact, that is the whole purpose of the "plan" itself!!  Is so that you can (and will) do the research, ask the right people, find a mentor, get the answers ..... to ALL your questions by the time you are finished.

 

To begin the process of STARTING a business ... all you have to do is find a business plan model (either by Google or on the (new and improved!) SBA website!) ... fill in the parts you DO know the answer to ... delete those sections that don't apply to your business (because most models are generic/one-size-fits-all and depending on the size and scope of your enterprise ... you may only need 3-4 sections, like I did!!).  And then, once you start writing, a LOT of your questions and the answers will just start to come to you!

 

I worked on my business plan for 3 years before I got serious about it.  Then I was able to complete it (enough to submit to a banker .. 'cause it's STILL a work-in-progress to me!) in about 3 months.

 

3.  Be serious and thorough about how much money you will need to get started.  Then ... figure out the best way to obtain those funds. This is the part that scares people the most, but .. again, depending on the size and scope of the business ... you may ALREADY have the money you need to get started!! (Savings, friends, family, line of credit).  If not ... you may not need to ask for that much from a lender ... and you'd be surprised how many are willing to work with you if you have a good, well-written business plan in hand!

 

If you're going for something BIG, though (like a store or a factory or an import/export business or contracting with the government) ... first, you'd be surprised how many OTHER people are thinking the same thing!  So, your idea is NOT something lenders haven't heard before or aren't willing to fund!

 

But secondly ... and MOST IMPORTANTLY .. if you are looking for BIG money ... you WILL need to have good/decent credit!  And if you don't have it now ... don't despair ... 'cause you CAN get it, reasonably easy, if you start now and do the right (financial) things!  (Like cutting up 7 of your 10 credit cards! )

 

Also, one of the MOST SURPRISING things I found out about obtaining business loans is that even MORE important than having great credit ... is having a source of income, period!!  When I started out, I wasn't working - 'cause I wanted to devote ALL my time to starting my business!  But .. I was DENIED three times ... ONLY because I didn't have a job!!    My credit is mediocre at best.  But ... I was told that even if I had applied while I was on unemployment .. they would have better considered (and probably approved) approving my loan request!! 

 

I thought that was STUPID .. and told more than one banker that!!  But .. that's the way it was.  And once I showed an income ... I was good to go!

 

The government is NOT giving out free money for starting businesses!  In fact, one the biggest MYTHS is that the government gives/loans out money for businesses AT ALL!!    The government merely guarantees loans for startup businesses that other lending institutions approve!!  However ... banks are NOT the only, nor best, sources of business loan funding!!  There are a lot of non-profit organizations, community banks and credit unions that are MUCH MORE likely to fund you than one of those big commercial banks!!

 

And speaking of NON-PROFITS!! Non-profits are probably the HARDEST businesses/enterprises to start!!  You have to be VERY thorough about your intended plans!!  A LOT of research is necessary.  And writing a GRANT proposal is much, MUCH HARDER than writing a business plan!!   In fact, most people pay somebody else to do it for them!!  And that ain't cheap, either!!

 

However ... most often ... those "grants" ARE free money given away by the government!!    And the requested amounts are generally in the tens- or hundreds- of thousands of dollars!!  But ... for most people ... what's NOT a for-profit financial award ... is generally received as a moral, just or heartwarming reward for helping take care of people who really need it!!

 

The government is also giving away a lot of "free" money for returning to SCHOOL and re-training or career change!  All you have to do for that is go to a school/community college/college and discuss it with a counselor.  Depending on what you want to take, a government pell grant may pay for ALL of the tuition for that course!

 

For ANYONE even THINKING about the idea of starting their own business ... I would STRONGLY, very, very STRONGLY recommend AND encourage you go to the SBA (Small Business Association) website and click around to get pretty much all the information you need to get started!! President Obama COMPLETELY revamped the site and made it VERY easy, informative and interactive to answer questions .. connect with a mentor (a business coach who will walk you through the entire process!) ... watch videos .. take quizzes .. and help you decide on what's the best business for you!!  It's really an amazing place to surf through these days!!

 

And lastly ... I would say ... DON'T BE AFRAID of the idea of starting your OWN business!!    It's not NEARLY as scary ... and much more doable ... than most people think!   If you have an idea, skill or talent ... you can more than likely turn it into a self-employment or non-profit prospect!

 

Just know that it DOES take time!!  It won't happen overnight ... if you do it right!!  but ... 6 months or a year from now ... you can be VERY happy being your OWN boss!!    And that's the truth!! So .... GO FOR IT!!

Last edited by EbonyRose

  My sista!!  You are one SMART cookie.  You are correct in everything you have said.  Going into business for yourself is HARD work and you do have to have a passion.  And nonprofits are the hardest to fund and you really have to KNOW what you are doing cuz you will get a lot of "no"s from grantmakers.  I guess I am burned out.  I've had a few businesses along the way.  I used to have a record company back in the day.  Hold up!  It was just me and a couple of people.  I wasn't Motown.  I did it for the kids cuz I didn't want anyone ripping them off with so-called record deals but I got tooooooo busy with teaching that I realized I couldn't do both so I let it slide.    And after my son's death, I create another business having to do with gravesites.  I used to pay kids to go to the cemetry to put flowers on graves and clean them so they can see for themselves the senseless murders of teens their age.  And one of my so-called friends tried to steal the business [it was getting popular] and it folded cuz I wasn't gonna fight her.  I just let her have it and in less than a few months, she was outta business.  Cuz "I" was the driving force of the company but she stabbed me in the back and thought she could do it on her own and found out she couldn't-I've had a lot of folks over the years who tried to steal ideas from me....especially women. 

 

I mean I've had my toes in a lotta things other than working with children through the years.  But as I said earlier I am BURNT out.  I am retiring sooon and I cannot wait!  But you are definitely on the money with all the information you are conveying.  And in order to open a business, form a nonprofit....you have to be dedicated all the way through....and you also have to ride the high waves with the low waves.....and most importantly you have to have passion.  Without it...it would be just a waste of time.....and money.  But! 

Well, I have ALWAYS had a love for typing!  And fresh out of high school ... all there was was a typewriter!!  On my "final exam" I tested at 75 words-per-minute!  I always had a "secretary" job when I wanted it ... bossesloved how fast I could get out the work!!

 

And I always did typing "on the side" no matter what office I was working at!!  Most of them were law offices ... and lawyer ALWAYS needed a lot of typing.  But, it wasn't until about 10 years ago that I thought about doing it for MYSELF ... and not having to work for lawyers (as an employee)... but making them have to PAY me anyway!! 

 

I've been 'on my own," mostly doing "referral" work ... where I've split a percentage of the total job with the office that "referred" the job to me.  But, now, I'm cutting out the 'middle man' and finding my OWN clients .. and working for myself!!

 

Unlike MOST businesses ... I'm doing something where I DON'T have to work HARD!!    And that was one of my criteria when I decided to do this!!  A few clients pay me very well ... and I don't have to take "whatever comes through the door."  I can't pick-and-choose who I work for and how much work I take!

 

However .... choosing the RIGHT business is VITALLY important!!  If, like me, you don't want to work hard ... or be working all the time ... then you shouldn't choose something like opening a store ... or something where you need to attract a LOT of business to be successful or make a lot of money!

 

This transcription business is NOT where I plan to make my "millions."    But ... with it, I CAN make enough money to start my next venture .... which will be real estate investing! (Another job where I won't have to work "hard" to make money!!).

 

But .... for those that don't mind ... the options are endless!!  I have a cousin who got a government grant and started a daycare center where she takes "vouchers" from the state given to women on public assistance who get them so that they can go to work.  Her brother obtained a loan to buy mobile homes .... which he put on a 10-acre plot of land he bought (dirt cheap ... and in the middle of nowhere!!!)  a few miles from Prairie View A&M ... and he rents them out to students (who usually split the rent between 3-4 of them living together, the way college students do!).  He paid off his loan within !3 years!  And now, everything he makes is "gravy"!  He uses the extra money now to run a goat farm!! 

 

I'm trying to convince one of my BFFs to quit her job and start a business sewing ... which is a hobby/love of hers!  And she also likes to cook!  However ... she's trying to decide if she really feels like doing what it will take to try to SELL the stuff she makes!  She sews mostly African prints ... and does a lot of baby clothes or blankets or doll clothing - specialty stuff!!  It would mean going to festivals and/or boutiques and really working hard to find customers ... and it's not something with automatic "repeat customers" that will buy every day or ever week or even every month!!  So, it would mean attracting different people all the time!

 

And she's right not to get into it ... if she's really not prepared to :go all out" the way she would have to be really successful!

 

Although self-employed Black entrepreneurs were the fastest growing sector of new businesses BEFORE the financial crash ... it's true that most of those "businesses" do not have "employees"!!!  And these days ... it's easier to get a loan if you're entering a business that will HIRE other people!!

 

I know TWO men who recently started landscaping/gardening businesses ... and they, themselves, don't get out there cutting grass ... they have hired other Black men who actually do the job!  However ... as owners, they DO have to be salesmen and try to drum up new business!!   They had to learn how to handle payroll .... and things like insurance and buy a lot of equipment!  But BOTH of their businesses have GROWN since they first started!  And they're helping other people have JOBS to supporttheir families.  And both say that it's all been worth it ... and they're GLAD they took the plunge!

 

Starting a business may SEEM like you're looking over a CLIFF ... but, with the right planning and help ... it can be more like "walking on Cloud Nine"!!!

  Each and every time I realize that you and I have sooooooo much in common.  I think it's our generation which makes us a jack of most trades. Kids today  don't  have that.  Unfortunately, all most of 'em want to be is some kind of celebrity-all in 24 hours!  No prep time.  No experience.  No planning.  Just want it YESTERDAY.  Our generation, however, was motivated to do and know as much as possible cuz you NEVER know what you may need as back-up. Don't eveything in one basket.   And I truly call this mindset "critical thinking" which this newer generation lacks.   And..this is why many  baby boomers are sooooo successful with their retirement and other ventures after the empty nest and why they have managed to set the stage for those after us to really think about their future after employment ..however, the way things are going with celebrities broke after the highlight of their careers...I can only imagine what they could have been thinking after allllll the users/managers/assistants/attorneys left the room when they RAN out of money.  It's a sad sight. 

 

I have NEVER been impressed with bling.  Or fancy cars and luxious big homes-nawl.  Cuz I know it takes big money to keep that up.  I will say there are a few black celebrities who have invested in other things to keep their money rolling...but!  It still appears that they are very SELFISH with it and wanna hoard it all to themselves.  And they can cuz it's their money.....but!  All money is not good money and one day they will realize that you have to give give give to receive receive what I call quality living.  Cuz really...it feels GOOD to help others as you help yourself.   And when you can do that....you NEVER have to worry about losing or keeping a job.   But!  

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