Here are a few practical insights on how to open an African American goods business.
(article continues below)
How to Write a Top Quality African American Goods Company Business Plan
A business plan is the skeletal framework for your African American goods business's mission, goals and strategic vision.
In contemporary business culture, business plans are also litmus tests used by external interests to assess real world viability and marketability.
Early in the process, it's worth your time to learn how to write the market analysis section of a business plan. While a robust market analysis can be a selling point for an African American goods business startup, weak market research is a sure giveaway for a business that hasn't invested adequate effort in planning.
Check Out the Competition
Prior to launching an African American goods business within your community, it's worthwhile to see how strong the competition is. We've provided the link below to help you find competitors near you. After following the link, enter your city, state and zip code to get a list of African American goods businesses in your area.
Is the local market large enough to support another African American goods business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
Once you've finished assessing the competion, it's a smart move to learn from folks who are already in business. If you think owners of nearby African American goods businesses will give you advice, think again. It'd be crazy for them to teach you the business.
Thankfully, an owner of a an African American goods business in a different city can be a great learning resource for you, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
How do you locate an African American goods business owner in a different locale who can assist you?
Simple. Let your fingers do the walking by using the link below.
Entry Options for African American Goods Businesses
As a prospective African American goods business owner, your entry options are limited to buying a viable business or building one from scratch.
Startup African American goods businesses can be attractive because they allow the entrepreneur to have more control and greater influence. Yet startups are also more difficult to finance because their nature is inherently risky.
Armed with several years of actual financials and a current asset appraisal, it is much easier to convince lenders to take a chance on an African American goods business acquisition. On the whole, buying a business minimizes uncertainty as well as many of the objections lenders use to disqualify startup entrepreneurs from financing.
Don't Forget About Franchising As an Option
Your chances for surviving in business are higher if you become a franchisee and leverage their successful brand and track record.
Before opening an African American goods business, it's worthwhile to assess whether buying a franchise could help you on your entrepreneurial journey.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own an African American goods business, these resources will come in handy:
If you sell to African American goods businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.