Small businesses are facing tough times with things like inflation, supply chain problems, and worries about a recession. These issues are hitting minority-led and Black-owned small businesses the hardest, making them raise prices and cut down on their workforce just to keep going.
Despite these challenges, many Black-owned businesses are finding ways to be innovative and resilient. Here are some tips from three Black entrepreneurs on how they’re succeeding, which can help other business owners too, without needing to spend a fortune.
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Prioritize Your Work/Life Balance and Be Present
Managing time as a single parent and business owner can be overwhelming—there never seem to be enough hours in the day! Feeling this way can really stifle creativity. Instead of striving for a traditional "work/life balance," focusing on "work, life, be present" can help. This approach allows you to slow down and appreciate each moment. Using free online tools can also support your business, like setting up an online shop for easy purchases through social media. Automated messaging can efficiently handle customer inquiries, leaving more time for creativity. – Nicole Alesi, owner of Nicole Marie Paperie -
Streamline Your Marketing Spend
With rising supply chain and shipping costs cutting into profits, using social media ads can help manage marketing expenses while still reaching new customers. Meta ad campaigns, for example, can be highly cost-effective in reaching a large audience. For instance, using these ads increased my website traffic significantly, boosting my reach from 200 to 150,000 in one year. – Monique Glover, owner of LaMonique Cosmetics -
Connect and Listen to Your Community
Consistency, persistence, and transparency can help your business grow. Organizing listening sessions and learning about your community can uncover what resources are missing, allowing you to create programs and partnerships to address those needs. This can also guide you in understanding your audience better through testing languages and marketing elements. Relying on fundraising and social media advertising can further build strong community connections. As a result, my business expanded significantly, growing from a single workshop to an organization with several programs, a board of directors, and a volunteer base. – Tyde-Courtney Edward, owner of Ballet After Dark
These entrepreneurs show that even in tough economic times, small businesses can thrive through innovation and community engagement.
