Black women are the fastest-growing demographic of entrepreneurs in the U.S., making waves across industries from wine to technology.
While their success stories are inspiring, many Black women face unique challenges in the business world, with only 3 percent of Black women-owned businesses surviving beyond five years.
To help navigate these hurdles, several successful Black women entrepreneurs have shared their insights and strategies for building a sustainable business.
In celebration of Financial Literacy Month, here are eight essential tips from these trailblazers:
1. Develop a Comprehensive Business Plan
Netta Jenkins, founder of Aerodei, higlightss the importance of a clear business plan.
“Without a clear strategy and goals, you will struggle to make informed decisions or measure your progress,” Jenkins told 21Ninety.
A solid plan helps outline revenue goals and guides decision-making.
2. Build a Supportive Network
Entrepreneurship can feel isolating, but Ariel Belgrave Harris, founder of Gym Hooky, stresses the need for a supportive network.
“Surround yourself with mentors, advisors, and other entrepreneurs who share your values,” Harris said.
These connections provide valuable feedback and encouragement during tough times.
3. Do Your Market Research
Understanding your market is key to building a successful business, according to Crystle Johnson, founder of Design Your Soft Life.
Entrepreneurs often want to solve problems they’ve encountered, but market research ensures that their solutions align with the needs of their target audience.
4. Keep Your Day Job
Joy A. Cooper, co-founder of Culture Care, advises keeping your day job while growing your business.
“It takes time to build and scale to the point where you can support yourself,” Cooper noted.
Freelancing can be an efficient way to manage time and finances during the early stages of entrepreneurship.
5. Prioritize Your Own Wellness
Lindsay Banks, founder of Healthy Motives 365, highlights the importance of wellness.
“Set aside time for yourself to prevent burnout,” Banks said.
Taking care of your mental and physical health will help sustain creativity and productivity in your business.
6. Prioritize and Delegate Tasks
Doing everything yourself can quickly lead to burnout.
Harris advises entrepreneurs to delegate tasks and focus on high-impact activities that align with their business goals.
“Invest in help when you can,” she said, encouraging founders to bring in experts to handle specific tasks.
7. Don’t Give Away Equity Too Easily
Jenkins advises founders to thoroughly understand their market and competitors before seeking capital.
This knowledge will help navigate the fundraising process and avoid giving away too much equity early on.
8. Embrace Learned Lessons
Belgrave Harris encourages entrepreneurs to view challenges as opportunities for growth.
“When the downs happen, remind yourself of your ‘why,’ stay encouraged, and keep moving forward,” Jenkins added.
Entrepreneurship may have its ups and downs, but persistence and learning from setbacks are key to long-term success.
By following these tips, Black women entrepreneurs can build successful, resilient businesses that thrive despite the challenges they may face.
These leaders exemplify how preparation, support, and strategic decision-making can lead to long-term success.
