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Welcome to Black Affluence

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Black Affluence
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Welcome

I’m Xavier Snow and I’ll tell you what Black Affluence is about and how it came to be.

The gap between college and real life:

After graduating from college I started working a lot, in all kinds of places and I realized I wasn’t getting anywhere.
Unfortunately, our education system has been failing systematically to prepare students to be financially free, or even financially literate. This issue is more evident in black and brown communities, where the average household income is forecasted to reach a staggering 0$ by 2050.
I was barely earning to make ends meet, and if I kept on that track I was never going to be able to stop worrying about money.
It is common to see ourselves hopelessly subject to accept whatever is at our hands, just to get by and feed our family.
I learned that if I wanted to be successful I had to take control of my life and my financial future by investing in myself. Shortly after, I began to immerse myself in the world of online education and digital marketing.

A new beginning: Black Affluence is born:

In 2017, I moved to DC with my dad and started a new life.
I created Black Affluence with a friend and co-worker. We felt the same dissatisfaction towards the nine-to-five lifestyle we were having while working together. Although we had no business plan, the idea was simple: to create a platform for young black people to learn financial
literacy. We started a group chat with our friends discussing stocks, real estate, personal finance, and more. We would go on to host a series of free monthly events known as Hustlepreneur 101 in the Metropolitan- DC area. In the beginning, it was only a few close friends, but as word got out, it became clear that we were not the only ones who felt that something was missing in our education programs. In 3 months our community grew to over 1,000 people, and in January 2018 we founded Black
Affluence.

What we do:

We provide the community with access to professionals in various fields in the form of panel discussions, game shows, and honest conversations. The idea is to help others learn about investments in the stock market and take the first steps towards financial freedom.
Black Affluence is not about a side hustle to make some extra income. It is about gaining knowledge and skills to succeed and dominate byworking together and creating our own systems! I have also developed a marketing agency, The Digital Marxman, in which I help community-based small businesses and nonprofits grow their online presence on social media.
At present, I am in the process of recruiting instructors for my platform known as Black Affluence Academy that will provide underserved students of all ages in the Black community with access to an abundance of financial and entrepreneurial-based training.

How far will we go?:

My ultimate goal in life is to help 10,000 people in my community reach financial independence so that they begin to build generational wealth for themselves and their families.
Do you think this sounds too ambitious? I don’t.
Through our educational courses, community outreach, and strategic
partnerships, I truly believe this goal is achievable.
I believe in our system, our strength, and our commitment to make it a reality, and we won’t stop until we get it, because we know it is possible.
Would you join our community?

5 ways to boost your financial literacy by using separate credit cards for your business

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Black Affluence
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Financial growth only comes with being literate on or about it. What this means is that one must understand the underworking of the entrepreneurial world. This underworking comes into play when calculating credit card procedures are followed. Entrepreneurs should disconnect personal accounts from business accounts. Monitor the inflow and outflow of cash. This is done when your business account has its separate credit card from your credit card. Except you are running your business as a chore. Then, go ahead. Make your account your business account. However, for business owners, especially black business owners who are looking for black business networks are ready to aim high in their businesses, operating separate accounts is just not an option but a necessity.

Five ways to boost financial literacy:

1. Separate a personal account from a business account: This may be challenging for start-ups and entrepreneurs but do it anyway. The confusion that comes with having your business finances go into your account leaves your business redundant. Separate accounts for better financial results. A business account serves as its watchdog. What a watchdog does is secure a particular territory from external intrusion. If money made from your business is kept in your account, trust that personal need might override your business needs, and money will go out unaccounted for. A company account helps curtail misusing of cash. With a business account separate from your account, there is the ease of monitoring your expenses, taxes, and business taxes from a comfortable spot. However, this is not the case with a personal and business account conjoined.

2. Ask and keep financial advisers close by: Having this advice helps you understand the need to budget and the need to save. These credit advisers can help look at the best way to handling debts—research black financial advisers using black business news. Financial advisers consolidate your business as a black business owner. Financial advisors will advise you, as a black entrepreneur, to invest more in black-owned business stocks.

3. Make use of networking: Make network a viable tool. See it as a pedestal to more worthy endeavors. Financial literacy is simply knowledge. Utilize the lessons learned from your circle. It is with this in mind that the black business association plays a vital role for you as a black entrepreneur—research for black-based businesses using black business news.

4. Make use of financial management tools: Services that check your savings, credit cards, and mortgages are an essential need for black business owners. With the advent of technology, getting these financial management tools are accessible. These tools help manage your figures. Watch your Annual Percentage Rate (APR). A low APR and more significant are the chances of increased credit score. What this credit score does is help fasten payments of bills and other essentials.

5. Understand the four broadway of making money: These four broad ways are through employment, self-employment, business, and investment. It takes the first to become the second and the third to become the fourth. What this means is that every step is built through steady progression. Again, pay bills and on time. Using a business account, make sure to pay necessary bills always and on time. Delay in payment does not help and reduces your chances of being tagged financially unreliable. Late payment becomes a bad record, and bad history is not suitable for entrepreneurs. However, if there are legitimate reasons for not paying bills, tell on time to your credit card facilitators or providers. Lending companies dislike entrepreneurs that do not follow up on credit owed. They desist from these kinds of businesspersons. Might there be a chance to get lenders, lend to you? Then, try not to owe over 30% in total. The lower your credit ratio, the better it is for you. Go on a spending fast. Cut down excess expenditure and focus more on building capital. Put down habits that bring you down and affect your business in the process.

Conclusion

Using these five ways, black business owners like yourself can scale effortlessly in the entrepreneurial worlds

How to effectively plan out your budget for entrepreneurship

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Black Affluence
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Budget planning offers black-owned businesses the best results. What budget planning does is allow for the strict financial commitment. This commitment sees entrepreneurs deliver result-oriented services. It is in the best interest of an entrepreneur to budget. In addition, draw out a budget because it is in the interest of customers. Budgeting comes with open secrets. All of which will be highlighted soon—the question of why, how, and when to budget for essential questions that come with financial literacy.

How to budget:

1. Have a network of plans: Connect all of these plans to achieving a particular goal or objective, and growing your business comes with observation. Not one attentive black business owner goes bankrupt out of observing. You cannot plan if you have not first observed. The environment around business tells a whole lot to prospective businesspersons. Follow suit, build on your observatory technique, and plan from there.

2. Allocate money correctly and on time: Be clear on what area money should go. Follow through with the process and area that money goes into and make sure it achieves its purpose. If as an entrepreneur, you have to execute some projects yourself. It is best you, of course, do it. Build networks—particularly black businesspersons’ networks. These networks help you stay accountable for the course you are pursuing. Telling yourself what money is for and where money must go on time saves future stress. Black business secrets lie in how interconnected they are with growth and progress. Not one black business starts to fail. For a fact, not one entrepreneur starts their business with want to fall. Be sure to join the train of accountable businesspersons by allocating money correctly and on time.

3. Draw a calendar of expenses, profits, and deficits: This form is termed bookkeeping. It is essential to record all of the businesses’ difficulties. Having this clear or clean chart of your business is like and can help foster growth and more excellent service delivery. Again, this chart help in spending. When you are sure of where your money has been at and can be, of course, it allows for better planning onward.

4. Know your savings: The awareness of what is in your storage box allows for proper budgeting. Over-budgeting makes an objective feel unattainable. Ideas must rotate around feasible income and not those projected on or hoped to have soon.

5. Outsourcing: It takes greater responsibility to outsource. It is not a parasite as an entrepreneur if you outsource occasionally. There is greater power in the community. Taking charge of your financial literacy knows that you cannot do it all. As a black entrepreneur, acquaint yourself with black business news.

6. Know when to draw the line: Most entrepreneurs do not know when to stop. They put in a large chunk of their resource and profit-less of what they put in. Understand your business structure and know when to scale a tad bit higher than usual. There are levels to everything. It does not make you or your business as a black businessperson retrogressive if there is a bit of a halt. Plan, but do not overestimate. Make associates. See to it that these associates are worth your while. As a black businessperson, these sorts of networks are necessary. Do not over-push but trust the process. Financial literacy knows that growth comes gradually and not all at once.

7. Take a breather: Do you wish to take charge of your business as an entrepreneur? Take a breather. That is all it takes. Fresher ideas come to a relaxed mind than they would to a boggled one. Know that a minute or day off your business guarantees not your business’s failure.

8. Relook your budget: Know what to keep and what to strikeout. Control the variations, determine the results, and do not quick-change the potency of your budget.

Conclusion

Clean budgeting keeps ideas coming in. a rusty budget list hampers accurate results. Know the difference, monitor the variations, and ensure your budget is neat and precise at all times.

Why financial literacy is important to understand entrepreneurship

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Black Affluence
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Entrepreneurship as a term is an individual’s ability to provide a solution to a given problem. The individual’s ability to see to it that keys are available makes them an entrepreneur. What makes the art of entrepreneurship a rare form of human knowledge is an entrepreneur’s capability to manage risks in providing solutions. Loads of definitions surround what financial security is, but none hits the point.

As an entrepreneur, having the ability to curtail costs and aggrandize profit helps. Especially for black business owners, it is even more difficult. This is so because in a white-dominated environment getting customers to believe in your services you render becomes a tedious duty.

Every black business owner must know these:

1. Planning: Business financiers and owners around the globe stick to strict money planning calendars. Having a life with a benchmark on temporal satisfaction is reasonable but not necessary. Planning is sacrificing. And this means a ton of things. Say, as an entrepreneur, you are a risk manager, and yet you have no accurate plan to curtail or curb risks. This means a bad image for you and fewer customers, of course. Business fails. Delayed or no profits at all, and that isn’t nice for the company. So, it is impossible not to plan. An entrepreneur, especially one who is black, must make sure to plan and stick to it.

2. Be the one that sees your goal and translates it to your team: People usually love to be pushed and triggered into action. Cultivate this act as an entrepreneur, to be the one that moves and fuels your team. Everyone is underserving, same as you, but everyone can deserve applause at the end of a task. Make sure to see your goal until the end.

3. Follow how much or how less expenses are spent: Try not to leave your treasury spent. Financial bankruptcy leaves one’s mind and, of course, the company of people they lead spent and exhausted. Make sure to watch what goes in and out of the treasury box.

4. Follow up on your savings: Financially literate entrepreneurs delve into this one effective way. Having money kept aside for unforeseen events helps. Harm or risks are predictable, but no one knows when. Find time to have money held for this purpose. Needs in the future may arise.

5. Handling and owning multiple streams of income: Before delving into entrepreneurship, it is best to have at least two to three income generators. Financial literates know this trick. Investments are a deal-breaker. Have them, secure them, and monitor them. Invest in tangible stocks. As a black business owner, investing in black-owned business stocks or housing or real estate, or in agriculture is a sure score.

6. Earn above what you spend and live within your means: Literacy knows the dos and don’ts of a particular subject. And, when it comes to financing, one must be careful not to run out on loss-streaks because he or she spends too much. Over-spenders outdo themselves wrongly. They end up broken and starved. Financial literacy never leaves you starved. It ensures that you, as a black business owner, are fuelled and growing money-wise.

7. Get loans and invest: All loans go into what multiples finance. The black business’s secret is to procure loans and build on them. These signs of progress are in the diversity of funds. Wise businesspersons know the dynamics in financial growth and are concerned about grants, loans, and investments because it builds businesses.

8. Know what risks are involved: Since everything in life stands on the thin line of uncertainty and frustration, it is best not to over expect and over plan. Contingencies are reasonable but not at all are they the savior plan. Lessons are learned from loss and frustrations. Businesspersons know that financial literacy is the ability to learn a thing or more from failures and frustrations.

Conclusion

New endeavors come with their experiences. For entrepreneurship, the case is not that different and follows the same life pattern. This pattern is, one, be consistent in whatever service you offer and, second, be responsible with money.

Hustlepreneur 101: Money Talks Game Show

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Black Affluence
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Join us for our 7th Hustlepreneur 101: Money Talks, in NE, Washington DC, featuring inspirational guest speakers, knowledge-sharing workshops, and great networking opportunities, Saturday, May 25, 2019, from 6:00 pm till 9:30 pm at Nannie Helen Burroughs School.

What to Expect?

· Great speakers – learn from others who have done it and share knowledge with like-minded business people

· Learn the basics of investments, as well as some intermediate techniques

· Grow your personal financial literacy

· Meet educated professionals in the field of finance

· Learn to identify and investment opportunities available to you

FAQs:

What is the format of the day?

6:00- 7:00 Doors Open/ Vending is taking place

7:00- 7:20 Networking/ Icebreaker

7:20 – 7: 30 Introduction of Panelists

7:30 7:45 Panel Discussion on Investing

7:45 – 8:15 Q & A with Audience

8:15 – 8:35 Intermission / Vending

8:35- 8:50 Presentation on Credit

8:50 9:10 Gameshow / Raffle Giveaway

9:15- 9:35 Vending and Networking

What are my parking/transportation options to get to the event?

There is private parking available at the back and the front of Nannie Helen Burrough School. However, the event space is towards the back entrance in the second building.

Do I need to bring a printed ticket to get into the event?

No. However, you may be asked for the email you used to book the ticket or some form of identification. We recommend that you have an electronic copy of your ticket.

What do I do if I can no longer attend the event?

If you cannot attend the event for any reason, please cancel your ticket as soon as possible so that the place can be allocated to someone on the waiting list. We cannot refund tickets.

Where can I find more information about the event?

You can contact the event organizer at blackaffluence2k18@gmail.com or visit our IG at @black_affluence

3 Keys to Building Wealth in the Black Community

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Black Affluence
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Black History Month is an ideal time for the Black community to discuss the State of the Black Union. Although we celebrate Black history 365 days a year, we also need to strategize and plan to continue our ancestor work collectively. Strategically, the Black community is blocked from building wealth, but with initiatives like Buy The Block, we have a blueprint for bridging the gap between Black communities and wealth.

In the first episode of the Black Affluence Podcast, Nassir Criss shares a wealth of knowledge from his expertise in business development, marketing, strategic operations, and venture capital to address the economic disenfranchisement of the Black community. Throughout Nassir’s career, he has co-founded three businesses throughout, dabbled in real estate, and helped scale several start-up businesses. He believes that financial literacy is the ultimate key to building wealth in the Black community. Connect with Nassir on LinkedIn and Instagram @nassircriss.

Nassir Criss’s Keys to Building Wealth in the Black Community

 Understand that Wealth is the Ability to Generate Money While You Sleep:

“You don’t get wealthy by renting out your time.” Money is how we transfer time and wealth. Money is a vehicle. Wealth is the ability to have your time. Time gives you the flexibility to do what you want. To generate wealth, you have to own equity and business to gain your financial freedom. Continue to invest to generate wealth.

Pay it Forward: Be Your Brother and Sister’s Keeper:

“Go back and give people exposure to see people who are doing things differently.” If you are financially literate and generating wealth, teach others. You don’t have to be a world-class athlete or artist to build wealth. There are a lot of ways to get wealthy in this world.

Develop an Appetite for Learning:

“Where there is a will, there is a way.” The internet is a great tool. Seek opportunities to learn new things. Learn how to invest and plan for retirement. We cannot use our disadvantages as an excuse not to try. If the schools do not teach financial literacy, we are responsible for educating our youth.

Secrets to Building a Successful Investment Portfolio

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Black Affluence
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With the world’s encounter with the corona-virus pandemic, it is now pertinent for black business owners to create a result-driven investment portfolio. By creating many streams of investment, you open yourself to reaping lots of benefits. A series of investment schemes increases the chance of black businesses developing faster. Besides, it provides financial security and reduces the risk of being stranded financially. However, there are some rules to follow to increase success in building an investment portfolio. For instance, not having enough knowledge about an investment plan can make you lose a large amount of money or land you in big trouble. We will discuss top secrets that can help black business owners build a successful investment portfolio in this article.

 

Building a Successful Investing Portfolio

 

Create a clear goal:

having a clear objective can not be over-emphasized when it comes to financial matters. You need full knowledge of what you are getting from an investment before you venture into it. Else, it will be a rollercoaster situation – You will be back right where you started from in no time. Having a goal in investment is like having a compass. It guides you till you get to your destination. Ask questions from fellow black business owners in the US or join the black business network. Whatever you do, do not just jump right into any investment scheme. Therefore, to make the most out of your investment portfolio, have a clearly-defined objective(s).

Decide your strategy:

How do you plan to start? Where do you start? In what should you invest? These are pertinent questions at the early stage of building a successful investment portfolio. Ask questions from fellow black business owners in the US or conduct research using black business news in the US. Pen down your findings and start working.

Determine your risk level:

One lesson you should get acquainted with on the investment is the relationship between risk and reward. Generally, a higher-risk investment like a hedge fund, real estate, and cryptocurrency has a high return than low-risk investments like money. So, how much are you willing to risk? Are you ready to stay around in the investment pool? If so, dive straight into it. Remember, high-return = high-risk asset, while low-return equals low-risk asset. If you are still not sure, you can join the black business association in the US. These associations are great resources for African-American looking to invest in black-owned business stocks.

Decide on asset allocation:

Asset allocation has to do with distributing your funds to different investment schemes like equities, fixed-income, and black-owned business stocks in the US. It also extends to spreading your money across locations and using different investment strategies, as usually suggested in black business news in the US. The goal of an investment portfolio is to have a diversified stream of income. Asset allocation reduces liability and volatility. Besides, it creates lots of opportunities for black business owners in the US.

Redistribute your asset allocation:

The best stage for any black business owner or investor is when returns start overflowing. Now is not the time to celebrate. Instead, redistribute the extra proceeds from the high investment to cover up for the under-weighted investment. This way, you diversify your return.

Monitor your portfolio:

This is not the time to sit back and relax. After redistributing your asset evenly, you need to watch your investment like a hawk. You have to watch it regularly. Keeping track of your investment shows you if there is a need for improvement or restrategizing. Moreover, asset allocation may change or reduce all of a sudden. You can get acquainted with the black business news in the US to know black business secrets to monitor your portfolio.

Conclusion

The secret to owning a successful investment portfolio is diversification. It does not only give you means of multiple incomes but also provides you many investment opportunities. One way to get ahead is to join some black business network or black business association. Black business owners in this group share black business secrets. These secrets give you a heads up on which black-owned business stocks or assets you can invest in or not.

 

8 Ways to Secure Your Financial Future

By
Black Affluence
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As a Black person or Black business owner, you have a lot to prove more than anyone. According to the U S Department of Commerce Minority Business Development Agency, black-owned business owners are more likely to have their loans rejected than their white counterparts. Even if they get the loan, it is usually low amounts compared to the white. Forbes attributed this treatment to a lack of assets and low credit history. In this situation, it is pertinent to find effective ways to secure your future. That way, you have access to many opportunities within the black business network and other networks. Besides, securing your future will help you avoid and plan for some future risks. Just a single hospital bill can affect your financial situation and leave you stranded. Thus, securing your financial future is as important as securing your life.

 

Steps to Secure Your Financial Future

 

Set a goal:

Understand why you want to empower your financial future. Is it to fund an expensive lifestyle or to sustain your future? Or to secure a good life for yourself and your family? This step will help you set short term goals that will eventually lead to long term goals.

Review your expenses:

The first step to securing your future is to analyze how you spend your money. List out the amount you spend on groceries, clothing, electricity, and other bills. Then, categorize them under the most expensive, the more expensive, and the expensive. With this step, you can track your income and cut back on some unnecessary expenses.

Create a Savings Plan:

At this stage, you have to create an emergency savings plan. An emergency fund is a kind of money set aside to cover up for situations that you do not plan, for instance, a sudden illness or job loss like we witnessed in 2020. No matter the size of your income, not saving enough can reduce your income tremendously. The latest Brankrate Financial Security Index, as of 2018, stated that the majority of Americans have no emergency saving plan. Nevertheless, you can get more information by checking black business news in the US on a successful saving plan.

Create many streams of income:

You can have many means of making money by investing. It also means creating an investment portfolio. Your portfolio can comprise Black-owned business stocks in the US, real estate, cash, and bonds. If one means does not work out, another comes in handy. This step is beneficial for Black business owners. Investing in Black-owned business stocks will open up many hidden opportunities.

Live within your means:

It is a waste of time making plans to stabilize your financial future and spending above your means. Living within your means is equivalent to cutting your coat according to your cloth. Securing a financial future means you have to spend only when necessary.

Only take a loan for investment:

Living the best of your life on several loans will never help you have a reliable financial future. Instead, take a loan to start a business or invest. This step might mean getting involved in black-owned business stocks in the US or investing in yourself. This way, the profits outrun the loan cost.

Get a financial education:

Financial means something like saving enough and differentiating between want and needs. It also means managing a budget well. Being financially literate makes you self-sufficient and helps you plan for future surprises. It also empowers you to manage and grow your money well.

Take calculated risks:

Nothing is certain in life. Taking a calculated risk in your financial journey includes moving to a new city, going back to school, starting a Black-owned business, or taking a new job. If, unfortunately, your decision does not work out well, you can bet you are taking some valuable lessons from it. These lessons will later help you in making smart decisions in the future.

Conclusion

Securing your financial future is not a day job as it demands careful, well-planned actions. An excellent place to start is to read black business news in the US. They provide valuable tips on black-owned businesses and black business secrets in the US.

 

Creating a Successful Savings Plan

By
Black Affluence
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0

If there is any lesson 2020 taught us, it is the lesson that having a saving scheme saves a life. A successful savings plan will give you a sense of financial confidence and freedom. More than anything, you need a financial backup as a black business owner. According to the National Bureau of Economic Research, 44% of black-owned businesses were affected by Covid-19 than 17% of their white counterparts. A saving plan might have helped out some black business owners, especially in the US. Like the tiny but sensible ants, black business owners need to prepare for the rainy days. The rainy days include paying for urgent medical fees or sustaining your business.

 

How to Create a Successful Savings Plan

 

Set up a goal:

One of the reasons many people save less is they do not see the need to save money. Before you can have a saving plan, you need to have a goal that you want to achieve. It can be a short term goal or long term. If you are saving for education or business, consider putting a certain percentage of your income. Knowing you are working towards an objective strengthens your motivation to save more. You can find black business secrets in black business news in the US to set up a goal.

Review your Spendings:

While it may seem like a punishment, one of the ways to save quickly is to slim down your spending. It is harsh, but you need to deny yourself those dresses and footwear if you want a head-way in savings. Remember that it is for a while, and you have a goal that you are driving. Know this and make it your principle in your savings journey.

Set up an automatic saving:

Nowadays, online banks and traditional banks now have an automatic savings plan for customers. First, read black business news in the US for the right banks. Then, decide the specific amount you want the bank to deduct for your saving weekly or monthly. Once you do this, your bank does its job as soon as income comes in. This process relaxes your mind to focus on other things instead of thinking twice if you should save or not.

Let it Grow:

Keeping your money in a particular place will not just make it increase. Inflation may come, and you will have to spend more on the goal you have set. Instead, look for banks and financial institutions with a good ROI on your money. Black business news usually gives some black business secrets in the US.

Review Your Savings:

It is crucial to keep track of your saving. Keeping track of your saving lets you know if you are still committed to your goals. Questions like ‘Am I being consistent with my savings?’ help you see potential problems and avoid them quickly.

Conclusion

There is no disadvantage to creating a successful savings plan. It not only helps you achieve goals faster but also gives you unrivaled financial confidence. It may also help you avoid nerve-racking debts and make some big purchases. In all, it is an investment in your life and future..

 

Virtual Entrepreneurship for Black Men

By
Black Affluence
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0

Time for a Change

The pandemic has greatly affected minority groups, especially the Black community. The Centers for Disease Control and Prevention showcase how racial inequities such as access to health care and finance make racial minority groups more prone to catching COVID-19. Furthermore, many Black people tend to occupy essential work jobs that expose them further to the virus, such as when working in public transportation and grocery stores. These occupations also may not allow employees to work from home or have paid sick days.

However, it is time for a change. Many businesses have been hit hard due to the pandemic, but some companies are changing their entire business model, strategy, and branding. These modifications have led to an increase in revenue, clients, and success. It is vital to adapt to changing times and come up with creative ideas to draw in customers and stay relevant.

The New Digital Space

There are many opportunities to seize in the digital space as a virtual entrepreneur. Working from home can give Black men more freedom to lead their business in their own way. Additional benefits include:

  • Making the most of your time: Virtual entrepreneurs no longer have to waste time commuting for hours every day and getting delayed due to traffic or accidents that regularly occur. There are fewer distractions to deal with, and you can make sound decisions in shorter meetings and give employees more freedom to empower themselves. You can also create your own schedule and customize your office space to be at your best work mindset.
  • Gaining business through social media outlets: Gone are the days of handing out flyers and posting news on bulletin boards. Now you can reach millions of prospective clients through social media posts and ads. You can do so on LinkedIn, Google, Facebook, Twitter, and Instagram. Updates and business information can spread like wildfire and communicating with customers can take just a few minutes. You can announce new events and products via e-newsletters and website updates as well.
  • Relocating finances: You can save thousands of dollars on office rent and equipment and use that money to invest in your online business. Without having to pay for such overhead, you can splurge on rebranding, servicing clients, and developing innovative creations. When you have a reliable product and a loyal following, you can continue to grow and organically reach new clients.

Make a Seamless Transition

To successfully run your online business, make sure you have the following:

  • Project management tools: To communicate with employees, you can use platforms such as Slack and Zoom. Slack is used by many companies to send group and private messages, keep track of meeting notes, and refer to answers based on previously asked questions. Zoom allows for large and small group conference calls, which comes equipped with recording, chat, and breakout session features. You can also personally see your team and come together to share ideas via the share screen and polling options.
  • Data Storage: It is essential to have a live database to keep all of your important files, documents, and paperwork stored and secured. Examples include implementing cloud sharing, Google Drive, or using Dropbox. Cloud storage lets you send files to a data server, which forwards such information to other servers. Google Drive can share larger files, such as photos and videos of marketing campaigns and advertising logos. Dropbox stores files, audits sharing activities and transfers data amongst users.
  • Open Communication: In this day and age, it is vital to have your customers regularly see what you as a company are doing. Post several times each week on social media, blog posts, and emails. Share pictures of what products you’re offering, but also share news events on how you’re helping the community at large and what opportunities you’re exploring. Highlight leaders you’re meeting with and exciting new projects you’re embarking on. Be transparent and let your customers be involved with your day to day operations.

FINAL THOUGHTS

Being able to run your own business and do so remotely has never been more accessible. Black men can run their dream business online and reach a vast number of people across the globe. It’s time to take advantage of this new digital space and become a virtual entrepreneur!

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