Category: Funding

The Value of the Pre-Launch

What you need before launching your rewards campaign:

As you raise crowdfunding capital, it’s your job to answer your audience’s questions and build their confidence, persuading them to support and share your campaign. It’s up to you to identify some of the specific needs and questions that your customers will have, but there are several universal components of any successful campaign. The good news is that nobody knows your business better than you do, so these are pieces you can start gathering today as you plan your upcoming campaign.

Compelling Pitch – You already know your business inside and out, so now you just have to wrap it in a meaningful package for your potential backers. Your pitch should be a lean, well-rehearsed narrative about:

  1. Where you came from
  2. What you do
  3. What you need

Your goal is to change the world with your product or service. While the goal is to tell a story that resonates with your specific audience, every successful pitch does 3 things:

  • State the problem – The first and most important part of a great pitch is to identify a painful problem.  The more severe the problem or need that you address is, the more valuable your business’s solution will be.
  • Introduce the solution – Once your audience understands the problem on an intellectual and emotional level, you can present your product or service as its best solution. Remember, be clear and concise—focus on your solution’s big picture, not every last feature.
  • Define the market size – Once your audience understands the problem and how you’re uniquely equipped to solve it, you need to put the opportunity in perspective. The bigger the market, the greater the potential value of your company is, and the more enticing the opportunity becomes for backers and investors.

Elevator Pitch – Adapt your pitch into a ready and rehearsed elevator pitch, a condensed version that can be delivered in the span of 30 seconds to a minute.  In the same way that you never know who you’ll run into and have a chance to pitch to in the real world, you can’t predict how distracted a potential backer might be when they happen upon your page, and you definitely shouldn’t assume you have their full attention. For these situations, it’s best to have a short, 3-4-sentence elevator pitch at the top of your page and keep it focused on the problem, solution, and market size.

Email Pitch – Email marketing is just one of the approaches you should be thinking about for promoting your campaign. Similar to your elevator pitch, craft a brief version of your pitch that the recipient can skim in under 2 minutes.

Social Media –  is crucial to the success of crowdfunding campaigns for individuals, brands, and nonprofits. Focus on creating shareable content and cultivating a community on social media so you can reach new audiences and build an email list.

Campaign Video – Campaigns that include an overview video have been shown to perform better, and the reason why is understandable: the average user would rather watch a short, well-produced video than take the time to read the same content. Invest the time (and production cost) to produce a professional video that features your company’s founder or core team, explains the unmet need that sparked your idea, details your product and how it’s different than anything else out there, shows where your business is at right now, and hints at its long-term potential. This is the sort of content you can build into your campaign that’s not only more likely to get seen, but also get shared online.  

Product Overview – Write a detailed description of your product or service, how it works, and why people would want to see it brought to market. Since you’re likely to be offering a pre-order of this product as a crowdfunding reward, you should be “selling” the product as much as you’re explaining it.

Rewards – At the heart of any rewards-based raise are, of course, the rewards. Although a small number of backers will support your business solely out of personal affinity or the desire to see you succeed, the vast majority will decide to pledge based on what they get out it. What you offer your backers is entirely up to you, so it’s worth thinking long and hard about what would incentivize your customers. Rewards generally fall into 3 main categories:

  • Pre-orders – By far the most popular type of reward, this approach simply involves selling pre-orders of the product you’re raising money to produce. This is a great mid-level reward and is an exciting way for backers to experience the impact of their contribution.
  • Services – If pre-orders aren’t available or don’t fit your business model, you can offer special services in exchange for support. We’ve seen everything from Founders preparing a home-cooked meal for backers, to developers offering to write code for fans and supporters.
  • Recognition/Swag – A perfect entry-level reward for donations under $20, this category offers backers some sort of personal recognition for their support.  This can include a company t-shirt commemorating the campaign or the backer’s name on the company website.

Whatever rewards you choose, it’s best to have at least 7 rewards tiers—a small price point that offers some sort of simple recognition, a mid-sized price point that offers a pre-order, and a large price point that offers special recognition for generous backers.

The Ask – You’re here to raise money, so it all comes down to the ask. Always remember this rule: be crystal-clear about exactly how much money you’re raising, and know exactly how you plan to spend it. Detail is the key here—the more information you can provide, the better. In as much detail as possible, be able to explain how you plan on spending the crowdfunding capital you raise, and explain specifically what milestones it’ll help you reach.

This is a great chance to build backer confidence by showing that you’ve spent the time to chart your business’s course forward. Some common categories we see in rewards campaigns are product development, sales and marketing, recruitment of key personnel, legal and accounting, and operating expenses. You can use these broad categories as a starting point, but be sure to expand upon them where you can. For example, explain which product features this funding will help you develop, or which key team members you’ll be able to hire, and what they’ll do for your business.

Influencer Marketing on Twitter

Introduction

Influencer/Blogging marketing involves a collaboration between crowdfunding campaigns and a select number of experts in a relevant field who have a large following on social media specifically Twitter for this post. Influencer marketing distinguishes individuals who have a significant influence on a potential group customer. When the right influencers endorse your product or brand, it can create a huge impact!

The way audiences interact with content continues to shift, making influencer/blogger marketing an even more effective and efficient model to exciting and engaging your crowd. Millennials purchase based on endorsements, reviews and ultimately trust. They view authenticity as one of the most, if not the most, essential elements of purchasing. For example, 33% of millennials read blogs and expert reviews before buying a product, so it makes sense for crowdfunding campaigns to highlight these expert opinions.

A quick review of your Twitter feed will show that people don’t always flock to companies for information about their products and services. Instead, they’re seeking influencers – popular, personable, and independent content creators who aren’t afraid to share opinions on social media. More than 90% of consumers trust earned press – characterized as word-of-mouth and recommendations from trustworthy sources – more than all other types of advertising

As founders building crowd investing campaigns how do we harness the power of earned media through Twitter influencers/bloggers to build our engaged and excited group of investors. These are the steps we use to tap the influencer/blogger marketing on Twitter

DEVELOP INFLUENCER MARKETING GOALS

  1. Expand brand awareness- Influencers have the power to rapidly increase your brand awareness because they have an established and engaged audience.
  2. Generate leads – A simple way to implement influencers into your marketing plans is to partner with them to share your brand’s blogs, features, products.
  3. Check influencer contribution – It is essential to quantify the overall reach and impression of your content. Use these numbers to calculate the ROI of your campaign by different parameters such as followers gained.

IDENTIFY INFLUENCERS

Identify relevant influencers/bloggers who are affiliated with your industry. Find your target audience and the influencers’ followers should be mutually inclusive. You can use Twitter Advanced Search to search Twitter and keep an eye on specific hashtags, mentions, and conversations about your brand.

BUILD RELATIONSHIPS WITH INFLUENCERS

After identifying several leading influencers/bloggers, reach out! Rather than sending a cold email with your interest, go the extra mile by engaging and showcasing the fact that you have mutual interests.

  • Start following them on Twitter and start a casual conversation
  • Retweet their content to introduce them to your audience
  • Discuss something they have tweeted recently
  • Share their blog posts on Twitter
  • Connect on other social media platforms
  • Offer to write a guest post on their blog
  • Send products to them as free samples to review

Take time to source valuable influencers/bloggers and cultivate a professional relationship. When trust is established, and you’re confident that there is a mutual fit, you’re in a high position to launch an influencer/blogger marketing campaign.

DEVISE A MARKETING STRATEGY

From creating brand awareness to boosting sales, influencer/blogger marketing on Twitter has the potential to drive amazing results to your crowdfunding campaign.

  • Keep these things in mind before creating an influencer marketing campaign:
  • Prepare a list of leading influencers/bloggers you are in touch with
  • Define your target audience and goals for the campaign
  • Create a call-to-action and several achievable deliverables
  • Come up with a hashtag for the campaign and keywords
  • Research what your competitors are doing and what they have done previously

Going through this process will help clearly define what you want to get out of an upcoming campaign and ensure that you can meet those goals.

START RUNNING YOUR INFLUENCER/BLOGGER CAMPAIGNS ON TWITTER

After developing a clear strategy concerning the influencers you are going to work with, start implementing your campaign. Have the content of your campaign ready and prepare the tools your influencer/bloggers need to succeed before the campaign launch.

TAKEAWAY

Measuring the outcome of the Twitter Influencer/blogger marketing campaign using keywords and anchor hashtag from the campaign to track its overall reach and performance. Use a Twitter monitoring/social listening tool to do the individual analysis:

  • check the retweet count
  • calculate impressions/reach
  • gauge other relevant data-oriented results.

Not only will it help you judge the overall efficiency of your present campaign, but it will also let you identify leading influencers for your next campaign. This will be vital to maintaining an effective and efficient process for developing and implementing a Twitter Influencer/Blogger marketing campaign.

Place-Based Impact Investing and Crowdinvesting

Introduction

For far too many years we, as a distinct demographic, have been looking to government and philanthropy to help relieve the vast concentrated poverty and benign neglect that has been signature of inner-city communities of color for the last 60 years. Today crowdinvesting has ushered in a new day that will allow our communities to pool our extensive purchasing power to begin the investment process and lead our communities into decades of economic and political prosperity.

Place-Based Impact Investing

Place-based impact investing has a focus on specific local or regional communities and is seeing renewed interest with the growing community capital, local investing, and crowdinvesting movements. Place-based initiatives for poverty alleviation and economic development are not new, but decades of philanthropic and public policy initiatives have rarely yielded the scope and scale of impact required to reverse decades of neglect and economic policies that crippled inner-cities. An impact investment goes a step further, it must offer to reduce homelessness, or break a pattern of criminal behavior, for example.

Multi-Stakeholder Approach

A major component of place-based investing is that it involves diverse, coordinated sources of capital that require multi-stakeholder engagement and collaboration. Using a multi-stakeholder approach and the layering of capital from diverse entities reduces the risk and inserting Regulation Crowdfunding campaigns into the mix opens the investment to the community that will be impacted to participate and build wealth along side of the impact investors.

Community Development

This will also provide an opportunity for the development of human by allowing to community member to be developers, contractors, and the bulk of the workforce. This empowers the community in multiple ways that teaches a person to fish! Crowdinvesting supported by impact investing and community capital provides an infrastructure for a worthwhile approach for job growth, innovation and business development.

Takeaway

There is also the wealth building and market principles that will allow corporations, banks, and foundations to invest as partners that have an incentive to see these communities become successful and not to view them as charity cases that will never become sustainable. The impact investment in entrepreneurship and real estate development creates a new dynamic between stakeholders and communities of color in inner-cities. Community capital, localism, and crowdinvesting  working together to improve the quality and functioning of local economies will improve cities all across the nation.

Invest in the First Black Woman-Owned Cafe & Farmers Market Franchise That Will Be Owned by the Community

Nationwide — Roots & Vine Produce and Café, spearheaded by Ena Jones, a single mother of 3, born and raised in Chicago, has set its Grand Opening for this fall 2018 on Chicago’s South Side in the Morgan Park Community. The plan is to create a Wi-Fi friendly café with a healthy menu, coffee, smoothies, and juices as well as tempting pastries.

Their in-house farmers market, supplied with fresh produce and bulk dry goods, are grown from black farmers nationwide. The company aspires to be a low cost and cashless grocery chain at the convenience store level to help eliminate food deserts across the country.

With nearly a quarter of the American population living in a food desert, access to fresh and healthy produce is crucial in the battle to reduce diabetes, heart disease, hypertension and other food-related illnesses in our families. Stop by to join in healthy discussions with their #GreenTableTalks, food demos and workshops; as they create jobs and unique franchise opportunities for people of the community.

#GreeTableTalk

Roots & Vine is a solution looking for investors. There is an opportunity to join their mission and invest at BuyTheBlock.com, with as little as $100. You can look at their offering and truly encourage the community, family and friends to live a healthy life. The momentum of Roots & Vine Produce and Café as they sprout up to bring water to food deserts across the country will quickly make the new startup a household name.

This startup is dedicated to addressing the problem of urban food deserts and revitalizing blighted communities. Connecting farmers directly with consumers and employing community residents, Roots & Vine aims to strengthen communities in several ways:

#1 – Offering fresh produce and bulk dry goods at the convenience store level.
#2 – Providing Farmers an economic opportunity to market their products in every store.
#3 – Providing local employment opportunities in serving communities.
#4 – Providing Communal Space in a daily open, free Wi-Fi café.
#5 – The café will offer food demos, workshops, and education on nutrition and meal planning that will enable those of the community to take control of their own health.

About the founder

Ena Jones is a caterer and seasoned entrepreneur with twenty years of experience and counting. She is also a self-published writer & owner of Everyday Butterfly Home Spa Collection, a self-care product line of 100% natural and organic ingredients.

Notes for Editors: Invest in their effort and bring water to the desert, visit their Buy the Block page at https://buytheblock.com/campaign/connecting-farmers-to-people-reconnecting-people-to-real-food

PRESS CONTACT:
Ena Jones
Roots & Vine Produce and Café Inc.
773-979-0199
EJones@RootsAndVineInc.com

Posted on October 6, 2018 By Staff With 0 comments

Data Driven Crowdfunding Campaigns

Introduction

If you are a creator planning to use crowdfunding, it’s important to know what to expect.  A big part of setting expectations for yourself and your team is knowing and understanding crowdfunding metrics. I encounter many people daily that are searching for funding for their business, but they don’t understand the numbers behind what it takes to run a successful crowdfunding campaign and what the realities of crowdfunding outcomes are. My goal is to use data collected from many sources to put crowdfunding into better perspective and understand what it takes to launch and manage a campaign and the realities of crowdfunding campaign outcomes by the numbers.

I was introduced to a former fortune 500 company executive that want to start their own business. They had an in-depth understanding of business and the numbers from 20 years of corporate experience. Our first meeting the budget was laid out and ready to move forward. One of the best most thought out plans I had ever encountered from a creator. The ask was almost $200 thousand and there was practically no crowd built on social media or a large email list for the project. Managing expectations was the first step in this process. So many people come to the crowdfunding world with the unrealistic expectation of what crowdfunding is and what it can do for a startup. Kickstarter has a tap on their website where the constantly post and update the data of crowdfunding.

Analyzing the Data

We took a look at the real outcomes of crowdfunding on Kickstarter as a whole and then we drilled down on the specific industry and we decided on a realistic goal based on the data point of Kickstarter.  Of the 131,535 successful Kickstarter campaigns the 73,801 fell between $1,000 and $9,999, and if you combined all other funding categories the total was 5,7734 the total was 16,067 less successful campaigns. There is a sweet spot for Kickstarter campaigns based on the data.

Crowdfunding Math

A basic way to calculate a marketing budget. Say that a campaign has a fundraising goal of $300,000 and the average perk of $50. This means that 6000 perks need to be sold at $50 to hit the goal. An average marketing campaign, regardless of whether its social media, PR, email marketing, re-targeting, etc., has a typical click through rate to a campaign of 3%. Of the 3%, 1/2 to 1% actually convert and make a donation you need to reach 20,000,000 target customers in order to drive 3% (600,000 visitors) to a campaign URL with a conversion rate of 1% (6000 donors) to purchase a product $50 to hit a $300,000 goal.

Takeaway

Crowdfunding is a data analysis game that requires research into the numbers and understanding the process of successful campaigns and avoiding the mistakes of the failed campaigns. Make sure that your decisions are based on the best data available and do your research before you launch your campaign. 

Black Female Serial Entrepreneur Tackles Commercial Real Estate

Introduction

Linda P. Smith is a serial entrepreneur that founded my first company at 28, with the help of family and friends. In 2010, she established BBE to pay it forward by providing education and funding for businesses. With Buy the Block, she has created the first Black-owned real estate crowdinvesting platform enabling the Black community to pool their immense $1.3 Trillion in purchasing power to come together to make real estate and business development investments.  

What is Crowdinvesting

Traditional real estate investments require a significant financial commitment. Buy the Block is reducing the barriers to entry to as low as $100 which opens direct real estate investment to the vast majority of people in the Black Community. Crowdinvesting became a reality when then President Obama signed the bipartisan JOBS Act of 2012, and May 16th, 2016 Title III of the JOBS Act became legal and opened up direct real estate investment to all Americans. This opened the floodgates to hundreds of millions of new investors.   

Buy The Block

Serial Entrepreneur Lynn P founded Buy the Block in a tool shed in Cincinnati in 2013. The company allowed her to couple her two passions, real estate investing and teaching others the art and science of real estate investment,  into a seamless online crowdinvesting experience for the Black community. Buy the Block has solved two of the major issues of the Black community. The first is access to capital for businesses and real estate development and the second is an investment platform with a low barrier to entry to facilitate the building of community equity and Black wealth at the same time. Buy The Block now serves investors and developers all over the US, and is thrilled to be a part of the global crowdinvesting and alternative finance industry.By bringing investors together with entrepreneurs, we are not just building stronger communities; we are building wealthier communities. In that wealth lies the only real independence.

The Commercial Real Estate Development Industry

Buy the Block’s latest foray into the commercial real estate industry that lacks diversity in the C-Suite. According to a report from the Commercial Real Estate Development Association, a national organization founded almost 50 years ago and that has more than 18,000 members, used Equal Employment Opportunity Commission data and found that more than three-quarters of senior commercial real estate executive positions nationwide were held by white men. Hispanic, Asian, black and other women — hold less than 1 percent of the CRE senior executive jobs nationwide, according to the report. Buy the Block building on its success in the residential real estate development has made its first incursion into this, White male dominated field of commercial real estate development, by leading investors in  purchasing a 24,500 square foot retail structure with tremendous potential for neighborhood retail, office space, and residential space in the downtown area of a major Midwestern city.  

Join The Movement

Buy The Block can manage any project from concept to end, and they aim to develop a large number of construction projects, in areas such as; residential, manufacturing, retail, multi-family, medical, religious, and pre-engineered building construction.

Takeaway

With the focus on the Black communities in America, Buy The Block is on track to raise hundreds of millions of dollars in funding for development projects in these communities. Having the capacity to take on more significant projects and contracts, they project that they will soon change the face of crowdinvesting real estate investing in the country. Join the movement by investing with your peers on the Buy The Block crowdinvesting platform that is breaking ground and barriers in the residential and commercial real estate industry. Visit BuyTheBlock.com and make your investment first investment today with your peers and Buy the Block.   

Black-Female Serial Entrepreneur Raises over $110 Thousand Through Crowd Investing To Create The first Black-owned Real Estate Crowd Investing Platform In The United States

The JOBS Act of 2012

Crowd investing is being made possible by the Jumpstart Our Business Startups Act, or JOBS Act, a law intended to encourage funding of small businesses and real estate development in the United States by easing many of the country’s securities regulations. It passed with bipartisan support and was signed into law by President Barack Obama on April 5, 2012.  

Crowd Investing for Everyone

On May 16th, 2016 Title III, the regulation crowdfunding act went into effect and the floodgates of capital aggregation have been open to the Black community for the first time in History.  Rodney Sampson, an entrepreneur, educator, and journalist calls “Title III Regulation Crowdfunding the single most important legislation for African-Americans since the Emancipation Proclamation!”

Buy The Block

Crowd investing through Buy The Block allows community members to invest in businesses, residential and commercial real estate with their community peers to build a self-sustained business/investment ecosystem for disenfranchised communities and neighborhoods to build community equity and personal wealth. Buy the Block is the first foray for the Black community into the multibillion-dollar global real estate crowd investing industry as an owner.

Why Crowd Investing

Businesses new and old, small, and large, are now incorporating crowd investing to change the paradigm of urban economic development.  The capital formation playbooks have changed under the weight of the rising tide of “crowd capitalism”. The interest in how to effectively implement crowd investing to is reaching new and dizzying heights every day and Buy the Block is at the forefront of this innovation.

Funding “Black Girl Magic” Through Nail Spas

According to Nielsen Black women have experienced steady growth in income, population, and educational attainment, according to the study. Between 2007 and 2012, Black female entrepreneurs have grown by 67 percent. In education, 64 percent of Black women graduating from high school go straight to college, while 23 percent over the age of 25 have a bachelor’s degree or higher. But On average, black female-led startups raise just $36,000 of outside funding which amounts to 1 percent of VC funding.

Buy The Block intends to transform the relationship between Black female entrepreneurs and access to capital through with their Nail Spa Initiative. Buy The Block is on a mission to fund 12 Black-owned nail spas over the next 12-24 months including the commercial real estate where the spas sit.   

Why does CrowdInvesting matter in this market?

Many inner-city Black communities are retail and food deserts, which means that they lack access to some of the most basic necessities in their communities. These communities have very low Black-owned retail businesses and own even less commercial real estate. Black homeownership is at its lowest level since the 1960’s fair housing laws were enacted, and even though Black start businesses at a high level over 75 percent of them are undercapitalized. The best thing about CrowdInvesting with Buy The Block is that it focuses on solving issues on the inner-city market and allow people to become investors for just $100.  

If you want to find out more about CrowdInvesting or you want to support the 12 Nails Spas initiative, just visit Buy The Block to find all the details and information needed to bring our community project to reality!

JOIN THE MOVEMENT!

Did you join the movement? 

www.buytheblock.com 

Posted on December 13, 2017 By Staff With 0 comments

BBNOMICS BLACK CROWDFUNDING SITE RAISED $40K SO FAR

FOR IMMEDIATE RELEASE

CONTACT:

BBNOMICS
913-4BUYBLK
www.bbnomics.com

IMPRESSIVE: BBNOMICS BLACK CROWDFUNDING SITE RAISED $40K SO FAR

BBNOMICS: CROWDFUNDING SITE – THE POWER OF THE CROWD!

#1 BLACK CROWDFUNDING SITE IN THE NATION!

Nationwide (BlackNews.com) – BBNOMICS is proud to announce its Black Business generating crowd funding site, which serves as a means of creating the capital necessary to launch entrepreneurial endeavors. BBNOMICS has a built-in Marketing Program that will serve the business pursuits of black businesses entrepreneurs and organizations around the globe. Crowd funding is the perfect mixture of social media, business sense, and word of mouth crowd wisdom. Crowd funding is a way of collecting funds for a project, product, or business initiative in which both the investor and project recipient get rewarded for their submission to the project. It is also an engine of change for a new way of economics spurred by the power of cooperative investment. This crowd funding venture has at its core a goal of empowering predominantly black neighborhoods across the globe by circulating community dollars in a way that will foster the spirit and activity of business cooperation.

The concept is simple, people simply commit to funding your project and are rewarded once the project or organization reaches  the pre-defined goal. Through BBNOMICS you can create an entire project and promote it on the site for viewers to choose, at the minimum contribution of $5.00 anyone can enjoy investing. This has some massive benefits. For the duration of time your project is posted on BBNOMICS it will benefit tremendously from marketing and advertisement, giving your product or service a solid foundation to launch from. It is the purpose and desire of BBNOMICS along with its affiliates to the see the projects of its participants get funded and we are not afraid of the hard work and personal touch necessary to see your business dreams a success.

BBNOMICS in its concept and internal organization will have the awesome potential of creating a funding source for Africans globally. Cooperative Economics entails a group of people working together for the mutual benefit of their community and future. The goal is to create a minimum of 24 business owners per year; or in other words raising capital for 24 funded and fully functioning business entities, with a target funding goal of $1.8 million annually.

The plan is generate capital for small business by using unique and creative methods.  The way this organizations will do this is from good ole’ fashion investment backers contributing directly to the website and being rewarded for doing so. The other opportunity is created from BBE Investment Club.  BBNOMICS users will have the option of signing up for BBE INVESTMENT CLUB, which is a capital creating club that give individuals and our group access to thousands of dollars as an alternative to traditional funding.

Here’s the company’s message: “Get funded on BBNOMICS! We want to meet a 97% success rate; this we believe is possible through our $5.00 minimum contribution, as well as our commitment to have our backers rewarded for their contribution. Be there when our community is looking for meaningful projects to support. We now have a platform which assists the funding of Black/African Owned businesses worldwide. Connect with your backers by joining us and allow people to find you. Encourage your friends and family to visit the site and share, rate, recommend, and get rewarded for patronizing a business or organization of your choosing. BBNOMICS also provides an open forum for black business men and women to dialogue about economic topics relevant to collective success.”

BBNOMICS has a space where users can add photos, a company or personal bio, and a 180 second promotion “pitch” video. They allow users to make the most of their project by giving them an opportunity to showcase it to savvy backers who are searching for worthy projects to support. This continuous cycling of black-owned business activity will produce economic revitalization across the African Diaspora.

BBNOMICS RAISED $40K SO FAR BBNOMICS: CROWDFUNDING SITE – THE POWER OF THE CROWD! #1 BLACK CROWDFUNDING SITE IN THE NATION.

As part of the BBNOMICS program, users have access to the following benefits:

Traction.

When conducting a crowdfunding campaign, you may also generate traction for your start-up. This will be demonstrated through large amounts of backers, pre-orders of the product or service your start-up offers, or a significant amount of media interest. Generating traction is an important step to prove success and prepare for investor pitching.

Social proof.

When potential clients show interest in your start-up’s product or service, you’ve generated social proof. This is essentially showing that other people believe in what you’re doing. Another way to generate social proof is to take on advisers prominent in their respective (related) fields.

Press coverage.

Helpful media coverage could include a feature on your company in a popular news station, blog, or print publication. Press coverage will generate more eyes on your campaign and create brand awareness for your start-up. It’s also a great way to bring in backers outside of your personal network.

Marketing.

Throughout the course of your crowdfunding campaign, you’ll have the opportunity to engage supporters and grow your audience. The result? Your campaign doubled as marketing for your start-up!

Potential investor interest.

Investors are interested in ambitious entrepreneurs whose ideas have garnered traction and social proof. Whether they read about your new product on a popular blog, or hear about your innovative campaign from a friend, a successful crowdfund is a great way to capture investor interest.

The plan of BBNOMICS is to create the mindset and practice of cooperative economics. This method will encourage us to launch businesses, garner support from our community, all the while encouraging those same businesses to be responsible to the community.

For more details, visit the web site at www.bbnomics.com or contact inquiry@bbnomics.com or [913-4BUYBLK].

Twitterwww.twitter.com/buyblkeconomics
Facebookwww.facebook.com/bbnomics
-END-

 

BBNOMICS website translates into 60 different languages. Join today and give today.

 

Posted on January 13, 2016 By Staff With 0 comments

10 steps to Crowdfunding Success

10-steps-crowdfunding-696x485

There Is More to Crowdfunding Than People Realize

Many people who are new to the concept of crowdfunding are unaware of all the preparation that goes into a successful crowdfunding campaign and usually make the same mistakes that fall under one or more of the steps explained below. They also tend to rush their idea onto a popular site without having a proper understanding of how it works and what motivates people to contribute to a rewards-based crowdfunding campaign. The goal of this article is to present a realistic view of rewards-based crowdfunding and the steps that need to be addressed in order to achieve success.

The Needle In The Haystack Syndrome

The first thing to understand is that the popular crowdfunding sites have hundreds of pages and host thousands of campaigns on any given day. It’s very easy to get lost on those sites and become a needle in a haystack, resulting in little visibility and support for your idea. Preparing a crowdfunding campaign takes time, effort and strategy, and it should not be done with limited knowledge or in haste.

The Numbers Are Not In Your Favor

The combined success rate of the two largest crowdfunding sites is slightly over 30%. This means that around 70% of the projects they host fail to fund. This is why you need to have every advantage on your side if you’re serious about using crowdfunding to launch your vision.

There are many more nuances involved in rewards-based crowdfunding but for the sake of brevity, I will not attempt to address them all right here. Also, all campaigns are unique and come with their own set of circumstances, so it’s not always one size fits all. Here are ten steps that just about all campaigns can benefit from.


1) Learn About Crowdfunding & Choose the Right Platform

There is voluminous amounts information on the web that can educate you on the subject of crowdfunding. Take some time to learn about it and all that’s involved in running a campaign to see if crowdfunding is right for you.

There’s really no way to write about crowdfunding platforms without mentioning Kickstarter and Indiegogo. They are by far the giants of the industry, but there are pros and cons to using those sites. There many other effective platforms to choose from that may be a better fit for you. Do your research and compare the different models, then you can make an informed decision when committing to the platform that will best suit your needs.

2) Define Your Idea & Goals

Define your idea and goal in clear, concise terms. Create a business plan or a well-thought-out strategy to penetrate the market you intend to enter. Having a good idea is one thing but it’s another proposition to implement a plan of action and see it through to its ultimate realization.  A thorough business plan can be the best way to achieve a clear vision with an actionable strategy that will allow you move forward with unshakable confidence. You can use portions of your business plan in your presentation too, so it serves several purposes.

3) Scrutinize Your Idea

Start to expose your idea to people you know, which can be done in many ways. Social media is an easy way to reach a lot of people but you should also present your plan in person, to trusted acquaintances and start to gauge interest for your idea. Ask them to be brutally honest with you and try to find inconsistencies with your plan. During this step you can receive valuable feedback that can help you refine your concept and address any miscalculations made, before you go live. Your business plan can be updated as you go, so stay nimble in your thinking.

You should carefully consider feedback, but be sure to stay true to your vision. Don’t let negative feedback discourage you from following your dream if you truly believe in it. It should be noted that many crowdfunding campaigns (and business ideas for that matter) that seemed unconventional and deemed not viable in their early stages, went on to overfund by large multiples, so no-one ever knows how a campaign will do until it goes live.

4) Create Pre-Campaign Awareness and Support

Often overlooked, and one of the most important steps required to be put in motion before you start your campaign is to raise awareness and gather support for your idea. This can take anywhere from 1- 6 months, depending on the size and scope of your project, your networking skills and marketing abilities. If this step is missed or taken lightly, your campaign will have a far lower chance for success.

Studies have shown that almost all successful crowdfunding campaigns were initially funded between 20-35% through the project creators pre-campaign awareness efforts within the first two weeks of launch. Again, without this early support, your chance of success can drop drastically. Keep in mind, you will need this early support no-matter how popular the crowdfunding platform you choose. The first two weeks can make or break a campaign and usually sets the tone for the remainder. That’s why this step is so important.

An effective way to gain momentum is to find groups that may have a common interest in your projects completion and try to leverage their support. It’s important to promote your campaign outside of your network to organizations or bloggers and reach out to people who are also passionate about your project.

Rewards based crowdfunding, in most cases, is an exchange of goods and services; it’s not a charity, so don’t be shy, and be creative when seeking support. Get out of your comfort zone, be proud and loud and evangelize your message.

5) Use a Proven Strategy When Designing Your Campaign

During this step you should take some time to study other campaigns, successful and unsuccessful. Learn why some campaigns were successful and why some weren’t. What was it about these campaigns that made the crowd want to support them? There are thousands of campaigns at your fingertips and so much can be learned from this process alone.

Many campaigns touch the crowd at an emotional level, while others offer cool products and rewards, but the most successful ones do both. Another reason people contribute to campaigns is to be part of the creative experience, so include your supporters wherever you can. It’s important to determine what your project offers and then structure it accordingly.

Remember, don’t make your campaign about yourself. When telling your story, make sure you focus on what your project will do for others. Most people care more about their own needs or a cause rather than what your needs are, so don’t get hung up on you.

6) Make an Awesome Presentation

Your presentation to the crowd can make a huge difference in your results. Be sure to include as much visual imagery and information to illustrate what your project is about and how you will achieve your goal. By making the best presentation possible, you will demonstrate that you are professional and serious about your vision. If you have any manufacturing abilities to create your new product, show it, if you have prior projects or experience, show that too. People will need to trust and believe that you can do what you say you will. You will also want to get the crowd excited to be a part of your project and a strong presentation is a great way to do that.

7) Setting Your Funding Goal & Campaign Time-frame

It’s important to set a realistic funding goal that fits the size and scope of your project. When setting your goal, be sure to ask for only what you will need, but don’t shortchange your project either. Be sure to show your contributors what the money will be spent on in a budget overview. Transparency is an important element of crowdfunding.

Choosing a time-frame is a matter of preference, but most of the interest in successful campaigns happen within the first 30 days. Although it’s not always advertised, many crowdfunding platforms allow time extensions, especially if your campaign is popular, so depending on the site you choose, a minimum of 30 days and maximum of 60 days is a pretty safe range. After 60 days, interest is limited and 45 days is probably ideal for most campaigns.

8) Offer Desirable, Exciting Rewards and be Sure You Deliver

Rewards or perks are an essential part of rewards-based crowdfunding. You will be required to deliver these items to your contributors. The expenses for these items should be accounted for in your budget as well. This is how you thank your contributors for having faith in you and supporting your project. It’s important that you offer creative, exciting rewards in return for contributions. In many cases, involvement in your project in one form or another can be a very popular reward or perk. Remember, you will have to follow through on your commitments to your contributors, because if you don’t, it will hurt your reputation.

Many people confuse crowdfunding with charity, and while that may be true in some instances, it’s generally not the motivation by which people contribute to creative campaigns. In most cases, the success of your campaign will have a direct correlation with the rewards that are offered in exchange for contributions, so it’s very important to make them desirable with realistic price points.

9) Your Video

Make a short video that will best represent you, your team, and your idea. Your video allows the crowd to connect with you on a more personal level. Studies have shown that campaigns without videos have a lower chance of success. Your video does not have to be of the highest production value, it just has to effectively convey your idea to the crowd. With that being said, your video will be an important representation of your project, so it should be of decent quality. Be creative and have fun when making it, and be sure to keep it under five minutes (even less is better). Keep in mind, your video may be the only piece of your presentation that many people will take the time to engage in, so make it count.

10) Time to Launch

Prepare for launch: this is your chance to share your unique vision with the world! Once you launch you must dedicate time and energy every day your campaign is live. The crowd should be viewed as your partner in your new endeavor and be involved in every step of the process. Update them as often as you can, read their comments and interact with them during this phase.

Ultimately, the crowd will decide whether you are trustworthy and if your idea is one they wish to support. So put your best foot forward, be honest, transparent, and gain the crowds trust. Create a buzz and get the crowd excited to be involved in your campaign and support your vision.

Final Note
As in life, there is no guarantee of success in crowdfunding, and not every idea is going to resonate with the crowd, even if all the steps mentioned above are followed. However, by following these steps you will afford your idea the best opportunity for success. If these steps are ignored, or done half-heartedly, you will most likely fall into the 70% of campaigns that fail to get funded.

10 steps to Crowdfunding Success

Posted on October 23, 2015 By Staff

BBE INVESTMENT GROUP

BBE INVESTMENT GROUP

“Our mission at Buy Black Economic Investment Group (BBEIG) is to provide valuable educational experiences that promote and sustain interest in investment portfolios. Through the acquisition of resources, continuous education, sharing of information, and hands-on experiences, members will develop meaningful relationships with the financial community aimed at building economic stability. Managing real dollar investments, members learn about important aspects of finance and investing with a long-term perspective, while developing strong leadership skills.

The primary aspiration of BBEIG is to increase the financial knowledge and wealth of our members, building a body of interested individuals who are committed to creating economic prosperity, social integrity, and accountability for the group and facilitate rebuilding the Black community.”
BBE Investment Group, LLC, is a strategic global asset management. Our company is built around an investment approach we describe as the backbone of black communities.  Our unique investment process is focused on outcome-based results that may be aligned with your personal investment goals. BBEIG is “the Asset Manager with Black People & Community in Mind,” clearly communicating the rationale for each trading decision with you and your financial adviser.

With a minimum investment of $35 per month, you too can invest in businesses, IPO’s, stocks & much more…, but you must join us!  BBEIG is a group of fewer than 100 people who meet for investing; we meet periodically to make investment decisions as a group through a voting process, recording of minutes, or gather information and perform investment transactions as a group.

So, if we’ve piqued your interest and you’d like to get the skinny on what it takes to join/take part in an investment club/group; you’re in the right place. There is some commitment involved to join BBEIG, but if you follow these easy steps, you will be on your way to joining the largest investment group in no time!

First, register for the next webinar. We meet the 1st Monday of every month. Or visit our website to contact us http://bbeinvestmentgroup.com/. 

Posted on September 24, 2015 By Staff

THE BASICS OF CROWDFUNDING

 

What is bbnomics 2

What it is: Crowdfunding is about persuading individuals to each give you a small donation — $1, $10, $50, $100, maybe more. Once you get thousands of donors, you have some serious cash on hand.

This has all become possible in recent years thanks to a proliferation of websites that allow nonprofits, artists, musicians — and yes, businesses — to raise money. This is the social media version of fundraising.

There are more than 600 crowdfunding platforms around the world, with fundraising reaching billions of dollars annually, according to the research firm Massolution.

How it works: The most common type of crowdfunding fundraising is using sites like Kickstarter and Indiegogo variety, where donations are sought in return for special rewards. That could mean free product or even a chance to be involved in designing the product or service.

It is also possible to use crowdfunding to assemble loans and royalty financing. The site LendingClub, for example, allows members to directly invest in and borrow from each other, with the claim that eliminating the banking middleman means “both sides can win” in the transactions. Royalty financing sites appear to be more rare, but the idea is to link business owners with investors who lend money for a guaranteed percentage of revenues for whatever the business is selling.

The holy grail is to sell company shares or ownership stakes in the company on crowdfunding sites, because it could be like a mini-IPO without the traditional hurdles. In the past, this has only been legal with accredited investors, people who each have more than $1 million in net worth or more than $200,000 in annual income.

The good news is that the Jumpstart Our Business Startups Act of 2012 allows stock to be sold to the general public over crowdfunding sites, but as of mid-2013, the SEC was still hammering out the rules.

Upside: Crowdfunding provides another strategy for startups or early stage companies ready to take it to the next level — such as rolling out a product or service. Before, a business owner was subject to the caprices of individual angel investors or bank loan officers. Now it is possible to pitch a business plan to the masses.

A successful crowdfunding round not only provides your business with needed cash, but creates a base of customers who feel as though they have a stake in the business’ success.

Downside: If you don’t have an engaging story to tell, then your crowdfunding bid could be a flop. Sites such as Kickstarter don’t collect money until a fundraising goal is reached, so that’s still a lot of wasted time that could have been spent doing other things to grow the business.

It could be even worse if you meet your goal but then realize you underestimated how much money you needed. A business risks getting sued if it promises customers products or perks in return for donations, and then fails to deliver.

There is also an argument to be made that angel investors and even bank officers provide more than just money. They provide entrepreneurs with needed advice. Business owners miss out on such mentorship when they ignore traditional investors and turn to the crowd.

Here are more factors that can better ensure a successful crowdfunding campaign:
● Have at least a small network of enthusiastic friends and family willing to help get the ball rolling by giving and urging others to give.
● If you’re giving out perks in return for money, make sure the perks are cool.
● Present a serious business plan and an explanation of why the money will take your enterprise to the next level.
● Demonstrate that you have your own skin in the game because of the personal funds you have already poured into the business.
● Include a video pitch and keep it short and concise, with a call to action.
● PBS includes different rewards for different levels of giving; so should you.
● Be prepared to essentially live online, staying active on social media sites, until the crowdfunding camp

Read more: http://www.entrepreneur.com/article/228125#ixzz2fMo6KUh7

Posted on September 10, 2015 By Staff

SOCIAL MEDIA TIPS FOR A SUCCESSFUL CROWDFUNDING

What is bbnomics 2

1.  CROWDFUNDING STARTS BEFORE THE CAMPAIGN LAUNCHES.

The day you launch your crowdfunding campaign is not the day you should start considering whether or not to use Twitter or Facebook. Or Instagram. Or Tumblr.

Bottom line: You need to at least be on Twitter and/or Facebook to have a decent shot at crowdfunding, and you need to have been using them for a while. If you’re reading this and want to crowdfund but are not on these platforms, don’t fret; start social media-ing today, and postpone your plans for crowdfunding until you’ve established a solid social media presence.

Why do you need to be on social media in order to crowdfund well? Because if a tree falls in the woods and no one is there to hear it…you get the picture. You can have the best campaign in the world, meant to support the best project in the world, but if you don’t have a way to spread the word, it won’t matter. You won’t raise the money you need. (One exception to this rule is if you have a tremendously large email list of fans or potential donors, or have built up fans on another social platform.)

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2. YOU CAN’T RELY SOLELY ON YOUR FACEBOOK FRIENDS.

Facebook is a great way to get started with social media, but you have to move past your personal Facebook page for crowdfunding success. If you only post your crowdfunding campaign to your personal Facebook page, you will place the burden of the success of your campaign on the shoulders of your friends and family. Don’t do this, unless you want to get uninvited from Thanksgiving.

Of course you will promote your project on your personal Facebook page sometimes, because your real life friends want to know what you’re up to and want to support you. But you should also have a Facebook fan page for either your project or a larger entity under which your project will fall.

Filmmakers often have a page for their production company so that they can showcase all of their individual movies there, alerting fans of their previous work to their new work. Authors often opt for fan pages for themselves so that fans of previous books can find out about new ones, and so on. Chances are that the project you want to crowdfund for is not the last thing you’re going to do. Make your social media presence a significant and lasting one.

3. THE CROWD IS NOT LOOKING FOR YOU.

No matter how amazing your film or book or custom leather bracelet or designer ice cream cone idea is, no one is sitting around flipping through projects on (insert your crowdfunding platform of choice) looking for your project. Yes, all crowdfunding platforms create a hub for your campaign, but no, it’s not their job to drive traffic to your hub. That’s your job.

 

4. PICK THE PERFECT PLATFORMS.

You don’t have to be on all of the social media platforms that exist. That would be exhausting. Instead, pick the right platforms for you according to:

  • where your audience is;
  • what you can reasonably handle in your daily life.

For example, if you are a filmmaker, you’re likely posting videos and commenting on the videos of others on YouTube and/or Vimeo. If you have a fashion-themed project, make sure you’re on Instagram. If your project is attractive to foodies, find people who love pictures of food on Pinterest. There is no cookie-cutter plan for social media; you have to find what appeals most to your specific audience.

5. SOCIAL MEDIA IS FAST; GET PITHY AND QUIPPY.

Yes, your dream project is important and deserves much discussion, but the key to effective social media is hooking people quickly. Tweets need to be short, awesome punches that people cannot resist clicking on and re-tweeting. On Facebook, you can write longer messages, but don’t go into multiple paragraphs; you’ll have plenty of copy to dive into on your campaign home page. And never underestimate the power of a good picture on Facebook.

6. FORGET ABOUT GOING VIRAL; FOCUS ON BEING VIBRANT.

Anyone who gives you advice on how to make a “viral” video or “viral” crowdfunding campaign is not trying to help you; they are taking advantage of you. There is no guaranteed way to get millions of people to see your crowdfunding pitch video, so focus on what you can control: giving your crowd consistent (and consistently engaging) messages that remind them that you’re still working hard and that they are still a part of the team.

7. GIVE IT. GIVE ANOTHER LITTLE PIECE OF YOUR HEART.

Understand what your audience wants, then give it to them. In some cases, a crowd connects with a creator on a personal level, but how do you do this without TMI (a.k.a. too much information)?

8. “HEY, BROTHER, CAN YOU SPARE A RE-TWEET?”

If you’re asking for money, you’re doing it wrong. This couldn’t be more true. No one likes the guy who says, “Come on! Give $10 to my campaign.” Instead, try these:

  • “Help me spread the word: LINK HERE”
  • “Know anyone who might like this? LINK HERE”
  • Who can help me find the next backer? LINK HERE”

These are very basic, and you should put your own shine on them, but you get the drift. You get people on your side without putting your hand in their pockets and, in the course of it, they become invested in your success. A handful of re-tweets (or spreading the word about your project at their office) is way more useful than one $10 donation.

9. EAT YOUR WHEATIES; CROWDFUNDING IS A WORKOUT.

These crowdfunding campaigns are grueling, masochistic marathons (30 to 60 days, generally), so you have to pace yourself. Hydrate. Take your vitamins. Take a walk. Take a shower. Eat a vegetable or two. Take breaks from checking for backers. Shut off your computer. Turn the reins over to a trusted collaborator for a day while you take a technology sabbath. Use tools like Twuffer,Hootsuite, or TweetDeck to schedule tweets ahead of time. (Hootsuite can do Facebook, LinkedIn and Google+, too.)

Overall, give yourself breaks from the grind so that you can return to your tasks with vigor.

10. AFTER THE CAMPAIGN: DON’T LOVE ‘EM AND LEAVE ‘EM.

Once you’ve met your crowdfunding goal (and even if you didn’t), show respect to those who tried to help your dreams come true. These people are now a part of your project, so keep them up-to-date. Invite them to share milestones with you. Let them know when you send out perks. Let them know when your project gets reviewed. Send them an update when you win your Oscar or Pulitzer.

The other side of this is also letting your backers know when things don’t go as planned. If you’re late sending your perks out, notify them. If your book is going to take longer to complete than you anticipated, be honest about it. They’re not going to be mad when you hit a snag; they’ll appreciate that you respected them enough to keep them in the loop. The crowd might, however, start to worry that they’ve been fooled if you fall off the face of the Earth.

*****

Posted on September 4, 2015 By Staff

52 WEEK MONEY CHALLENGE IN REVERSE

52-week-money-challenge

Over the next 52 weeks aim to save $1,378, just like the previous 52-Week Money Challenge. But, do 52-Week Money Challenge in reverse this year.

Here’s what we are going to do instead:

Step 1. Save a Decreasing Amount Each Week

This first week of January (week 1) set aside $52. Then next week, decrease the amount, save by a buck and set aside $51. On week 37 save $16 and on week 52  save a whopping $1. Why?

  • Immediate results. After four weeks you’ll have an extra $202 in the bank. Under the rules of the challenge you would have saved a measly $10. In fact, it’d take you until week 20 to save $200+ under the previous version, it’s alright to start the traditional way but some of us have have tried this can up the anti a bit in 2015. After 4 weeks of doing this way, you’ll have something real and valuable to show for your efforts. Which 4-week weight loss plan would intrigue you more – one that yields a 1 pound drop or a 12 pound drop? Immediate results motivate.
  • Get the heavy lifting done. If $202 seems like a lot of money to save in January, then trust, it’d be an impossible amount for us to do it in December (sorry if the truth hurts). Let’s do the hard work right now, when our motivation is highest. Then, come next December we only need to find an extra $10 in our budget. Nice.

Step 2. Get Your Money Off the Kitchen Counter

Instead of saving money in a jar, I’m going to save it in One  United – Unity Visa Card Program. Why?

  • We consume things in jars. Jars are for jelly. And pickles. And mayonnaise. Consumable products come in jars. This challenge is about saving. It’s not about consuming, so a jar is the wrong tool. If you like the visual impact of watching a savings jar fill up, then use our 52-week money challenge printable chart to track your progress.
  • Distance is good. My financial life changed, for the better, when I distanced myself from my savings. I know myself. If I had a jar of money sitting on my kitchen counter, then I’d order pizza. Or, I’d get treats from the ice cream truck or an occasional black owned coffee  shop. I want to ensure that I will have $1,378 at year’s end (nothing spent out of it). To make that happen, I’ll automate deposits into One United – Personal  Banking and Deposits Products. (The icing on the cake of these One United accounts is that it takes 3 days for money to transfer back into your main checking account, which means it’s impossible to use the funds to cover a potentially financial off -set.)

52-Week Money Challenge

I’m raring to go with this year-long challenge. Are you with me? Here’s how we’ll do this:

  1. Decide. Commit yourself to the cause. Are you willing to do what it takes to save $1,378 over the next year? If you are, then decide what you are saving for. I’d recommend you save toward an emergency fund, unless you already have 3 months of living expenses set aside.
  2. Open a free One United savings account. If you don’t already have a free One United savings account earmarked for your purpose, then open one. My family has multiple One United accounts, with the oldest one being about 7 years old. (Note: your creditwill not be pulled when you apply for a savings or secured credit card account.)

    (Full disclosure: I do NOT earn a referral bonus if you open an account via my links, but I LOVED them for y-e-a-r-s before and shared them so I shared them anyways. I recommend them to get us moving our money in the right direction.) 

  3. Set up your January transfers. Pick the day each week you want transfers to happen (Friday, perhaps?), then set up your first four transfers*:

Week 1: $52
Week 2: $51
Week 3: $50
Week 4: $49

*If $200 seems like an overwhelming amount for you to save right now, then find a lesser number that still stretches you. Think – what can you sell? What services can you offer others (babysitting, pet sitting, walk the dog, shovel sidewalks, etc.)? What can you go without for a few months so you have money to save?

4. Track your progress. Use this free 52-week money challenge printable chart to track your progress.

What do you think? Are you going to do this year-long challenge 52 Week Challenge in reverse? What are you doing to make $202 available for you to save this month? I’d love to hear from you with ideas and feedback. (Update: Many have requested some type of visual to track their savings progress. I’ created one and shared it, click here. I also plan to share monthly reminders to get your transfers set up.)

Please share and spread the word. Buy Black Economics is purely and simply the creation of wealth in which our black communities’ benefit. www.bbnomics.com

52 WEEK MONEY CHALLENGE IN REVERSE! 

 

Posted on January 1, 2015 By Staff

BLACK JOBS AND ACTION PLAN

BLACK JOBS & ACTION PLAN

How many Black Owned Businesses?

How many Black Owned Businesses?

Attention community leaders and organizers. Tired of protesting, marching, and organizing with little or no results? The root of most of the problems your community faces stems from racism and the lack of economic opportunities. While you can’t make a racist get some sense overnight, you can do something about economic opportunities in your community right now. Use your organizing skills to build economic independence without begging for money or help from the government or white-owned corporations.

Here’s how…

Pick a community that is predominately Black.  Take an inventory of all the businesses that exist in that community. Make note of any businesses that are missing (grocery stores with quality produce sourced from Black farmers, gas stations, construction companies, department stores, solar panel installers, banks and ethical financial services companies, private security companies, etc.). Take note of which of the existing businesses are Black-owned. Go down the list of non-Black-owned existing businesses, prioritizing businesses that sell basic necessities first (food, energy/gas, water, clothing, shelter), and start boycotting them one by one.

 

all black everything

All Black Everything

For example, if the local grocery store is not Black-owned, find a Black grocery store executive with experience running a store. Get her to help you write a business plan on how to finance, staff, and run a store. Raise money from people in the community (churches might be able to help with this if you can find a pastor that hasn’t lost his mind and sold out…very rare these days, but worth a shot). Get everyone in the community to stop shopping at that store. Provide transportation to another store temporarily if people have no alternatives. With no customers, the targeted store will quickly go out of business. If they don’t, resort to more aggressive measures to “encourage” them out of business.

Once they are ready to close the business, come in and buy it for pennies on the dollar. Re-open as a Black-owned business that is socially and environmentally responsible. Train and hire people from the community to help run the business. Use the profits from the business and community funds to help acquire the next business on the list described above and start new businesses that need to be started. Source products and raw materials from other Black-owned companies or African companies whenever possible. Repeat this process until most of the businesses in the community are Black-owned and community-owned. Use profits from those businesses to fund institutions that empower the community (free clinics, independent Afrikan-centered schools and training centers, etc), security, and infrastructure.

This plan has worked for other communities. This plan has worked for Black communities in the past. This plan will for Black people today with some updates to the current environment and learning from past mistakes. We have the knowledge and skills available in our communities. Whether Black people have the will and intestinal fortitude to go through with it is the only question. Your current so-called leaders will probably not support this. They are token leaders, put in place by people that do not care about you. Pick new leaders that have relevant experience…so no lawyers, academics, pastors, or politicians.

Now Hiring!

Now Hiring!

Finally, some people will call this strategy reverse racism. Some will call it divisive. It probably is, get over it. News Flash: Black people did not create these artificial divides…but we do have to live with them until the rest of humanity evolves to understand and practice what Black people have always understood…that we are all human and we are all connected. Every other community engages in this self-interested behavior…it just comes natural to them, so they don’t have to make it so blatant, but the result is the same. Frankly, it is sad that this has to be spelled out like this, but being politically correct apparently hasn’t worked so far.

Name calling is for children. Let the children call you whatever they want as long as they stay out of your way while you direct your own destiny. If people want to slap a label on you, then so be it. So what! If they stand in your way, remove them from your path. Grow up, stand up, and make your own way or be content working for those children for the rest of your life.

Our resources:

If you are forming a local group, please contact us Buy Black Economics.

Black Business Coaching: BLK Business

Funding Sources: BBNomics 

Crowdfunding is an effort to create a self-help approach to the funding issues BOB’s face in this current market.

BLACK JOBS AND ACTION PLAN

 

 

Posted on September 9, 2014 By Staff

HOW DOES BBNOMICS CROWDFUNDING WORKS FOR ALL OF US?

CrowdFunding

1. The idea is presented on the BBNomics site. If the idea is approved, then the person presenting the idea will be prompted to set up a project page and get the ball rolling.

2. The category is chosen; project must fit into the following category, specifically located in predominantly black neighborhoods (Globally) & (100% Black/African Owned); in manufacturing, logistics, retail industry. This will make it easier for potential funders to find you based on interests.

3. Money is raised; project owner must set a goal for the amount of money he/she would like to raise and deadline for reaching the goal. If the goal is not met by the set date, then none of the crowdfunders will be charged and the project owner will not receive the money.

4. Rewards are set; project holder sets rewards for various pledge levels in order to entice funders. For example, many new tech devices set a price to “pre-order” their idea. This means that the funder will pay that amount, and in return, they will receive the product once it is developed and produced (if it meets the goal).

5. The concept is showcased; a video that showcases the idea is created by the project owner in order to show off the idea and prove that it is really something they are working on and that they are how they say they are.

6. The project launches; project is now ready to enter the crowdsourcing community and will hopefully intrigue investors and become a reality.

7. Investors are updated; investors must be updated on the progress of the project so they can see how things are going. It wouldn’t be right to keep them in the dark – they paid for it!

8. Funds are received; if the project meets or exceeds its crowdfunding goal, then the money will be given to the project holder (minus fees for posting on the site).

So, there you have it. Would you be interested in becoming a project owner or investor on this site? Leave a comment below or tweet us, @bbnomics

BBNomics Crowd funding is an effort to create a self-help approach to the funding issues BOB’s face in this current market.

www.bbnomics.com

https://www.facebook.com/bbnomics

 

 

Posted on October 21, 2013 By Staff With 0 comments

DO YOU HAVE AN IDEA FOR A BUSINESS

What is a business idea? It’s practically any idea that you have that fills a need in the marketplace, in your community, in your life, in other people’s life.  To be able to formulate a business around a single idea, follow these 6 easy-to-understand, but hard-to-do steps:

Got an idea? Now what?

Got an idea? Now what?

What is a business idea? It’s practically any idea that you have that fills a need in the marketplace, in your community, in your life, in other people’s life.  To be able to formulate a business around a single idea, follow these 6 easy-to-understand, but hard-to-do steps:

  1. Identifying your idea–What are you passionate about? Why did this idea come up in the first place? Does it follow your passion? Is it based on an event in your life worth fixing? Is it based on a need you see in your community?
  2. Dressing up your idea– Where does your idea come in contact with the potential in the marketplace?
  3. Getting personalities around your idea– Who will ultimately buy your product/service? What does she/he look like? Where do they shop? Why will they buy your product/service?
  4. Financing your idea– How much will your idea cost? Don’t be shy, look to see what look-a-likes cost and dream away at how many widgets you would sell to who and for how much? When can you go from negative to positive (the break even point)? If you have any start-up costs, what are they, for what, and who would help you fund them.
  5. Get some feedback– Now that you have a foundation of your idea, pitch it to others, anyone. Ask family and friends, other moms and dads, other enthusiasts of what you are passionate about, and your end users/customers.
  6. Iterate– Your game plan is to get enough feedback for you to iterate to one version, and turn this cycle a couple of times. The goal is to not turn your wheels and get stuck, but turn your wheels towards launching that first product/prototype/service. It doesn’t have to be perfect, just perfect enough for meeting the needs of your customers.

We are here to assist, we need more black business, you require support.

Posted on October 7, 2013 By Staff