African American family together inside their home
- Produce a product
- Produce a service
- Outsource tasks to a member of the community
- Open an online store
- Open a physical store
- Host community events
- Use Black Business Directories
- Create community gardens
- Start making and selling your own clothes and accessories
- Source Black produced products
- Start or Join a Black Investment Group
- Find and join a Black Bank
- Crowdfund to raise capital
- Do A Weekly Sou-Sou
- If you don’t have money, barter
- Change your buying habits
- Vote with your dollars
- Create Trust Funds for your children OR an Endowment for an organization
- Fight for reparations
- Use “gentrification” to our benefit
- Build a co-op
- Hire Blacks
- Study Economics
- Join or Create a buying club
- Refer a Black business to someone else
- Share-A-Ride Ghetto taxi
- Buy Black but sell to anyone
- Improve your Financial IQ
- Hustle and Persistence
- Share this article Just one of these tips has the power to change lives and communities.
Produce a product
A product is any physical item that you create to sell. Look around you: everything you see is a product that someone else has created. You can do the same. The best products are those that solve a pressing need. Think toilet paper, books that teach readers to solve a problem or understand an important subject, or items that help customers express themselves.
You can also improve on an existing product. Create a better faucet. Create a better toilet. Create a better way to change your oil. Will it be hard? Sure. Will it be worth it? Hell yea.
Case study: I knew a Sistah that worked at a well-known coffee shop. She hated her job, but would make special custom drinks for customers that weren’t on the menu. When the job didn’t work out, she remembered her recipes, bottled them, and now sells them in the city she lives in to the same customers. Instead of the company getting the lions share of the product profit, it goes straight to her. That’s how you create a product.
Produce a Service
A service is any skill that you possess that the market needs and is willing to pay for. Plumbers, mechanics, HVAC, barbers, tattoo artists, computer programmers, and painters all have skills the market is willing to pay lots of money for.When considering a service that you may be able to provide, you will know if it is a good idea or not by answering the following question:
Is this something people could do by themselves?
If the answer is yes, come up with a better idea.
- I can mow my own lawn
- I can do my own grocery shopping*
- I can wash my own car
- I can clean up my own house
I am not paying you to do those things for me. But can I give myself a haircut? Can I fix my own car? Maybe you can, but I cannot. Can I program my computer (hell naw). These are services that people are willing to pay for. If you have skills that the average person doesn’t, there is your opportunity.
Think about all of the services you use on a weekly basis. Find a Black service provider to perform all of those same services for you.
* With so many Baby Boomers entering retirement, the need for personal services will skyrocket. Many elders can no longer do their own shopping, so there may be a market there.
Outsource tasks to a member of the community-Top
In business, outsourcing is the contracting out of a business process to another party. If you are in business, you cant do everything yourself. Outsourcing is like hiring a mercenary to take care of one-time tasks. Outsourcing is not as expensive as it may sound. If you have $5, you can outsource web design, computer programming, accounting,
Want help with your natural hair? Try Marsha Willis. At only $5, she is cheaper than buying a book.
Need a Black male to do a voice over for your commercial? My man, cardi937 has done work for us (including our podcast) for $5.
Even if you cant find a Black service provider, use someone from outside of the community to get you into business. Here are a few:
Web and Graphic Design for $5
Business Planning for $5
Marketing and Branding Services for $5
Get your website on the front page of Google for $5
Facebook, Twitter, Other Social Page designs for $5
Open an online store –Top
Once you have created products to sell, or you have found someone who is willing to wholesale the product to you, open an online store. This Queen can help you do it for $5…yes….$5!
By opening an online store, you will have access to the entire world of customers. You will need to package and ship the products in a timely manner when orders roll in, but if other people have done it and make a living at it, you can too!
In order to open an online store, you will need to buy a domain name (for example, www.yournamehere.com) and hosting (the place where all of your words, pictures, and videos are stored online). We are one of the very few Black Web Hostingcompanies in the world. You can buy very cheap and reliable web hosting from us by clicking here.
You may also want to purchase a domain name from Godaddy. Domain names can cost anywhere from $1 to $13 per year. Buying your domain name ensures no one steals your idea, and is an important first step in getting started. Click here to register your Godaddy domain name.
30 Ways You Can Practice Group Economics
Open a physical store
While it may be more expensive to open a physical store versus an online store, there are many benefits. First, when discussing group economics, physical stores provide “anchors” in the community. Many people consider the businesses around them as a benefit of living in a particular area.Think popular barber shops or convenience stores.
If the businesses are Black owned and providing quality goods or services, that can have a positive impact on the entire community. There is also less competition, since anyone can open an online business, but everyone is not willing to physically open doors!
Host community events
Host community pot lucks, local group economic seminars, community yard sales, and other events that teach the rest of the community to put these tips into practice. Find a community center, boys and girls club, or a school with an auditorium or gym and get to work. The more people see their community coming together, the more they will be willing to participate.
Schools are particularly receptive to farmers markets setting up on school grounds on the weekend, so turn it into an event and an opportunity to make things happen.
Use Black Business Directories
There are seriously thousands of Black Business directories in existence. These directories range from the local to the global, and feature literally hundreds of thousands of businesses. Why aren’t you using them? Many of these directories have mobile device apps, or are mobile friendly, and let you search using your zip code to find the closest Black business to you.
If you are a business owner, add your listing to ALL OF THESE directories. If you are a consumer, use these directories to keep Black dollars in Black hands.
- Black Owned Biz – featured on BET, the directory has a growing list of 10,000 Black Businesses from all over the United States
- Black Trade lines – A convenient, easy to use Android and Apple app that lets you find nearby businesses using your cell
- Buy Black Economics – Cooperative Directory with reward incentives.
Create community gardens
Start planning and gathering everything you will need for planting in the springtime during the fall and winter months. If you are getting started in the spring, there are fall and winter crops that you can grow and either eat, sell, or turn into a product to other members of the community.
My grandmother had a fig tree, a pecan tree, and a small garden in her back yard. She could make dozens of products from these few resources, including fig preserves and jams, deserts, pecans for sale by the pound (and pecan trees produce a shit ton of nuts), pies, etc. What we couldn’t eat, she would sell. What she couldn’t sell, she would give to the church or the homeless.
Community gardens also create opportunities to get the kids and the elderly in your community engaged. The mothers in nursing homes would appreciate being able to get back outside, or the opportunity to create products with fresh ingredients. Cleveland is an example of for-profit community gardens that we should be following. Check out what they are doing.
Start making and selling your own clothes and accessories-Top
Start by selling T-Shirts and hoodies online using a site called Teespring. Get a graphic designer create our T-Shirt designs on a site called Fiverr. For $5, you’re able to produce more than 12 profitable T-Shirt campaigns, earning us about $9,000 in profit. You have no excuse. Again, here are the resources: Fiverr – Use a graphic designer to create your T-Shirt designs. Most use Photoshop, and will have your order ready in 24 hours. Just be specific about what you want.
Teespring – Launch a campaign here. Start out with a low number as your goal until you get a feel for it
Repeat step 1 and 2.
Need proof we actually did this?
Source Black produced products-Top
Find low priced products from Black vendors and sell them for market value. If you can find a vendor in Liberia selling wood carvings for $10 and the store around the corner is selling them for $50, you have found an opportunity. Buy low and sell high. Use sites like Alibaba.com, Aliexpress and use Google searches to find suppliers.
Start or Join a Black Investment Group
An investment group or investment club is a group of family members, friends, co-workers, or like-minded individuals who pool a regularly invested dollar amount into a common banking account for the purpose of purchasing stocks, bonds, mutual funds, businesses, property, or other assets. There is no limit to the number of members your group can have, but as the African saying goes; “many hands make light work”. The more capital that is pooled, the bigger the ventures that your group is able to involve itself in.
Find and join a Black Bank
We have created a list of 21 Black banks still in business. These Black banks control a combined 4.7 Billion in assets. Banking with Black businesses is the very foundation of group economics! Check out the list here.
Crowdfund to raise capital
Many of us have mistaken soliciting online donations for crowd-funding. Crowd-funding is the practice of funding a project or venture by raising many small amounts of money from a large number of people. In exchange for contributing to a cause, you must be willing to give the donors something. Again, you don’t get away with just collecting up donations.
Case in point: When Tariq Nasheed wanted to fund his documentary, Hidden Colors, he offered donors anything from a complete DVD to your name listed as an Associate Producer on the film credits. The result? He raised more than $25,000 and is now on his third installment of the nationwide theater release.
Do A Weekly Sou-Sou
The concept of Sou-Sou is new to Black Americans, but sou-sou have served as a community savings plan for Blacks in the diaspora for generations. Read up on Sou-Sou in the article we published on the subject: Sou-Sou and the Path to Economic Empowerment
If you don’t have money, barter
Money isn’t always necessary to make an economy work. In fact, the definition of an economy is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. If you have a product or a service to trade for other things you need, don’t be afraid to negotiate.
Trade hair-styling for babysitting. Trade web programming for car repair. Trade a free apartment in your building for 24 hour maintenance.
Change your buying habits
It can be inconvenient to track down Black businesses that provide the goods and services that you are looking for. Practicing group economics means changing some of your buying habits to benefit your community. For instance, rather than using Google to find a business that has what you want nearby, use a Black business directory. Rather than shopping in physical stores, use the internet to find Black producers and shop for items before you need them.This reduces the need to run out and buy toilet paper at the last minute. You may have to drive a little further, or spend a little more, but the return on our community investment can outweigh the inconvenience.
Vote with your dollars
In his book, Powernomics, Dr. Claude Anderson discusses the link between group economics and politics. Politicians have the power to write economic zones into policy, giving the protection of law to Black operations and economic zones.
Put politicians and councilmen on notice: either take care of Black dollars, or we will take away your dollars. It worked in Ferguson, it can work anywhere.
Create Trust Funds for your children OR an Endowment for an organization
A trust fund is assets belonging to a trust (an arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries) held in a Black Bank (!) that can be distributed to your children. If you don’t have any children, or you wish to give your wealth to an organization after you ascend, use an endowment.
Endowments represent money or other financial assets that are donated to universities or colleges. The sole intention of the endowment is to invest it, so that the total asset value will yield an inflation-adjusted principal amount, along with additional income for further investments and supplementary expenditures. Typically, endowment funds follow a fairly strict policy allocation, which is a set of long-term guidelines that dictates the asset allocation that will yield the targeted return requirement without taking on too much risk. – Source
This is how we perpetuate group economics beyond our lifespans.
Fight for reparations
Some may not see reparations as practicing group economics, but if the TRILLIONS of dollars that have been given to other races, or that remains locked in the bank accounts of white nations (Belgium is still earning interest on the money made in the Congo under King Leopold III), were released back into our possession, that money could be used to regain control over the sources of production, land, and manufacturing. That alone could change our economic position for decades.
This article, written by Ta-Nehisi Coates is one of the best written cases for reparations. You owe it to him and to yourself to read it. His article will clarify your perspective on reparations once and for all. Click here to read the article.
Use “Gentrification” to our benefit-Top
One of my close associates was featured in this documentary that specifically addresses how we can use “gentrification” to our benefit. Watch and learn:
30 Ways You Can Practice Group Economics
Build a Cooperative –Top
A Cooperative is the professional title for a group of people working together for mutual benefit. A cooperative business belongs to the people who use it – people who have organized to provide themselves with the goods and services they need, while making money at the same time. Member-owners meet regularly, present and hear reports on their business and investment activities, and hire General Managers to handle day-to-day affairs in their companies. Members invest in the businesses to provide capital for a strong and efficient operation, and once the businesses start making money, the profits are returned to co-op members.
There are over 100 million people involved in 47,000 U.S. cooperatives that are in every sector of our economy. If they can do it, we can as well. Read our article on the subject: Building a Black Cooperative Empire and then watch this video that breaks down how Cooperatives work:
30 Ways You Can Practice Group Economics
In her book, The New Jim Crow (If you haven’t read it yet, leave this post and go buy it.) Michelle Alexander teaches us that one of the aims of this new era of mass incarceration is to prevent Blacks from entering the job market. By hiring your own people, you can give an opportunity to a member of the community that may not have had the chance to prove their talents in the job market.
While its not easy to train and retain employees, if you are willing to put forth the effort it will pay off in an expanding business and an overall improvement in the conditions of our people.
This should go without saying, but if you don’t understand economics, you are less able to “come up” and make economics work for you. The fastest way to get up to speed is by reading the following two books. If you haven’t read these, now is the time to pick them up:
- Powernomics: The National Plan to Empower Black America
- Think and Grow Rich: A Black Choice
Join or Create a Buying club
We have talked a lot about building a Black Consumer Cooperative, aka a buying club, The following FAQ was taken from How To Start A Buying Club.
Why should I start a buying club?
There are many different reasons why one would decide to start a buying club. The motives range from controlling food sources to saving money by buying in bulk. Others include wanting to help local farmers, minimizing a product’s carbon foot print or simply yearning to get closer to the food system. This is just a small list, and the reasons vary for each buying club. We’ll see how the answer to this question impacts decisions below.
What are the different models of organization?
While the concepts behind most buying clubs are similar, their structure can vary greatly. Some models include:
- Owner Run – In this instance, a single owner would operate the buying club as a business. Any price markup or member fees would be profit for the owner. While there could be a few part time employees, more often than not this model is a one person show.
- Member Only Club – This type of club is generally more exclusive, sometimes even imposing a member limit. The members would be the owner, and may choose to hire employees to run the group. Member fees and markup help cover the business overhead, but the goal is maximize savings for the members.
- Worker Co-op – Like most worker co-ops, this buying club would be comprised of a group of members, each required to volunteer a set number of hours per month. Since no one is paid, the price markups and membership fees can be kept very low and while the group enjoys bulk discounts.
- Farm Owned – Occasionally a farm will decide to sponsor a buying club. Some sell only their products while others will also place orders with other distributors. This type of club is great if you’re looking to establish a relationship with your local producers.
There are infinite variations on the above models, but these are the basic type of buying clubs currently operating. That is one of the best things about starting your own buying club, you can feel free to pick and choose elements from each model and create something that works best for your group.
Who else, besides me, wants to be in the buying club?
Depending on where you live, this could either be an easy or difficult task. In some communities, uttering the words ‘raw milk’ could set off a three hour discussion about micro-flora and the FDA. Conversely, some towns might require an equally long discussion to explain why we would want to buy directly from farmers versus supermarkets.
Either way, below are a few ways to gauge interest in your local area:
- Farmer’s Market – At a local farmer’s market you’re bound to be surrounded by people who take food pretty seriously. From the farmers to the patrons, strike up a conversation with a few people and see how they react. Also, depending on the rules at your local market, you might even be able to set up a stand. Bring a sign, some quarter-sheet handouts and a have a notebook ready to collect e-mail addresses.
- Local Produce Markets – People who frequent or work at a smaller produce market might have some interesting insight into the local food scene. At the very least, you might be able to get some information on potential distributors.
- Internet – The ‘Community’ section of Craigslist.com could prove to be useful. Publish a post explaining your plans and ask people to send along emails if they’re interested. Another site that could be useful is Meetup.com. Start a meetup group surrounding food and see if anyone’s interesting. Even if you don’t have an actual meetup, the site’s discussion tools are pretty useful.
- Cooperative Extension – No matter how successful the prior avenues are, a phone call or meeting with your local cooperative extension would most likely prove fruitful. These people deal in the agriculture and community on a daily basis, and are always a wealth of knowledge.
What type of product (food, seeds, vitamins) do we want to buy?
Most people assume a buying club would be associated with products normally found at a supermarket, but that’s not always the case. At the very least, it can be just the beginning of a buying club’s scope. For instance, in one buying club members got together and ordered a palate of glass gallon jars. These jars were great for storing the bulk items ordered through the club. In another instance, the same group bought several dozen fermentation crocks at wholesale price. Nothing prompts the purchase of ten pounds of cabbage like a three gallon crock.
The point being, you can start with local produce from a farmer in your area. You can buy seeds in bulk for your respective gardens in the winter. Or, you can even purchase an entire animal in the spring to be split among the club’s members. What ever product you decide to buy as a group, it will inform future choices, such as…
Who can we buy these types of products from?
There are several types of distribution to consider when forming a buying club. This decision will require the group to really focus on what it’s trying to accomplish. Cheaper food for members? Getting food closer to its source? Generating more profit for the producer? These points and many others all have pros and cons.
Once the goals of the group are determined, there are three tiers of producers:
- National Distributor – There are several national distributors that work with buying clubs. The benefits include lower prices, greater range of products, order credit plans and organization. Some of the drawbacks are non-local product sources and greater transportation distances. Also, some companies require commercial loading zones for delivery, which is something we’ll talk about more later.
- Local Distributor – The existence of a local distributor in your area isn’t guaranteed, but there is normally at least one handling fresh produce. The pros in this case are locally sourced product, generally smaller delivery vehicles and the possibility of forming a close relationship with the company. Downsides can include less formal delivery schedules, cash on delivery (COD) requirements and large inventory fluctuations.
- Direct from Producer – Buying the product directly from the producer is an excellent choice if possible. Not every farmer/producer is willing to deal in small quantities typical for buying clubs, but if an agreement can be reached this can lead to excellent business relationships. The plus to this arrangement is freshness of product, intimate knowledge of its source and the potential to even have a say in the product types available. Potential pitfalls range from a lack of delivery options, payment prior to delivery and inventory instability.
How do we collect member orders?
There are many ways in which clubs gather and organize member orders and they vastly range in technical requirement. Some groups get together in one place and compile the order together. Others telephone and/or email orders to one point person who then creates the order.
In more recent years, clubs have began embracing the use of Internet for this job. There are several software based options for on-line ordering and some groups even use the collaborative power of shared Google Spreadsheets.
How often do we place an order?
This can depend on needs of the buying club and the inventory of distributors. Some clubs order as often as once a week, while others order monthly or even quarterly. One scheduling detail that can be very important is being consistent on what day the order is final. It could be every Wednesday, or the first Tuesday of every month. Whatever it may be, members often find it helpful if a system is established and followed.
Where do we receive deliveries and split bulk items?
This ultimately depends on several factors, including how many people there are in your buying club, how large your orders are and who you’re ordering from. If your club is small and the distributor can deliver it to a members house, a residential living room or garage can suffice. If the club is a bit larger and/or a national distributor required a commercial loading zone you may have to consider a larger venue. Such spaces include churches, grange halls, community centers and even unused commercial spaces for lease.
Collecting and Compiling Member Orders
Depending on the size of your club, this will vary. If you’re five to ten people, simply emailing or calling in orders to a single order compiler would suffice. However, if your group is larger, you might want to consider an Internet based tool. On the simpler side of things, you could use a Google Spreadsheet and share it with all of the members. It can be useful to have a dedicated member watching this spreadsheet, in case product names, prices or orders are entered incorrectly.
If your group continues to grow, and the spreadsheet begins to hit its limits, there are several on-line software options to help manage member ordering and order compilation. Click here to see these tools under our Tools & Resources page.
Submitting the Order
This task depends on which distributor(s) you’ve decided to deal with. In some instances, faxing or calling in your order is an option, mainly with small vendors. However, a bulk of distributors will either prefer or require the order to be submitted electronically. In this realm, it’s usually either via email or an on-line form.
For example, Frontier accepts orders through an on-line ordering tool. This tool is extremely handy in that as your enter products, it will indicate if said product is in stock, back-ordered, or sold out entirely.
If you’re submitting your order by email, vendors usually prefer a spreadsheet format of some sort. Some will provide the format, others are just happy to be getting it electronically. Both the aforementioned spreadsheets and software option help take a lot of the busywork out of preparing the order for submission.
Receiving the Goods
Again, this section is dependent on the distributor. That said, you’ll almost always have to have someone meet the delivery. Be it the vendors own truck or UPS, it’s helpful to have a member available during the drop-off time window. Beyond ensuring the safety of your club’s food, you might also need to pay the delivery driver.
If possible, having multiple members at drop-off will be best. These people can help cross check the delivered items with the invoice and quickly discover any damaged or sub par items. After the delivery is complete, this small team can help organize the order and move any perishables into refrigerators or freezers.
In some clubs, these members can also begin splitting or weighing some of the items. Over time, you’ll be able to determine which products are best to do right after delivery, such as meats and/or cheeses. This may drastically help the next step of the process.
Splitting the Goods
An important part of splitting the order is giving yourself the right amount of time. This will take a couple of tries to figure out the optimal time, and is also dependent on how large the order is. For the sake of this explanation, let’s say it will take two hours to split the order.
Before you do a split, its also important to have the proper tools for the job. If there are items like flour or vegetables, you’ll need glove, scoops, bags and scales. You’ll also need a good amount of pens and markers.
Beyond the tools, you’ll also have to prepare several copies of the ‘split sheets’. These sheets list out, by product, which members purchased said product and in what quantity. Again, the on-line software tools are extremely helpful in this task. Also, if you’re using a Google spreadsheet to order, there may be scripts available for you to create split sheets.
With tools and split sheets in hand, have your splitting team meet two hours and fifteen minutes before the club pickup time. Initially, set up one or two areas with scales for weighing items, if needed. Another task is to set up a box or bag for each member’s order. Often times these can be place on chairs to avoid constant bending over. Each of these boxes should also have either the member’s name on it or their receipt, or both. This will help avoid confusion once the distribution of items begins.
In most orders there are items that need to be weighed and bagged, while others can simply be placed in the member’s box (dry beans vs. dozen of eggs). Split the group into several teams, with some weighing and bagging and the others distributing the rest of the product. As the items are placed in their proper box, it can help to check that item off of the member’s receipt. Once all of the product has been split and distributed, it is a good idea to double check everyone’s box, making sure that all items on the receipt (that were delivered) are in the box. Now you’re ready for pickup.
Managing Pickup and Checkout
Member pickup can be an extremely social, fun time. That said, it’s also important that the process is organized as multiple business transactions will occur. The longevity of your buying club may depend on financial accuracy, especially in the beginning.
If you’ve opted to place each member’s order in a box, clearly marked with their name, the member shouldn’t have any issue finding their order. It can also help to put said boxes in alphabetical order. It is important to remind everyone that they should double check their order box with their receipt. This will help prevent any issue after they leave.
For checking out, you can have one or many people taking money. Sometimes it can help to have someone walking the line, reminding people the payment options, who to make checks out to and fielding questions. This way, once a member reaches a checkout station, they are as prepared as possible.
As mentioned before, it depends on the size of your club and your preference, but generally its a good idea to have an organized means of tracking who’s paid what? This will be invaluable in the reconciliation step, instead of trying to remember who paid with cash or a check hours or days after the fact.
Some things to keep track of are member name, amount paid, if that amount is paying for other items such as past orders or another members order. Keeping track of cash, check or credit is also helpful. If you are collecting checks, be sure to note the check number.
Once all orders have been picked up and each member checked out one final and important part is left, cleanup. Regardless of if you’re renting, borrowing or own your space, its imperative that there be people tasked with cleaning the space after pickup and checkout. If possible, its good to have these cleaners be someone other than splitters or checkout people, as those people are normally fairly tired by this point.
From there, the money must get to the person who will deposit it into the bank, and the final numbers must be shared with people in the club who’ll need them.
Reconciling the Order
This less communal step is very important to the fiscal health of your buying club. Here, you want to make sure that the amount of money that came in from your members roughly equals the amount you have paid, or will be paying the distributor. Some things to consider are products that weren’t delivered, broken or spoiled products and any price changes in products after the order was placed. There are a whole slew of other possible hang ups in the reconciliation process, but if the checkout process was organized and well recorded, it shouldn’t be anything insurmountable.
If there are any discrepancies, you’ll possibly have to contact the distributor and determine a solution and/or alter credits or debits on a member’s account. Like any business, you’ll have to determine your own threshold when dealing with losses.
Case study: The Ujamaa Food Coop Food Buying Club is a program of the Detroit Black Community Food Security Network. Through this program, members of the club are able to purchase a wide variety of healthy foods, supplements, and household items at very discounted prices.
Every four weeks, members submit orders through our vendor, United Natural Foods (UNFI), which is the largest natural foods distributor in the United States. Each member receives a user name and password, with which they can log into the UNFI web site, browse products and choose items to order. Their orders are submitted electronically, and are delivered to the Detroit address of the food buying club.
UNFI has an extensive selection of items to choose from, including bulk beans, nuts, and grains, frozen and refrigerated items, cereals, vitamins and supplements, soaps and detergents, etc; anything available through popular local health food stores is available through UNFI, except for fresh produce which is supplied to the group by a farm.
Refer a Black business to someone else
Marketing a business is expensive and time consuming. Word of mouth has proven to be the most effective way of giving some shine to a Black business, so actively and consciously make an effort to recommend and exceptional barber shop, restaurant, retailer, or service provider!
Use social media to re-share their content, and engage with others who use the products and services of a company that you like. If you own a business, let us know and we will give you some shine.
Share-A-Ride Ghetto taxi
Unless you live in a city like New York (with excellent public transit infrastructure), if you don’t have a car it can be hell getting around. Public transportation is filthy, crowded, and unreliable. Why not team up with someone in the community who may be unemployed but has a car?
If you are the driver, determine how much the trip would cost in gas using this site, and use that as a basis for charging your customer. Of course, you could do Uber or Lyft, but we are trying to practice group economics by providing a service to the community, earning, and spending our money among ourselves!
This is not a hard idea to put into practice, and judging from the success of both Uber (which made $213 Million in 2014) and Lyft (which made around the same) we could use a service like this. Use our Black Business Directory, or any other for that matter, to advertise your service!
Buy Black but sell to anyone
A self-explanatory statement, but create businesses that cater to everyone. Everyone eats Chinese food. You can find a German BMW in every inhabited country on Earth. Tommy Hilfiger hates Blacks, but will happily sell his clothing to them.
Improve your Financial IQ-Top
Once you have started making money, the next step is to learn to properly manage it and use it to make more of it. This is not step one, nor should learning about money take the place of action. There are 5 key areas that you should become familiar with:
- Real Estate
- Personal Finance
- Business Systems
- and Banking
Understanding these areas will help you maximize the money that you are able to make and keep. Subscribe to this site for articles and resources on these subjects written by members of the community that work in these sectors.
Hustle and Persistence
Being Black and “in business” doesn’t mean you will succeed. Nobody owes you anything. Money is hard to come by, particularly in the Black community. To get customers to part with their hard earned dollars, you will need a heavy dose of hustle, business savvy, and a willingness to over-deliver.
Entrepreneurship is hard work. If you’re not struggling then you’re not operating at a high enough level. From the moment you get up to the moment you go to bed, you want to be over-scheduled and HUSTLING.
There will be setbacks. Blood will be drawn. Friends and family will set you up for failure. Maybe even steal or destroy your ideas. Things will break down. That’s the fog of war. If you cant persist through challenges (and there WILL be challenges) you don’t deserve survival. In this world, only the strong survive. This is a harsh truth, but truth nonetheless.