No Excuses: Everything You Need to Know Now!
More than 1,000 professionals, business owners, and aspiring entrepreneurs ventured to Detroit for the 2009 Black Enterprise Entrepreneurs Conference + Expo hosted by General Motors and ExxonMobil. Our editors have culled some of the advice, resources, and highlights provided by experts and veteran entrepreneurs who were all there with one mission in mind: to provide attendees with tactical tools and sound strategies to improve their businesses and navigate the new terrain. There’s something for everyone across these four pages, so gain the competitive advantage and take a lesson from B.E.
Affordable Franchises You Should Buy Now
Franchising is looking attractive these days as a turnkey solution to the economic downturn. But before you jump in, Miriam Brewer, director of education and diversity for the International Franchise Association, offers this advice to help you figure out which system is right for you:
Research. Available in nearly 100 different industries, franchises can be purchased in a range of sizes and investments. Visit www.franchise.org.
Stay afloat. Provide a service or product people will need in any economy.
Keep up. Trade regulations are amended often. Log on to Ftc.gov to read current policies or Thomas.loc.gov for pending legislation.
Securing Capital in a Tight Market
Where’s the money? That’s the question a lot of us are asking when it comes to gaining access to capital during these challenging times. Eager to share her own experience is entrepreneur Tricialee Riley, who will be a featured panelist in the Securing Capital in a Tight Credit Market session at this year’s Entrepreneurs Conference in Detroit, May 17-20. “I was amazed when the bank turned down my request,†admits the owner of Polish Bar in Brooklyn, New York, a full-service salon in the trendy Clinton-Hills neighborhood. But Riley didn’t let the setback to deter her. She knew her business was profitable and in excellent shape to take on the debt: 2006 revenues were near the $500,000 mark and they had increased around 57% for 2007, and around 25% as of August 2008. So the 34-year-old entrepreneur redirected her efforts from a large lender to community banks instead. This time she was successful, securing enough capital to open a second Polish Bar location in January 2009. This session is a must for those who can’t afford to have their entrepreneurial endeavors sidetracked.
This story orginally appeared in the August 2009 issue of Black Enterprise magazine.