How to build a successful business during COVID-19: Career advice for women of color entrepreneurs [FREE DOWNLOADABLE]
If you’re a woman of color who’s a freelancer, small business owner, or entrepreneur, you know the economic fallout of COVID-19 is bad news on multiple levels. You don’t have the same structural support, access to capital, or privilege as white entrepreneurs. There’s no way to sugarcoat this: your business was at greater risk pre-COVID and now that risk is heightened.
As a career coach for women of color, one of my absolute favorite things is to work with entrepreneurial women of color to start or build their business (or freelance work, monetize a creative project, etc.). I just love it.
So in this awful, heartbreaking, and stressful time, I wanted to offer something of practical use to all the women of color entrepreneurs out there: 10 tips for building a successful business. I’ve also included a set of resources to help you apply these tips and strategies to your business. Please take what helps and leave what doesn’t (or shelve it for future use). And please do not try to implement them all at once!
1. Apply for as many relief funds and grants as you can
You’re probably already aware of the PPP and EDIL funds. If not, read this Sif Industries guide recommended by my brilliant colleague, Malla Haridat, the best business coach out there. I included a list of other sources of financial relief – including ones specifically for business owners, entrepreneurs, freelancers, and BIWOCs – in the accompanying resources. Use it as a starting point or a cross-reference for what you’ve already applied to. Track your application progress in a spreadsheet to stay organized.
We also need structural change at the policy level, because, as you know, we and our businesses are at greater risk than those of white folks. Consider filling out this short survey for BIPOC business owners so The Black Institute can advocate for more systemic support for us.
I know it can be stressful and even triggering to apply for financial assistance. At best, it’s incredibly annoying, time-consuming, and frustrating. Make sure you can apply for these funds in a sustainable way. Use the accompanying resources to help you block out manageable chunks of time for this work and for breaks. Talk to other women of color entrepreneurs you know to stay on track and ensure you’re all aware of all the resources out there.
2. Make sure you have a strong foundation for your business
Building a strong foundation for your business might seem like a “one-and-done,” but even if your business is several years old, it’s always a good idea to revisit the following questions. Make sure you 1) can answer them clearly and succinctly and 2) consider whether they’re still working for your business. If you’re just starting out, having clear answers (or at least hypotheses) to these questions will put you on the track to entrepreneurial success.
What (service or product) do you offer?
Who is it for?
Why do they need your service or product?
What is special or different about your product or how you provide your service?
Use the accompanying resources to help you answer these questions.
3. Create a business canvas instead of a business plan
Many entrepreneurs think they need a business plan before starting. As someone who invested six months of effort to draft a shitty business plan in the early days of her business, I disagree. I found the process confusing, clunky, and – ultimately – useless. What did work for me was talking directly to the people I wanted to serve and work with (see the market research tip below) to see what their needs were and then experimenting with how I could best meet those needs.
If you’re inclined to get something down on paper (I’m not opposed to that at all), try your hand at completing this lean business canvas an alternative. Video journalist, director, and negotiation expert Martyna Starosta once sent it to me and I find it much more effective than the traditional business plan. I’ve included my take on a lean business canvas for women of color in the accompanying resources.
4. Market strategically: adapt to the times and do your market research
You might feel especially hesitant to market your product or services right now. I get it. And it’s 100% your call what you decide. But if you do want to grow your business now, you will need to market strategically. Make sure your offerings are as relevant as possible. What are your target clients’ and customers’ current needs? How can you help them solve a problem they’re facing?
The best way to find out is to ask your ideal clients and customers directly. This is a lesson I recently re-learned from my colleague Nadia De Ala, a badass leadership and negotiation coach for women of color in tech. Nadia does market research once or twice a year to make sure she continues to meet the needs of her clients. So follow Nadia’s lead and create a short survey to see what your audience wants – and would invest in – from you!
Then adjust your offerings (including your freebies) and the messaging in your marketing based on the results.
To continue reading and to download the COVID-19 Career Guide for Women of Color Entrepreneurs, click here.
Have thoughts or questions about this post? Feel free to reach out via LinkedIn or Instagram and share widely!
