The Most Common Issues That Plague Black Businesses

• Not being a part of a business network community

• Lack of business resources

• Lack of business funding

• Mental health barriers

• A lack of business understanding

• Having to perform every function of the business alone

• A lack of knowledge about business taxes

• A lack of knowledge about available financial assistance

• A struggle with getting customers by not being a part of a network and/or having a strong online presence

Not being a part of a business network community

Business network communities are pivotal for company growth and is often the difference between a company that thrives or dies.

The saying, “it takes a village,” does not only apply to your physical baby, but for your business baby as well.

A business is something that has so many moving parts and every part must be nurtured and cared for.

There is no way for you to know everything about your business and everything that comes with it.

Even if you are a seasoned business owner, you still need a network.

Not having a team of business professionals who have been in your same predicament is a disservice to yourself and a sabotage of your own business success.

Business networks serve as your teachers, confidantes, therapists, advisors, assistants, assistors, guides, advertisers, and so much more.

There is no one who can run a business alone.

Your business network is your business family!

Lack of business resources

A business without business resources is like a child without a parent.

Every business and business owner need guidance from others who are knowledgeable about where their business is and where the business is trying to go.

Lack of business funding

I have never met a black business owner who did not struggle in this area. Lack of business funding would easily top the struggle list for any black business owner. There is not a system (besides The Black Wall Street Network) designed to assist black businesses exclusively. Therefore, we are always competing for funding privately and publicly in a system designed for us to lose. A lack of funding can sabotage the best business model. It is almost impossible to provide excellent customer service without the funding to do so.

Mental health barriers

There is not a single thing known to man more powerful than the mind. The mental programing of a person shapes their reality. But who was fully in charge of their own lifelong mental programming? Nobody. Your mental health has the greatest influence over your business success and you should be in full control over it. Every business owner should have a comprehensive business mental health assessment to know if bad programming is responsible for business stifle.

A lack of business understanding

Having a business is more than the business or service you offer. The business part of your business is a whole other business. A lack of understanding of the business aspect of a business is a major issue with businesses in general. Business owners should be able to fully focus on the business or service they offer. Having to understand the business unnecessarily complicates the process of providing good service.

Having to perform every function of the business alone

Imagine going to a restaurant where the greeter is also the server, and the cook, and the janitor, and the plumber, and the accountant. It sounds insane right? Well, that’s you trying to manage every part of your company alone. Every business needs a network and team to assist.

A lack of knowledge about business taxes

Most business owners suffer from a lack of knowledge and fear regarding taxes. Taxes are something that no one, or business, can escape. When doing business on a low-scale, taxes are not that important. However, when you are taking your business to the next financial level, taxes are unavoidable and beneficial. Taxes are nothing to fear when you have a tax professional who understands business capital as it relates to taxes. As your business expands, your taxes are your ticket to more funding for your business. Your business taxes will either make or break your monetary deals.

A lack of knowledge about available financial assistance

Why is it that money is always being hidden from us? I am not sure. However, I have made it one of my lifelong goals to find money resources and share them with you all. Running a business is so time-consuming that businesses often don’t have time to find financial assistance and miss out on millions in funding.

A struggle with getting customers by not being a part of a network and/or having a strong online presence

This one is two-fold because it also adds to not being a part of a business network community. Most black businesses fail due to not being able to reach customers although customers are seeking their business/services. Most black people rely on word of mouth for business success and the world has become so much bigger than that. Now is the time to become a part of a global network that puts your business on the face of every continent and region. What you are seeking is also seeking you and what you want, wants you back. Be easier to find, and watch your business grow.