5 Money Ideas I Wish I Knew About Navigating the Financial Situation as a Black Woman
The views expressed by the business participants are their own.
Entrepreneurship is the greatest journey of self-discovery you can embark on. But even if you know so many things and are an expert on a certain topic, there are financial details that only someone who has been there can tell you about, and the fundamentals of financial growth are one of them.
When I started my financial education platform to teach female entrepreneurs about money, few entrepreneurs looked like me, and that limited my opportunity to explore and follow more than what they did on social media. As a financial professional, I thought I could see it as I had “everything” I needed to grow financially without any hiccups along the way; after all, I went to university and have been involved in finance since high school, but I couldn’t move forward in reality.
If you are a black, brown or woman of color entrepreneur, your financial journey is directly related to different things like who you are, your and your family’s beliefs about business and money, and how you get into all those unconscious habits with money. , including your relationship with money. But that’s something no one talks about, and it costs us years of trial and error that hinders our ability to grow our business and our confidence and build a strong foundation as entrepreneurs.
Here are five key ideas I wish my fellow entrepreneurs would share about navigating the financial landscape as a Black entrepreneur.
Related: She Launched Her Black Owner Beauty Brand With $1,500 In Her Pockets – Now Her Products Are On Sephora’s Shelves
My relationship with money influences financial growth
The way we relate to money – the meanings, beliefs, interpretations and ways of doing what we call a relationship with money – is important in your journey of financial growth as a Black woman entrepreneur. At the beginning of my entrepreneurial journey, I did not fully understand how my beliefs, my perspective, and my financial identity could affect my business decisions that are directly linked to money, such as prices, or those that are indirectly related to money, such as exposure. to promote my plans.
Take a moment and analyze: Are you one of those people who go on autopilot, use all the strategies in the market, but have difficulty talking about money, looking for the right way to set prices, see your bank account and do financial planning? Then, it’s time to look at your relationship with money.
Family beliefs about money and business need to be sorted out
Your relationship with money, the way you think about business opportunities, the way you manage money and many other skills you need when growing a business have been developing since you were too young to remember. From how you feel about money to how you deal with risk, obstacles and other mental and emotional changes to money, you’ll need to be your own best advocate when it comes to sifting through ideas or advice from your closest social circle that aren’t specific or supportive of where you want to go.
The best way to filter those ideas is to check, according to your vision and your financial goal, what advice, beliefs, behaviors and ideas are useful to listen to (and will probably support you in progressing towards your goal). If they don’t work, they won’t have room for you to think about them.
For example, what use can you find in “You have to give us family prices?” I have never seen the application of this idea in my work. Rather, it is the opposite. It brings a lot of guilt and shame. Therefore, it is classified from the first year of business.
Related: 5 Consecutive Black Women Entrepreneurs Share How They Break Through Barriers – And How You Can Do It Too
Having a supportive community is important
As an entrepreneur, you’re doing what most people we know aren’t, and in order to grow financially, you need to start having the right conversations with the right people.
The things that worry you and the information you may need to get a better, more economical system or out of your head are available in the community.
Surround yourself with like-minded entrepreneurs and mentors who understand your challenges and can give you guidance, but most importantly, as a Black entrepreneur, a community that understands your unique challenges you face in putting yourself together and feeling the reality of paying off debt at the same time. Join networking groups, listen to podcasts and join their community, attend industry events and participate in social media that reflects where you want to be financially and where you want to take your business.
Financial planning is non-negotiable for financial growth
Another thing I knew in school was that this method was only confirmed that financial planning is not negotiable from the beginning if you want to grow. With your desire and motivation to grow your business, a big part of that money side starts. It could be buying that next course, signing up for a forum, buying the next piece of equipment or spending on marketing when it wasn’t the right time; in all these cases and those, your financial planning will be your best friend. It is important to have a base where you can find and put yourself down where those desires to buy more or invest more means faster financial growth.
Don’t be complicated. Just shift the focus from “I need to make money” to sharing and tracking your numbers.
Related: ‘I’m Black. I am a woman. Let’s Talk About Raising Business Capital.’
Your management goals are just as important as your revenue goals
One of the most effective practices in changing with my community is to shift the focus from a money-centered mindset to broaden the spectrum and consider how you manage what you earn. As an entrepreneur, you get a lot of advertising, information and sometimes standards that emphasize income as a way to measure growth; however, learning to manage that income that isn’t pocket money, one lucky shot or “I’ll never have this amount of money again” becomes your financial key.
Balance your drive to earn money with a solid plan to manage and grow your business sustainably.
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