Corporate Barbie Files- Begin
When I was kid I didn't know what an executive was but I wanted to be one so bad. Now that I know I've decided to aim a bit higher- Chief Financial Officer day job and small business tycoon. ✨🧿
Please do your own research, I'm no expert and I don't want to lead anyone down a weird path
Planning (business plans)
You can get an LLC for less than 200$, 500$ MAX. What makes LLC's expensive are the licenses, fees you pay when registered, and the state you register.
Sole priorerships (depending on your state) don't need to be registered but you forgo the protections that come from having a government recognized business.
Any small business template online is a great resource.
Plan it out for 3 years minimum but think of this business plan as a living document. As you operate your business it will have to change.
Business research!
You need to do your own research on each business you want to start if you want to succeed.
Topics/questions to research
Researching competitors (Strengths & Weaknesses/marketing strategy/Pricing/products and product features)
Market share
Strengths and weaknesses
Your window of opportunity to enter the market
The importance of your target market to your competitors
Any barriers that may hinder you as you enter the market
Indirect or secondary competitors who may impact your success
Customers
Who are your customers and why are they interested in buying your product or service?
What characteristics, interests, desires, pain points and needs do they share?
Where do they live?
How old are they?
What is their education level?
What is their income range?
Which types of websites do they frequently visit?
Where do they currently buy similar products?
Which languages do they speak?
What industry do they work in?
License needed
Growth projection
Assessing the legal aspects of your industry
Can you reach your target audience? If you're selling inline skates, are you opening in an area with a population of the right age and disposable income?
Is the market saturated?
Your Brand
Questions you wanna ask
Here are a few methods you can use to do direct research:
Surveys
Questionnaires
Focus groups
In-depth interviews
Ask potential customers
Questions you wanna ask and answers
Demand: Is there a desire for your product or service?
Market size: How many people would be interested in your offering?
Economic indicators: What is the income range and employment rate?
Location: Where do your customers live and where can your business reach?
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives?
Best ways to reach customers
Suppliers, quotes and budget
Sources of funding, uses of funding
Prep
Finding funding, type in your demographic 'black woman/LGBT black woman, ect' and your state + small business funding. Apply for everything. Find space for inventory. Think up promotional material- Vistaprint is amazing for just cheapy slapping your brand on something that others want (candy, notebooks, pens, cute tote bags).
Skills you may need: Negotiation, Manipulation, Marketing, Social media handling, Emotional intelligence, Personal emotional control, Leadership and delegation, Networking, Memorization (names, position and places you met this people), Self discipline, Conversation, Communication.
Just do it
If I wanted until I felt 100% ready I wouldn't have two functional businesses at the moment.
Low risk low reward business ideas
These may not make you rich unless you market to high heaven or get lucky. But they are a great passive income opportunity/place to start.
Vending machine
ATM
Selling books on Amazon/Audible/Printing on demand services
Selling on a ready made sale site- Shopify/Amazon/Esty
Direct sales
High traffic blog for ads
Affiliate marketing blog/social media
Mid-Tier business ideas
Can be scaled up to make 7 figures but after taxes and fees will probably make a steady 6 figures yearly. (Please note that 6 figures can be any where from 100k to 999k. I've noticed a tendency to see 6 figures as only 100k.)
Cafes
Small bar
Small restaurant
Ice-cream truck
Food truck
Website with subscriptions
A clothing line
Makeup or skincare (especially if it has mostly black women in mind- think Black Girl Sunscreen or Fenty Beauty)
Natural hair wigs (as in 3b-4c pattern, its not super common and the ones that are aren't very good nor last very long)
Small hair and nails salon
Haircare product line
Do your own research please, these are just the most common and least expensive I've found entrepreneurs start. They may not work with your skills/personal brand/time constraints/experience ect.
Advice
Have a vanity business!!! A business that matters because you like it so much. One where the success is not based off just money but personal satisfaction. This will keep you from getting bored, too frustrated or purely money driven. Of course a business is money driven but at some point you look up from your work and get distressed from dissatisfaction from being stuck working for money instead of pleasure.
You should be interested in each business you make/engage with a least a little bit.
Break down how much you need to make per day and per week to get to your goal amount. This has helped me mentally, I no longer freak out about the big picture when I'm focused on the main goal of the day/week.
Have a reading list in these 5 categories: Emotional intelligence, Your field of study (finance, tech, medical, beauty), Manipulation/Negotiation, Beauty/Dating/Self-esteem, and Money.
Don't try to build up more than 2 businesses at a time if you're doing it alone. You will drive yourself insane and burn out quickly.
If you do direct sales on the streets make sure you have an incentive for people to actually stop and look at what you have to offer. Something free pretty with your logo or information and matches your brand image. It can be hand made!
Mistakes I made
I relied on one business too much when my goal isn't to scale it too big
I didn't have a workable marketing campaign. People are tired of ads. I'm tired of ads, I had to get creative or rather make the ads less invasive.
I relied too much on online sales. There is way too much competition- I now make 90% of my money from in person sales, there's a 'rush' factor because the pop up shop won't be there tomorrow, and I can make a human connection before I make a sale.
I put too much money into some businesses and not enough into others. Now I have a budget of 200$-500$ for each new business unless I'm buying large equipment that I will own (vending machines, massive printers, ect).
I didn't have enough different types of products. I need variety but I shouldn't panic and make too much or else I'll lose money and have too much inventory.
My mentor had told me to make decisions quarterly (every 3 months) rather than weekly/monthly. This has helped her build her real estate business.
My journey
My motto when it comes to dealing with my businesses is Slow Progress Is Still Progress.
I’ve always wanted to be a higher up in a company- an “executive woman”- I would eat up all the songs and tv shows made for kids about business (Biz kids, Schoolhouse rock mostly). I started my journey with my vanity business because I tired of waiting to get published by a major publishing house. Why not be a major publishing house? As I've come into my own I've realized I want more- more money, more experience, better titles, more power ECT.
My method is to work smarter and never harder: I create a company, place 100% of my attention on it and create systems that make the work I have to do minimal. 1-2hrs of work per day max. Borderline passive income. Then I move on to creating another business when I’m comfortable leaving the previous ones without my direct attention for a while. Being a CEO is all about creating sustainable systems that are efficient, reliable and profitable.
I have 2 functional businesses at the moment, they have been planned out for 2.5 years (I started them at the beginning of the year). I have two more I’m working on both in the ‘finding a reliable vendor’ stage. Once I’m past this part I’ll be ready to launch. I don’t advertise online, I work with the areas I’m in and the small businesses around me. It’s easier and more effective than to interrupt other people’s days by doing online ads. No one likes them and a lot of people will straight up avoid your brand out of spite. I’m in the middle of a rebrand and expansion so that eventually I can reach my goal of making 5k a day from my small business empire.
My journey is a work in progress.
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