ROADMAP TO SUCCESS

BY ALEX GEBREAB ARTWORK JAMAAL HALE

Starting a small business can be an exciting journey filled with challenges and opportunities. As a Black entrepreneur, you may face additional hurdles, but with perseverance and hard work, you can turn your dreams into a successful reality.

According to the 2019 Survey of Business Owners, there were 2,289 black-owned businesses in Portland, Oregon, representing 4.1% of all businesses in the area.

Despite facing challenges, black entrepreneurs in Portland have been able to establish successful businesses across a variety of industries, including retail, professional services, and construction.

Market research is a crucial first step in starting any small business. By understanding the needs of your target market and identifying your competition, you can develop a product or service that meets the needs of your customers and sets you apart in the market.

Let’s take a closer look at an example of market research using a business case scenario. Imagine you’re interested in starting a mobile car wash business in Portland, Oregon. To conduct your market research, you would:

1. Define your target market: Start by gathering data on the demographics of car owners in the Portland area. Get to know your potential customers by surveying them to learn about their needs and preferences when it comes to car washing.

2. Study your competition: Take the time to research existing car wash businesses in the area, including their services, prices, and customer reviews. Consider what makes these businesses unique and how you can differentiate your own business.

3. Evaluate the demand: Use the information you gather from your target market research and competition analysis to determine the demand for your product or service. Reach out to potential customers to gauge their interest and willingness to pay for your services.

4. Once you have a solid business plan in place, it’s time to secure funding. As a black entrepreneur, access to traditional funding sources may be limited, but there are many alternatives available. From grants and loans to angel investors and online lending platforms, there are many ways to raise the capital you need to start and grow your business.

Networking is also essential for any business owner, and black entrepreneurs are no exception. By building strong relationships and connecting with other entrepreneurs and business leaders, you can access valuable resources, gain advice, and find new customers. Consider joining a black business association or entrepreneur group in Portland to connect with like-minded individuals and grow your network.

Finally, it’s important to be prepared for the challenges that come with owning and running a business. This includes understanding your legal and financial obligations, managing cash flow, and dealing with the ups and downs of entrepreneurship. Having a strong support system in place, such as a mentor, business coach, or trusted advisors, can help you navigate these challenges and keep you motivated.

Starting a small business as a black entrepreneur in Portland, Oregon can be a rewarding and challenging experience. With over 2,000 black-owned businesses in the area, you’re part of a thriving community of entrepreneurs. By conducting thorough market research, securing funding, building a network, and being prepared for the challenges of entrepreneurship, you can turn your vision into a successful reality. Best of luck on your journey!