The Black Entrepreneur's Journal Issue IV

The Business of Fashion

Inclusive

Support Systems

For Entrepreneurs and Businesses Alike

Money & Investing

Traditional and Non-Traditional Methods

Mekisha Banks, Founder, Everbella, Mississauga, ON, Skincare

Temi Okesanya, Founder, Road Aider, Calgary, AB Roadside Assistance

Linsey Chérilus, Founder, CcKafé, Longueuil, QC Agendas & Stationery

Africa Centre's Entrepreneurial Support Initiatives aim is to create

Welcome Note

Sharif Haji, Executive Director

The Black Business Ecosystem is ever evolving and so are the services and initiatives being offered to Black entrepreneurs through Africa Centre. We continue to prioritise the full participation of Black entrepreneurs in economic and social development by mobilising resources towards developing new initiatives and expanding existing services to improve opportunities for Black entrepreneurs to thrive.

Recently, we completed an assessment of The State of Black entrepreneurs in Alberta and findings show that Alberta’s Black entrepreneurs continue to face challenges that include narrow customer-base due to racial attitudes towards Black entrepreneurs, poor relationship with financial institutions, lack of access to capital loans, as well as limited networks and business partnerships.

This can be addressed when stakeholders develop an integrated approach that helps Black youth build capacity to address various social, institutional, and systemic barriers in the pursuit of employment and entrepreneurship goals.

As you read this edition, you will learn that factors such as low start-up capital usually generated from personal savings rather than bank loans, which are usually outside their reach as well as lack of social capital gained through professional and social networks and mentorships critically affects the growth of Black entrepreneurs.

While we continue to evolve, we enjoy telling the stories and sharing the experiences along the way. During this Black History Month, I encourage all stakeholders to collectively work towards such strategies that address barriers and contribute to building all aspects of Alberta’s Black business community.

Yours Sincerely,

BCW is a bilingual, non-profit organization committed to advocate for Black Canadian for Black

BCW is a bilingual, non-profit committed to advocate for Black Canadian Women, girls and their families and to support and empower them to ease their social, Women, girls and their families and to and them to ease their social, Women, and their families them to ease cultural, and economic inclusion across Canada through education, employment, economic across through education, cultural, and inclusion through education, entrepreneurship, and full participation and involvement in community leadership. entrepreneurship, participation involvement in leadership. entrepreneurship, and full and involvement leadership. Through its business entity the organization brings together entrepreneurs and

Through entity the organization brings together entrepreneurs professionals and provides them with opportunities to develop personally and professionals provides with opportunities develop personally professionals and them opportunities to develop and professionally. professionally professionally.

Through business the brings together entrepreneurs and

Mission: To empower Black Canadian women and their families to explore, invest and Mission: To Black Canadian and their families to explore, invest and Mission: empower Black Canadian women and their families to explore, and exercise leadership in all sectors of Canadian society and beyond leadership in all of Canadian society and beyond exercise leadership of Canadian society beyond Vision: To be Canada’s leading organization promoting socio economic engagement and be leading organization promoting engagement and Vision: To Canada’s organization socio engagement and development for Black Canadian Women, Girls and Families. for Women, development for Black Canadian Girls and Families.

Welcome Note

Kemoh Mansaray, Chairman

I am excited to present the fourth edition of the Black Entrepreneurship Journal (BEJ), it has been an exciting journey from the release of the first publication. Through the years, we have explored, learned, and strengthened our commitment to the advancement of Black entrepreneurs.

The BEJ is Africa Centre’s bi-annual business publication with a reach across Canada, in print and on digital platforms. Through this medium we convey topics and stories told from a unique perspective to offer balanced reporting and bridge communication and information gaps in the Black business sector.

This publication highlights some of the tools which Black entrepreneurs have used to turn dreams into success; these include education, coaching support, creating opportunities for expanding social capital through networking, and leveraging the importance of business interdependence. Through this initiative, we seek to represent the continuation of our dream to share stories and resources for Black entrepreneurs in the Prairies and beyond. Just like this journal started as a dream, we continue to highlight incredible Black entrepreneurs whose dreams turned into fruition while paving the way for future entrepreneurs.

Our goal through this edition of the magazine is to present a reference point that serves potential and thriving Black entrepreneurs, as well as professionals across various sectors of the society.

The scope of this magazine highlights the contributions, resilience, and ingenuity of Alberta’s Black business community. This edition comprises a range of business topics, resource, data, lessons and lived experience of Black entrepreneurs. BEJ has made remarkable advancements since the release of the first edition. This fourth edition promises to be a great read.

Yours Sincerely,

Money & Investing

the basics of funding a business

by Nosa Ayanru

Accessing a reliable source of capital to fund business ideas and operations is a key success factor for entrepreneurs worldwide. For every business owner, the question of funding innovation and daily operations is persistent. Whether it is referred to as capital, finance, cash injection, or seed money, access to financing is the life wire of any business. As much as relevant idea generation is key to starting a business, it is almost always impossible for the entrepreneur to proceed with that idea absent funding. The funds are typically used to finance the purchase of equipment/ building, accounts receivable, and inventory financing. Having established the importance of capital to any business, the

next question on the entrepreneur’s mind is, “where do I find the money?”

Sources of Finance in A Business

The source of finance or capital for a business has varied from different generations. For example, the sources of capital in the 1970s differed from the way capital was attracted in the 2000s. The goal is the same, and both methods are still very effective. Each method can also still be adopted in any era. However, it is important that we differentiate between Traditional(old-school) and Non- Conventional (new-school) Methods.

Traditional “Old School” Methods

1. Personal Savings: This is one of the most

traditional sources of capital generation and probably the most limiting because of its finite nature. If an entrepreneur is going to take a risk in starting a business, it is natural that they are the first investor. While not all companies have personal investments injected, many have resorted to this as the first capital base.

2. Patient Capital: This is another common source of capital. Popularly referred to as “Love Money” or “Bank of Mummy and Daddy,” - These funds are usually from sources in the entrepreneur’s close circles. These are usually family members and friends. The reference to the term Patient Capital stems from the fact these sources are generally less strict in terms and conditions of repayment.

3. Banks: Banks are institutions authorized by the government to lend money to businesses enabling them to finance the acquisition of warehouse spaces, production units, equipment, and inventory necessary for operations.

Non Traditional Methods

These methods are regarded as non-traditional because they are less common strategies for accessing capital.

1. Venture Capital: This form of capital

generation is common in the technology space. It typically involves the injection of capital into a business that displays high growth potential where the capital injector (venture capitalist) takes an equity or management position in the business being financed.

2. Crowdfunding: This is another non-traditional means of generating capital. As the name implies, it involves a process that allows an entrepreneur to generate capital to fund a new business by seeking small amounts from a large number of people. Crowdfunding is regarded as one of the most accessible forms of generating money. Investors and business owners usually meet through social media or crowdfunding websites like Kick Starter, Patreon, or Indiegogo. Business owners pitch a product or service in exchange for amounts as little as ten dollars from a large number of people/potential investors. Crowdfunding also allows business owners to validate the viability of the product or service they are launching; these platforms allow for feedback on the quality of their product/service offering.

3. Business Angels: These are usually high net worth and wealthy individuals with business experience looking to invest in start-ups. Angels (as they are referred to) are people who come on board with loads of business experience, the management or technical skill, and industry contacts.

Entrepreneurship Empowerment Program with

Kojo. B. Otoo

Theword ‘entrepreneur’ is often used to describe a business owner. While operating a business is key to the definition of entrepreneur, the term also encapsulates the need to take higher-than-average risks.

For those in the Black community, these risks are further magnified when entrepreneurial endeavors come up against discriminatory practices designed to diminish or exclude minority populations. When speaking of systemic discrimination, anecdotal evidence has always existed. We have heard the stories or experienced the disappointment directly. In 2019, the world witnessed such discrimination in the recorded death of George Floyd. This tragedy highlighted the inequity experienced when minorities engage with law enforcement. This event was also the catalyst for some significant initiatives that sought to create balance in economic system, particularly for Black communities. Canada’s federal government held a mirror to herself and decided that the change must start here. Streams of funding poured into the Canadian economy to

support Black economic growth and to begin dismantling systemic barriers.

This funding brought to life the Entrepreneurship Empowerment Program. Kojo Otoo is the Senior Manager of the program and joined the team in August of 2021, just a few months after the program caught traction. Otoo describes his mandate succinctly.

“To drive this program across Alberta and Winnipeg, Manitoba.” He noted that they have done considerable work with this requirement, having established a presence in Edmonton and Calgary and as far as Winnipeg, with over 200 program participants and counting

“[Africa Center is] trying to position ourselves as a center of excellence for Black economic empowerment,” shared Otoo.

A program of this magnitude isn’t without its share of hurdles. Otoo reflected on an early discovery, “One of the biggest challenges was the lack of data on Black entrepreneurship in Western Canada. From an academic lens, Canada, in general, has less data than our friends in the south (USA).” Through additional

The core elements of the program include:

Building capacity of Black entrepreneurs through financial literacy, enable financial access, and mentorship, among others;

Providing streamlined processes to accessing resources for the Black community;

Stakeholder engagement and networking to help build capacity;

Fostering Black entrepreneurship across Alberta;

Driving economic equity, fairness, and justice for Black Entrepreneurs.

...One of the more rewarding experiences for Otoo is having persons who were initially declined for loans or funding, eventually get approval after getting the necessary support through the program...

research efforts, the team extracted qualitative and quantitative evidence to give depth and context to the anecdotal evidence. This type of data is essential when advocating for resources, funding, and policy changes that significantly impact business owners from marginalized communities. Otoo expressed that access to more data-driven information will allow the organization to better meet the needs of entrepreneurs. As the program evolves, Otoo also hopes to provide tools to stimulate business creation, scaling, and expansion. “I would love to see an incubator program to foster innovation, connect participants with mentors and allow them to leverage the Black business ecosystem in ways that help with business pitches. I want to see relevant and timely services for Black entrepreneurs.”

One of the more rewarding experiences for Otoo is having persons who were initially declined for loans or funding, eventually get approval after getting the necessary support through the program with revamping and fine tuning their business plans. “Some people conflate their passion with what the market needs and their skillset. The research helps,” says Otoo. He acknowledges that for many entrepreneurs that matriculate through their system, there is a gap in technical skills and general business acumen needed for a firm foundation. The team must therefore curate intuitive programming that can identify these shortfalls and make the best connections to correct it.

Mikail Adekunle

For program participants like Mikail Adekule, the program provides more than an opportunity to learn and grow. There is empowerment in the shared experience and through accessing needed resources. “My biggest takeaway is knowing that Black business owners don’t have to go it alone. They have an organization like Africa Center with the resources and know-how to help them on their journey.” Adekunle also noted that the facilitators are seasoned professionals who understand the challenges of Black business owners and how to navigate around them. The impact of the experience extends beyond the classroom, “Thanks to the learning from the program, I have been able to help my sister develop a business plan and strategy for an idea she’s been nursing for a long time. The business is now registered, and we are looking to start operations soon,” said Adekunle.

Toba Olaniyan

Toba Olaniyan shares, “This kind of forum is important to Black business owners because it helps us to grasp the intricacies of how things are done here and to align our culture and businesses in accordance with best practice. My biggest takeaway from the event is that I need to be smart with my bookkeeping in order to maximize various benefits and take advantage of every clawback as provided by the law. “I am working on setting up a better tracking system to capture inflow and outflow real time to ease filling at the end of the year. The program was quite enlightening, I am already looking forward to the next one. Kudos to the organizers.”

&

BOOST the black business ecosystem

By Ehis Nzewuji

The story of the Black Business Ecosystem is told through diverse tongues and experiences, albeit with similar challenges, motivations, and aspirations. A significant part of the information about the Black business ecosystem remains anecdotal, considering the absence of empirical findings in an area so specific. A sector of the economy with boundless latent opportunities for growth deserves more attention. We do not know enough about Black entrepreneurs in Alberta, which hampers the support and resources channelled toward their businesses; this also increases the challenges they face in their entrepreneurial journey.

In our operations at Africa Centre, we have acquired a firsthand understanding of particular factors that affect the Black business ecosystem. We intend to analyze these findings and their impacts, to put forward standards to measure outcomes that could serve as a springboard for growth. Our goal is to create a balanced business ecosystem and to ensure

that Black entrepreneurs' potential is harnessed. Increasingly, entrepreneurship has been a significant source of job creation. Small and Mid-Size Enterprises (SMEs) continue to carve market niches for growth and seek ways to serve customers more intimately. The opportunities for scaling up and market expansion are illimitable, considering that entrepreneurship also serves as a means of cultural expression and integration. A society where Black entrepreneurs are fully integrated and have equal opportunities to realize their dreams helps us all.

The ecosystem comprises various categories of people and businesses in different phases and therefore requires varying resources. What this means is that there is no one-size-fits-all. While some generalisations are necessary to obtain a starting point of action, a more targeted approach is expedient. That way, growth opportunities are extended to more people; businesses access resources that meet specific needs; and the evaluation process

becomes more transparent and measurable.

Our BOOST Youth Employment Program at Africa Centre is one strategy in addressing these gaps. This program is a free initiative that helps Black youths between 18 – 30 years old to develop and improve the skills and knowledge to address various social, institutional, and systemic barriers in the pursuit of employment. Upon completion of employability and life skills training, participants are linked with employers. Participants are given opportunities to put their skills into practice, broaden their horizons, contribute to the economy and set a path to self-reliance. This process supports a continuous feed of skilled members of the Black community in the economic sector by equipping our youth with the tools that enable them to access opportunities for economic growth.

The skills our youth learn in this program teach them to build relationships, gain visibility, foster adaptability, and create more opportunities for advancement. BOOST Youth Employment Program graduates also often go on to participate in our Entrepreneurship Empowerment Program. Black immigrants face challenges that impede the most basic steps towards financial security and independence, such as language barriers, education, and trauma to name a few. The BOOST program provides a safe and culturally sensitive space to develop the basic skills required for

...the effects of the recent pandemic on the Black business community were a wake-up call for everyone... small business owners in our community had no safety nets...

entry-level positions. The remarkable aspect of this program is that through mentorship, coaching, and networking opportunities, youth discover latent potentials and incubation of ideas that lead to further studies or entrepreneurship goals.

On the entrepreneurial journey of members of the Black community, the issue of low start-up capital cannot be overstated. These businesses are mostly started with personal savings rather than bank loans, which are usually outside their reach. Also, the lack of mentorship and social capital gained through professional and social networks critically affects the growth of the Black business ecosystem. As a result, their operations remain classified in the Small and Medium Enterprise (SME) sector with no strategic plan for mainstream ventures.

individuals (21.2% of the labour force), and large businesses employed 2.3 million individuals (14.8% of the labour force). As such, small and medium businesses are significant drivers toward economic prosperity.

Considering that many Black-owned businesses fall within the SME category, a lot more attention is required to ensure continuous growth and a soft landing for unforeseen circumstances. The effects of the recent pandemic on the Black business community were a wake-up call for everyone. From interaction with participants of our programs at Africa Centre, small business owners in our community had no safety nets. They had no way to bounce back from the effects of the pandemic on their businesses. This calls for more work to be done in capacity building, levelling the playing field, and access to support and resources.

and Growth of SMEs in 2020

This is not to invalidate the contributions of SMEs in the economy. According to Statistics Canada, SMEs account for the largest proportion of the labour force. Chances are, many of your family, friends, and neighbours work for one. Statistics Canada considers a small enterprise as one with fewer than 100 employees, including those that do not report any employment. Medium-sized enterprises have 100 to 499 employees and large ones have over 500. In addition, a survey on the Financing

published by Statistics Canada showed that small and medium-sized businesses contribute significantly to the Canadian economy, making up 98.1% of all employer businesses in Canada in 2021. Small businesses employ 9.7 million individuals in Canada. By comparison, medium-sized businesses employed 3.2 million

A lot is being discussed about the difficulties that people of colour face in the labour market, which usually generates the savings that are used to start businesses. Africa Centre had embraced holistic and sustainable ways of feeding and building the ecosystem through capacity building, which funnels skilled workers into the workforce while simultaneously helping employers fulfil their organisations' equity, diversity, and inclusivity goals.

Africa Centre continues to prioritise the full participation of Black entrepreneurs in economic and social development by actively mobilising resources towards developing new initiatives and expanding existing services to improve opportunities for all Black entrepreneurs to thrive.

MARKETING STRATEGY Understanding A

by melissa edwards

Why a marketing strategy? Why is it necessary? Can’t I just start selling my product? Would you go shopping for or start making a new dish without having a recipe to guide you? A strategy acts both as a roadmap as it includes where you want to go, your objectives, as well as supports cohesive deployment of plans and activities in line with those established goals and objectives.

By now, you are likely familiar with the term “The 4 P’s” of Marketing: Product, Price, Place, and Promotion. An additional underlying element that must be recognized is your target... the who. Let’s look at each P in the context of the target. I’d like to approach it differently, though, and I’d like you to step out of your shoes as a marketer and step into the familiar shoes of the shopper or consumer (in some cases they are

the same, and in others they are different). Let’s go shopping for a pair of winter boots shall we?

1. Product: As you got dressed for work this morning, you realised that your winter boots are less than wholesome. These are your favourite pair, of course, and now you need to replace them, but what is it that you need? What are you looking for in a replacement pair? What kind of comfort? What kind of protection? Is it important that it follows the latest fashion trend? The product of which we speak, winter boots, can take on so many forms and will depend entirely on the preferences and needs of the shopper.

2. Price: How much are you willing to pay? In a bind, like today, when you need to replace your boots immediately, or face frozen feet, you will be more inclined to pay a higher price vs a scenario where you may be purchasing a second pair of boots or purchasing boots in autumn, ahead of the cold temperatures. There are also other considerations for the price of a product for the seller, of course. The cost of production, the cost of overheads, variable expenses, capital investments, etc, must all be considered as profitability is the ultimate goal.

3. Place: Where do you want to buy these boots? Can you repurchase online because you already know you will buy the same boots that you previously had and don’t need to try them on? Is your online retailer willing to let you try it on then return it if it does not fit the way that you want? Do you have the time to wait for it to be shipped or do you need to head into a physical store immediately to

pick your new pair, and try them on? Will the local boutique have what you need or will you need the variety of a large department store?

4. Promotion: How did you know where to go looking for a new pair of boots? Was it via an email coupon? A post on Facebook or Instagram? TV? Radio? All of the above? Which was most effective? Which really helped you make your decision on where to shop? Did you get all of your information from one of these methods or did you have to go looking for more? Did that radio ad direct you to visit a website or Facebook page for more details? Did the communication contain a call to action that encouraged you to go browsing to make a purchase?

As the shopper you need to identify exactly what you want (product), how much you are willing to pay (price), and where you will do your shopping (place), all guided by the information that you have at hand (promotion) As the marketer, you need to ask your target these questions to ensure that you meet their needs in the best possible way. Falling short in any one of these 4 aspects can lead to under performance.

Imagine having the perfect product, designed to meet your shopper needs exactly, but you are unable to communicate it effectively, how will your shoppers know where and how to purchase from you?

What if you are selling a product with a 2-day lifespan, but you are an online seller with a 5 day transit? Your shoppers will be very displeased with spoiled products. What if your price is misaligned with other competitors in

the category? Pricing yourself out of business or leaving money on the table are both undesirable. What if you develop and deploy an exceptional communication campaign, tailored by media type, with a clear message and call to action, but your product does not meet the shopper’s needs? You will have enquiries, for sure, but will people purchase? Will they repurchase?

This shows the importance of each element and the role that it plays to the shopper. How do you design the right product? How do you know where to speak with your shoppers? How do you know if your value proposition is

worthwhile? How do you know where to offer your product? This is the role of research. Research plays a critical role in helping you to be informed when making decisions and should not be an afterthought or invested in only after issues arise.

Now you have a basic understanding of how to start building marketing strategy. And I say basic because there is a world of information on each topic. Stay curious and continue looking for more details to help make your business a success!

“...Imaginehavingtheperfect product,designedtomeetyour shopperneedsexactly,butyou are unable to communicate it effectively,howwillyourshoppers knowwhereandhowtopurchase fromyou?...”

The State of Black Entrepreneurs in Alberta

This comprehensive study is the first of its kind in Alberta and seeks to explore the current state and challenges of Black Entrepreneurs to inform economic opportunities and address inequalities

Methods: Mixed method approach with 256 Participants in total

Phase 1: 24 participants split into 2 focus groups to determine the current state of Black entrepreneurship

Phase 2: 232 participants answered a Bespoke questionnaire looking at the experiences, challenges and demographics of Black entrepreneurs

Demographic and questionnaire results:

65 2% male 34 8% female

83 6% were 45 years or younger

Most have been in business for 6 6 years

59 3 % had business partners

Top 3 reasons why people become entrepreneurs

Build personal and family wealth (60 3%)

Satisfy a passion (52 2%)

Top 2 industry types: manufacturing (17 2%), and service (16 8%)

Take advantage of a business opportunity (44 4%)

Key findings/challenges faced by Black entrepreneurs:

Lack of credit/loans

Lack of training & financial literacy

Poor relationships with financial institutes

Inadequate capital Impact of COVID

Racial Attitudes

Narrow customer base

Lack of networks

Recommendations and next steps:

4 Expand customer base

5 Increase community networks

Bringing these issues to the forefront will enable policymakers, Black entrepreneurs, and the community at large to understand the current narrative that hinders Black businesses. This serves as an economic blueprint and a roadmap on how to overcome challenges hampering Black businesses.

Read the full report:

ENTREPRENEURIAL SPOTLIGHT

By Taneya Rogers

SPOTLIGHT

ON —Saida Ali— Salam Fashion

A Note on Keeping Modesty Fashionable

Forsome, the path to entrepreneurship is a firm resolve from an early age. For others, business ownership is an eventual landing pad after thoroughly exploring numerous career options. Although Saida Ali participated in her high school entrepreneurship academy, she did not know that it would play such a big part in her life. Graduating from the University of Toronto with majors in sociology and English, her work history included stints with the Government and in the finance industry. Shaped by her mixed Somali-Kenyan heritage and Islamic faith, her interest in ‘modest fashion’ followed throughout her life. As a consumer, her struggle to find affordable, accessible, and fashionable modest clothing, spurred the birth of Salam Fashion.

Operating an online-business front, Saida took the feedback of her community and other Hijabi women. She worked directly with designers to deliver this niche aesthetic. This strategy helped eliminate the need to alter

clothing from mainstream retailers to meet her modesty bar while remaining trendy. “The number one misconception is that if you are Hijabi, everything you wear has to be boring. You’re expected to fade into the background, and there is the idea that there is nothing fashionable about covering up. There is a misconception that any modest fashion is a form of oppression and we did not have a choice,” says Saida. Her brand experiments with vibrant colours, prints, and fabrics with varying levels of breathability to give Hijabi women fashionable options.

Developing the right business acumen is necessary for success. Crafting the right marketing strategy for Salam Fashion has consumed much of Saida’s energy. “Being the face of my brand has developed my public speaking skills.” shares Saida. She admits that in the earlier stages of her business, she would shy away from interview opportunities, feeling more comfortable working in the background. “People want to know the person behind the

brand; I believe so much in the brand, so I have to back up what I am selling.” Saida explains further that for many small businesses, if no one knows about you, then you’re non-existent; having a strong marketing plan is essential. It may be humbling to admit that you don’t know everything; however, Saida encourages entrepreneurs to tap into the talents of others who are professionally trained/educated in business skills that they may lack. Even when outsourcing work, Saida says, “You have to remain engaged every step of the way. You can’t delegate and walk away from it.”

Business ownership is often complicated by the demands of family life, particularly for mothers. Saida, however, creates balance by folding her daughters into her work. Her eldest daughter is hands-on; however she cautiously carves time on weekends only for her family. “There are sacrifices to be made, but you realize it is a long-term investment. You must

know when to pull back but understand that the business needs your attention to flourish.” This is where legacy building begins - Saida hopes to pass this business to her daughters. More importantly, she hopes her efforts as a young Black Muslim woman set a firm example of resilience for her daughters. She hopes her tenacity and willingness to push through without complaint will encourage her girls to pursue their passions fervently.

“It’s only a failure if you don’t get back up,” Saida shares. To the young woman contemplating taking an entrepreneurial leap, she adds, “If you really want it, it is possible. Knowledge is at our fingertips, so whatever roadblocks you think there are, there are support and resources out there. There is nothing like being your own boss as a Black person - to know this is mine, I have worked hard for it, and I have something to pass to my children.”

ENTREPRENEURIAL SPOTLIGHT

By Greg Davis

SPOTLIGHT ON —Evelyne Nyairo— Ellie Bianca

A Note on Expansion

Imet Evelyne Nyairo a few years ago while she was doing a pop-up shop at Blush Lane on Whyte Ave. Since then, her brand Ellie Bianca has grown exponentially with a vision to become a billion-dollar brand. The Ellie Bianca brand now has its stand-alone store in Calgary along with a growing list of retail partners such as Blush Lane, The Bay, and, coming soon, Costco, to name a few.

What is Ellie Bianca?

Evelyne will tell you that she works for her daughter with an eye on her future. The authenticity of this sentiment quickly registers when you learn that Ellie Bianca is named after her daughter. This elevated approach to presenting beauty is coupled with a background in Chemistry. The collaboration delivers a quality product-line adapted by women looking for skincare solutions.

It’s not an easy road.

As a Black woman in the beauty and

cosmetic industry, Evelyne explains that she often has to go above and beyond to showcase her credentials, plus behind the scenes of product development, all to gain trust and acceptance from retailers and consumers alike. To build this trust, Evelyne spends a lot of time on the road, working with retailers to achieve face time with potential customers. “Oh, you made this in your kitchen” is often one of many initial reactions she gets as a Black woman in this space. Conversations will sometimes include showcasing photos from the production process or various bits of lab data to establish credibility in the consumer’s mind. However, one of Evelyne’s goals is to transcend beyond having to put in the extra effort to find validation in the market and be positioned as a trusted brand.

Some of the Keys to Success

Understanding what you know and what you don’t know. When you understand what you don’t know, you will lean on experts to help you build the road map for your business. For

example, what does the financial roadmap look like? You need the right people around you to help you understand the essential aspects of business that you don’t know.

Your customer is not ONLY the Black community. Consumers and retailers automatically place you in a market box because you are a Black woman. Understanding if the market is large enough to sustain your brand is essential. Ellie Bianca has worked to establish that the brand is for women of all backgrounds in search of quality skin care products.

A proper pricing strategy allows you to make a sustainable profit margin and work with retail partners and wholesalers. Far too often in our community, we undervalue our rates, which does not allow for growth in the long term.

As a single-mom immigrant woman from Kenya, Evelyne works to tell a different narrative on what it means to be Black and thrive in Canada. Far too often, she sees the mainstream media that being Black is juxtaposed with negative news and stories.

“Being Kind to Women ‘’ is a crucial pillar for the Ellie Bianca brand, which leads Evelyne to work with groups such as Black Canadian Women in Action (BCW). This partnership is a critical way to encourage and educate more Black women on what they need to do to reach ultimate success. “Together we get there faster” is the underlying sentiment behind giving back to the community, as the more success stories we have, the stronger our community will be.

what is your

CREDIT SCORE

Learn the Importance of Building your Financial Identity with Credit with Ayo Oladmeji

It is no news that we live in a credit-based economy, but interestingly people either shy away from accessing credit or simply do not understand the consequences of not having a good credit score. The question is, what is your personal/business credit score and why do you need to keep it up?

Your credit score is a three-digit number that represents the likelihood that you will be able to pay your bills on time. Statistics Canada defines a credit score as “a number that expresses your credit information at one point in time. It indicates the risks you represent for lenders, compared with other consumers, on a scale from 300 – 900. High scores on this scale are good. The higher your score, the lower the risk for the lender”.

Some of the mistakes that affect the overall credit health of people and businesses are related to missed or overdue payments, taking out in-store credit cards, forgetting to review your credit report, carrying a balance month to month, ignoring loans in the collection, etc.

The credit bureaus Equifax and TransUnion, which are the two major consumer credit bureaus in Canada, compile this information about your financial history in the form of a credit report and provide it to banks and other lenders as one of the ways to help assess your creditworthiness.

Building your credit score requires financial discipline and the right information about how the credit system works. Some pertinent reasons why you should build your

Build a credible credit history by using your credit and repaying it promptly.

Be diligent to review your billing statement and correct detected errors promptly.

Honor the agreed payment terms to your vendors and suppliers.

As a business entity, be sure you pay your taxes to Canada Revenue Agency (CRA).

1. It can be a major game changer as it is an important factor that lenders consider and rely on when reviewing your loan application and creditworthiness

2. With good credit, you have easy access to capital

3. You can qualify for a low-interest rate when you borrow

4. A poor credit rating can stay on your profile for years and can prevent you from getting your dream job or access to a desired rental apartment

5. You do not want to botch your chances of accessing funds when you really need them,

such as securing a mortgage or accessing capital for your business growth.

Your credit score is evidence of how responsible you are with your personal and business finance. If you have a bad credit rating, the good news is, it can be fixed. The right information and knowledge are key. To better understand how your credit status can either affect you positively or negatively, it is recommended that you seek professional guidance. A financial advisor or organizations like Canadian Imperial Advantage (CIA) can provide you with guidance and credit counseling services to achieve your personal and business goals.

To build and improve your credit score rating and avoid them plummeting, consider adopting the following habits:

Avoid shopping around too often for credit.

credit and credit score are listed below:

Support Systems

Black Entrepreneurs & Business of Canada

by Leah Rambally

Walking

down the bustling roads of Toronto, a young Jackee Kasandy was awe-struck by the dozens of businesses lining the city streets. She was armed with an unwavering entrepreneurial spirit and dreamed of eventually opening a business of her own. But she had a problem. The system was stacked against her from the beginning.

“I knew there was no way I was ever going to get funding to do any business because of the way the system works here,” she says. “It is a dead system to many like me.”

Jackee didn’t know it then, but she was considered ‘unfundable’ by Canada’s financial system. She coined this term to describe Black entrepreneurs who can’t get loans or grants, no matter how good their idea is, because they are too young, face too many student loans, lack personal assets, or face other systemic barriers. Recently immigrating from Kenya, Jackee didn’t understand the complex banking system. She also lacked access to generational wealth or family capital to be used as security, limiting her chances with traditional banking institutes. These issues are magnified when layered by centuries of racism and systemic exclusion of Black businesses.

Jackee isn’t alone. According to a 2021 survey from the Black Entrepreneurs & Businesses of Canada Society, 53% of western Canada Black

Businesses identified access to capital as the most significant challenge they face. Generational wealth has allowed White entrepreneurs to propel their businesses forward through funding and social connections. However, Black and People of Colour entrepreneurs have not been given the same opportunity. As a result, many accumulate debt from student loans or credit cards—hurting their credit and preventing access to crucial loans they would need to start their business.

“It’s so easy to feel defeated because you’re struggling to go upstream and you keep being told, “No.” You’re sharing your idea, and no one is looking at you with any sort of possibility that they could have you.”

Undaunted, Jackee fought for her business. After moving to British Columbia, she financed her own company by maxing out her credit cards and cleverly creating an income stream via Airbnb. She made it, ‘just barely’, and today generates between $500,000 - $1,000,000 in revenue. But the bumpy road to business success sparked a new dream; she was determined to change the system, not just for herself but for thousands of other Black business owners who have also been unfairly deemed ‘unfundable’.

“We need a unified voice to advocate in terms of policy and system changes — that’s why the BEBC exists. The most important thing is to change the landscape and introduce Black businesses into the larger ecosystem, so their impact is felt, acknowledged, and celebrated.”

Jackee is now the founder and CEO of the Black Entrepreneurs and Businesses of Canada Society [BEBC Society], a Black-led non-profit that helps Black entrepreneurs start, grow,

and scale their businesses. The organization provides seven different programs, such as coaching, mentoring, funding, and financial literacy, to help others achieve entrepreneurial success.

The Black Pitch Contest is the newest tool in BEBC’s arsenal. The competition provides Black entrepreneurs a chance to win $25,000 for their business, no strings attached. The contest leads with a ‘barrier-free’ entry; anyone in Canada’s Black community can apply regardless of age, gender identity, or experience level. Even business ideas at the beginning of conception are eligible to win.

The pitch contest, along with the BEBC’s other programs, represents a critical support network to help Black entrepreneurs break business barriers. Black entrepreneurs can join the BEBC for free— this gives access to mentorship, financial literacy, accreditation, business education, and more. They also have early access to the BEBC’s signature event, the Black Business Summit, which returns in late February 2023—where finalists for the Black Pitch Contest will be featured.

Today, Jackee smiles when she looks back on how far her dreams have come since the days she walked through the streets in awe. For anyone else facing barriers, she has a message:

“Don’t ever let anyone talk you out of your dreams, no matter who they are. If you talk to people about your business and they seem to dismiss you or don’t understand, don’t take it personally because you have the vision. Seek out anyone already doing business and speak with them or come to the BEBC; we will help you”.

Resource Guide

Resource Centers

Africa Centre

The largest Black-led non-profit organization in western Canada, serving as a community hub, providing programs and services from a place of cultural awareness and competency to the families in our diverse Black community.

www.africacentre.ca

info@africacentre.ca

(780)455-5423

Alberta Women Entrepreneurs (AWE)

Since 1995, AWE has provided tools and resources to help women across the province succeed in starting or growing a business. For more than twenty-five years they have connected women with capital, training and workshops, business advice, and mentorship opportunities

www.awebusiness.com

info@awebusiness.com

1-800-713-3558

Black Business and Professional Association (BBPA)

A national non-profit organization that addresses issues of equity and opportunity for Black professionals and entrepreneurs. They provide a host of seminars on financial literacy and business empowerment; they also offer a youth development programs.

www.bbpa.org

info@bbpa.org

(416) 504 - 4097

Business Link

Since 1996 Business Link has been a hub for new business. They offer advice, resources, coaching, market data and other tools to point entrepreneurs in the right directions to convert those innovative ideas into a lucrative plan.

www.businesslink.ca

(780)422-7722

Business Development

Futurpreneur

This national non-profit organization provides direction on financing and mentoring as well as support tools to up and coming business owners ages 18-39. Their internationally recognized mentoring program pairs young entrepreneurs with a business expert from a network of more than 3,000 volunteer mentors.They also offer access to a free online Business Plan Builder.

www.futurpreneur.ca

bngoran@futurpreneur.ca

(416) 408-2923 ext. 4693

Buy & Sell – Government of Canada Tender

The Government is a customer and often purchases a broad range of goods and services from local businesses, including furniture, food, painting services, catering, janitorial services, and business consulting services to name a few. Small businesses can bid on posted tenders, adding the Government of Canada to their client list.

www.buyandsell.gc.ca

Funding, Grants & Loans

FACE- The Federation of African Canadian Economics

A national coalition of Black-led organizations responsible for the new the 350-million-dollar Federal Government loans for Black Businesses in Canada. Apply online to gain access to capital and connect with professional development services.

www.facecoalition.com

info@facecoalition.com

1 (855) 560-FACE (3223)

Government of Alberta

The Government of Alberta provides a host of business grants in varying sectors. Visit their website to learn more about what current programs exist to access funding for your business.

www.alberta.ca/small-business-resources.aspx

Below are a list of the organisations who have contributed to the establishment of this business journal