PROFITABLE TIPS FOR Inspiring Entrepreneurs

In life, you will find who you are in various ways. One of the ways is finding out what you are good at or honing in on skills you already have. Whether it’s jewelry, art, food, hair, nails, or clothing, there is space and a need for your skills to shine. With constantly looking for the next step and stage in life, creating a business out of your craft can add the spark you may be looking for.

You do not have to monetize your skills, but if you want to start your business or keep the momentum going, Thomspon Hospitality is here for you! Here are a few profitable tips that can help you with your entrepreneurial journey:

Be Flexible with Your Business Plan

Everyone has an idea that could be profitable, but only some have a plan. Business plans are a vital tool for organizing and developing your business. According to Investopedia.com, a business plan is a “document created by a company that describes the company goals, operations, industry standing, marketing objectives, and financial projections.” However, depending on your business, your business plan will be different. You may not have all the details figured out in your plan. Instead, your business plan can reflect the goal of your business. It is also essential to be flexible with your plan. If the COVID-19 pandemic taught us anything, life is unpredictable. You must adapt to major and minor changes, such as changing marketing conditions, internal factors, new opportunities, and customer feedback.

Know Your Target Audience

What is your business selling, and who is it for? Those are the questions you should ask yourself as you market your business. Knowing your target audience will allow you to learn to plan your marketing strategy correctly. Does your audience use social media a lot? If so, search and see what sites are the most active. Knowing where your audience consumes media and information gives you a clear idea of how you should advertise your business. For instance, if your audience spends much time on Instagram.com, make your business a profile and advertise to your peers. There are various ways you can promote your business to your community. Pay attention to your target audience to showcase your work and gain more traction.

Organization is Key

You will find that staying organized is one of the keys to success. It will help you manage your time, reduce stress, and be prepared for many things that come your way. The easiest way to ensure you stay organized is to create a schedule that includes the time you need to complete household responsibilities, pay bills, and handle projects at work. Your responsibilities should always come before your hobbies, so make sure that is at the forefront. If you are managing a business or considering starting one, ensure your professional and personal life balance is intact. If the stress of managing a business and balancing work becomes overwhelming, remember that it is okay to take a step back from your business and reorganize yourself.

Build A Strong Network

Managing a business for the first time can be difficult. It will take a lot of trial and error and overcoming obstacles you did not see coming. Connect with other business owners to gain the necessary knowledge to navigate this new space. Check various websites or social media accounts dedicated to business promotional events to see if there are upcoming business showcases. These are great ways to expand your network and gain the tools needed to ensure success in your business. It may be intimidating connecting with seasoned business owners, but there is a lot you can learn from them. They can directly help you grow your audience by promoting you and sharing new ideas that may help the longevity of your business. Building solid relationships with other professionals, entrepreneurs, and business owners can increase your chances of success.

Learn From Your Lessons

It is human nature to make mistakes. Many mistakes will be made as you journey through being a business owner. No one is perfect; however, as a business owner, learning from the lessons you gain is essential. All the lessons with help you grow your business to new heights. It will first improve your business practices by understanding the areas you need to improve, such as marketing tactics, promotions, or sales. Finding the common denominator will help you readjust and avoid it. Improving from your mistakes will also help you build the resilience you need to conquer mishaps and recover from setbacks. Lastly, learning from your mistakes is a guarantee of business success. To be a great leader and professional, you must keep moving forward despite the feedback and mishaps. Ups and downs are a part of the process of success. Therefore, do not let it discourage you from moving forward to sustain your business.

Black Business Owner Spotlight IN HONOR OF Black Business Month

August commemorates Black Business Month, highlighting Black-owned businesses in and around your community. By putting money into Black-owned businesses, one is helping aid the progression of the Black community. The dollars used to support are often put back into other Black-owned companies and Black households. With more money in homes, the economic state of Black Americans improves in various ways.

Buying Black became a vital mantra to help Black-owned businesses get back on track and pour into the economy and neighborhoods. This support, especially during the pandemic, has helped thousands of companies receive the needed help.

Black-owned businesses sell many items and services, from food and groceries to clothing, home goods, jewelry, etc. If you need it, there is probably a Black-owned business for you.

Here are a few Black-owned businesses inspiring the community around them.

Mahogany Books

The Black-owned bookstore Mahogany Books came from a Black-owned wife’s love for books. Derrick and Ramunda Young founded the bookstore in 2007 to make books from the African Diaspora accessible to readers nationwide. They started solely online and opened their first in-person store in Washington, DC in 2017. During the COVID-19 pandemic, they expanded to the National Harbor in Prince George’s County, Maryland. With their platform, they have given a voice to new authors by hosting hundreds of book events in the DC, Maryland, and Virginia areas.

BLK Swan

Growing up with a love for music, Chef Saon Brice did not expect to fall in love with food later in his life. His interest in food peaked after working in a kitchen, washing dishes, and watching food pass him by. He then began climbing the ranks and obtaining various jobs in the restaurant industry for 15 years before stepping into the role of a business owner and executive chef. The West Baltimore native has curated a fashionable and elegant establishment with live music on Fridays and Saturdays by DJs to give the atmosphere a sociable vibe. This is a perfect place to hang out with friends and coworkers after the work week to eat great food and have a good time.

KSM Candle Co.

Are you looking for a candle to light your home? Have you always been interested in learning how to make a candle? KSM Candle Co. is the place for you! Letta Moore created this business from her love of enterprise and the skills she has with candle making to give the community a great product. Aside from candles, Morre also offers incense, room sprays, and diffusers. She also provides candle-making workshops on Saturdays and Sundays to teach people how to create personalized candles.

Fly Nerd Apparel

Following graduating from Towson University and Parsons New School of Design, where she studied graphic design and fashion design, Mimi Dre took her passions to new heights. She created Fly Nerd Apparel, where her talents can be shared. Dre’s love for herself and self-expression led her to create a brand that enhances that message in every way. She offers unisex clothing items, including hoodies, socks, and t-shirts, as well as mugs and buttons with her signature Fly Nerd design.