“Never depend on a single income. Make investments to create a second source.”
That quote perfectly describes the mentality and motivation of our 5 co-founders.
Before we launched "Black Coffee," we first came together and created
“Back Pack Investments LLC” ....#BPi to the cool kids!!
Our mission was simple.
Pool our collective resources (money, time, energy, and experience) and create revenue generating opportunities for our community and ourselves.
Y'all should know the story by now...we started by first investing time and energy in each other, then once we all got on the same page, we started investing money together. After a few years of experience working together, succeeding together, and investing together we created our first business venture...together.... #TheBlackCoffeeCoffeeCompany (Trademark still in review) 10 months later and It still makes me proud every time I type our full name out.
.....but this blog isn't about me, or us, it's about you!!
We share these stories, resources, experiences and life lessons so that others may follow in our success or learn from our mistakes. Our mission remains the same, help members of the community create opportunities to obtain generational wealth for their families.
We strongly feel that after budgeting, saving, and having a sound financial plan, the best strategy to combat the economic achievement gaps facing our community is to practice, learn, and share the benefits of "Entrepreneurship."
We came to this realization early on in our work, and have taken intentional steps ever since then to leave a clear road map on how those coming behind can best follow our path.
Each situation, environment, business, may be different, but we have identified 10 essential steps that are consistent and necessary for true team & community success!
10 Essential Steps Before you Launch
Thinking about becoming an entrepreneur?
Starting a small business with your friends & family?
Ready to launch your dream venture?
Here are 10 essential steps that we followed to launch the Black Coffee Company.
Hopefully these steps will help you or your team launch your next venture as well!
1. Build Your Team
Establishing trust, commitment, and dedicated team are key to every successful venture.
2. Develop Shared Vision
Spend significant time, discussing passions and shared visions. Choose the path the naturally fits your strengths and goals.
3. Create Business Plan
Get organized and most importantly do your research. Consult your local Small Business Administration office for resources and assistance. www.sba.gov
4. Budget Start-Up Costs
Figure how much it will cost to operate your business (daily, weekly, or monthly) Establish a budget, project revenues, and continually revisit.
5. Pay Off Debt
Unless you are already wealthy, then you have bills. Eliminating debt will free up your cash flow, and help eliminate unnecessary stress/pressure.
6. Build Your Savings
You may never need to tap into, or you may face a serious opportunity/challenge that will require financial investment. Either way, always having a savings or reserve fund will keep you in a good position.
7. Protect Assets
Health care, life insurance, auto/homeowners. Retirement Savings Account’s should always be taken advantage of, the future is coming, and you cannot foresee what will come. Be prepared.
8. Create Business Accounts
Buy your website domain name, research your business name and prepare to trademark it. Keep your personal funds and business funds separate. Establish a business checking & saving. Setup a Paypal account, Venmo, or Ca$h app account.
9. Tax Planning
Proper planning prevents poor execution. Save all receipts and keep a detailed log of all business expenses. Also, be sure to save a percentage of all profits so that you are prepared for tax season. Request an EIN (employer identification number)
10. Build Your Community
Think of your business as essential component to a delicate ecosystem. Your business can provide many resources, but it also requires many resources to survive. A business that is founded upon community empowerment and sustainability can never fail as long as the community thrives. Reach out and build partnerships and relationship
That wasn't too complicated was it? Pretty easy to follow right? Let us know what you liked, disliked, want to know more about in the comments.
Next, we will build upon this blog/guide, create more engaging content, and continue sharing resources/tips that anyone can use to pursue:
Achieving true Economic Empowerment for our communities, for our families, and for ourselves will take time, effort, consistency, and unity..
Everyday we take measured intentional steps toward our collective goals.
We come together, talk/debate, agree on a plan, and then we take slow steady steps forward!!!!
Now it's your turn....