The Game Changer for Black Entrepreneurs in 2020
By: Angel Harmon
Source: https://atlantadailyworld.com/2019/12/26/the-game-changer-for-black-entrepreneurs-in-2020/
Let’s be honest. Many African-Americans want to be entrepreneurs running successful businesses, but most of them lack the necessary foundation and resources to even operate their businesses properly. To be precise, 80 percent of businesses fail within the first year, according to a Bloomberg and Forbes reports. Everywhere you look, statistics read that differences in social networks, role models, education, and occupational choices are the reason that African-Americans are either failing in business or are reluctant to get started.
As a black multi-preneur, I can earnestly say that we are our worst enemy, but with the right people, research, planning and flexibility, our businesses actually have a better chance of succeeding. The easiest thing you can do in any line of business is to ask for help, but why do we not take advantage of this? This is the very reason why Charlene White-Thompkins of Biz-Quic, Inc. and her team want to get ahead for the new year and not only help black business owners position themselves for success, but for efficiency. They are solely an African-American run business out of Brunswick, GA. To their dismay, the company’s clientele consists of only eight percent ethnic group that is a minority in which they help excel year after year.
They insist on changing those statistics in 2020.Charlene often shares a story of how her mother mistakenly turned a 3-hour trip across Georgia, from Brunswick to Fort Valley, into a 10-hour drive. The fault? Her mother not wanting to admit that she had gotten lost and needed help beforeit was too late. Biz-Quic was created for situations like this –in business –to step in and assist before it’s too late. “There are tons of resources available…but [people] are still clueless on how to apply them and will struggle to the point of giving up rather than say, ‘I am lost and don’t know what or how to do this’…just like my mom,” said Charlene. At Biz-Quic, businesses and individual professionals are provided with administrative and secretarial assistance to help them run their businesses more proficiently. On an independent contract basis, their services are provided monthly, as well as on a pay-as-you-go or per-project basis.
Their services even allow companies to reduce or minimize their investment in office equipment and space. No matter the size of the business, small or mid-sized operations, Biz-Quic services allow business owners to dedicate more of their time and resources towards what they do best. The team started small –searching and writing proposals for minority non-profit organizations and applying for contracts and bids for for-profit organizations. The organizations they worked with had been in business for years, but in reality, were in no shape to actually compete for grants or bids.
These relationships kicked off a beta launch for Biz-Quic, where they developed a Virtual Administration Department working back-office tasks for these organizations for three-to-four months, which essentially helped to revamp the entire foundation of those organizations. The results of their administration assistance helped to decrease grant or bid denial rates by 75 percent. Soon after, Biz-Quic realized that all types of businesses and entrepreneurs could benefit from this service, including startups. “We believe that if [the virtual administration] starts them off right, they will have a better chance at getting loans, bids, contracts, sales or grants,” said Charlene.
Biz-Quic has a track record after having worked and collaborated with a variety of businesses and organizations, including Minority Chamber of CommerceOrganizations, though never at the capacity they are operating now. “We had an awesome year,” said Charlene. “This year we have won 26 bids, awarded 12 grants, and have assisted 15 entrepreneurs.” However, many black businesses were not able to afford them,and many others do not even recognize the importance of their services. This is where collaboration can become a powerful tool.
This year, Biz-Quic is looking to partner with more minority chambers and black business associations. This partnership will allow affiliated businesses to enroll in two months of free Back-Office Services, a Business Plan, Risk Assessment, and a discount on other services and products, up to 75 percent off. These offers, valued over $2700, would come with hands-on guidance and training through the partnered chamber or association, and would essentially be a win-win for new entrepreneurs. Biz-Quic is also looking to partner with those organizations and communities involved in economic development. Typically, in organizations like this, investors are seemingly interested in a Minority Fund Loan, but always want to make sure they will get their return on investments. Biz-Quic wants the same output because when there are more success stories, there is more opportunities. However, underdeveloped businesses must have hands-on assistance.
Why is this relevant?With their new Case Management/Technical Assistance Program, Biz-Quic can provide a year of technical support to borrowers of minority loan funds, which will fill in the gaps to ensure that enrolled businesses succeed. The Canann Group(Brian Scott)assist them in generating and closingleads. Together, they not only help businesses retain their initial business plans butwill also redirect the organization if they see that plan is not feasible for that particular business. Biz-Quic’s Technical Assistance Program consists of:
●Back Office:One year of virtual administration and support personnel, record maintenance, regulatory compliance, accounting, and IT services
●Technical Assistance:Aims to maximize the quality of project implementation and impact by supporting administration, management and policy development
●Hands-On Training:Aids all software, subscription and office equipment implemented during the back-office setup
●Business Coach:Helps clients to create success by focusing on personal development, decision-making, time management, actionable deliverables and self-sabotaging behavior is -Quic’s Case Management/Technical Assistancewilltake majority of the risk factors associated with businesses and entrepreneurs with great product or service to offer yet lack the proper knowledge.
Now, Minority Fund Loans investors do not have to fear investing on this type of entrepreneurs. This technical service is normally included in the loan or paid by the lenders of the loan. However, if a minority fund is allotted to a non-profit, Biz-Quic may be able to find funding to assist in the process of paying themselves.