Women, Books and Business Issue No. 5

Women, Vision and Business Success

Author

Tashaya Singleton
August 21, 2024

INSPIRATION

“Growth requires movement. And often,

the only way forward is through an exit door.”

- Alicia Keys, More Myself

WOMEN & SUCCESS

Women and Vision

As summer draws to a close, kids go back to school, and we return to our busy work schedules many of us are reflecting on where we are in life. Some of us are enamored that we have accomplished our dreams and goals. While others are wondering how we got to this point in life, living life by default, instead of living the life we envisioned for ourselves in our younger days.

 

During this time of reflection, we should remember there is a difference between dreaming about the life we want and having a vision to create the life we want. A dream, by definition, is a cherished aspiration, ambition or ideal. And a vision, by definition, is the ability to plan for the future. So, dreams are “unplanned” things, or events, we would like to happen or have in life that make us feel good. While a vision is “planned”, it is a personalized roadmap that you create with goals and milestones that keep you on track to ensure you create the life and business you always desired. So, in other words, having a vision and implementing your vision is what makes achieving your dreams possible.

 

It is important for us as women to have a vision in order for us to take control of our personal economy and life, so we can achieve the life and financial security we desire and deserve. No matter your age, or where you are in life, right now is the best time to create a vision for your life so the rest of your life can become the best of your life. Here are four questions to help you get started with creating your personalized vision:

1. What type of life do you want to have?

2. What type of success do you want to create?

3. What are you ethically and morally willing to commit to doing to achieve your vision?

4. What is your higher purpose?

 

When creating a personalized vision for yourself, be sure to include your business, personal, family, and financial goals. I’ve created a free 5-Day Financial Wellness Challenge, that you can sign up for today, that will help get you started on the path towards achieving the financial security you desire and deserve. Also, remember that your vision should be a personalized roadmap for you to create a life and business that is amazing to you, not family or friends or society.

LEADERSHIP & BUSINESS

Black Business Success With Franchising

Marketing, sales, hiring quality staff, funding and keeping up with technology are common challenges all businesses face. According to the U.S Bureau of Labor Statistics almost 50% of businesses fail within the first five years. However, franchises have a failure rate of 10% and Black-owned franchisees generate two times the amount of revenue as independent Black-owned businesses. With the increased chances of creating and maintaining a successful business, Black business owners just might want to look at buying a franchise.

 

Many business owners do not see buying a franchise as a viable option for starting a business. Most times when a person hears the word “franchise”, they think it will be almost impossible for them to start a business that way because of the million dollar, or more, cost of buying McDonalds. But not all franchises cost seven figures or more. There are low-cost franchises that you can purchase for under $15,000, and the average income for a franchise owner is $130,000 within approximately two to ten years of opening.

 

Currently Black-owned businesses account for approximately 11% of all businesses in America, with just under 3% of Black-owned businesses having employees according to the SBA Office of Advocacy. Becoming a low-cost franchise owner may be a more better path for Black business owners because they already have brand recognition, established customer base, comprehensive training, marketing campaigns and a detailed plan for success.

 

 This will also help Black-owned businesses overcome the following unique challenges they face.

· Lack of access to effective networks

· Lack of mentors

· Lack of access to funding and credit, with almost half of loan applicants being denied according to the SBA Office of Advocacy report

· Average business fails within 18 months

 

Even though buying a franchise will increase the chances of business success Black business owners still need to do their homework on the franchise business they’re buying such as how it works, the return on investment, market demand, understanding the contract details, and making sure it is the right fit for them.

 

Here are some tips to help Black business owners make an informed decision when buying a franchise.

1. Evaluate your interests, skills and budget

2. Utilize free and low-cost resources from the SBDC, WBC, SBSD, MBDA, SCORE and the Economic Development Department in your local area

3. Attend in-person and virtual franchise events

4. Create a relationship with your banker before purchasing the franchise

INSPIRATION

I knew my life would be a fight,

and I realized this: I had it in me”

- Viola Davis, Finding Me

BOOK OF THE MONTH

“32 Ways to Be a Champion in Business” by Ervin “Magic” Johnson is our book for this month. As you read this book, you will be inspired by Magic Johnson’s vision of being a successful businessman, as well as investing in and empowering minority communities.

 

There are actually 33 Magic Moves in the book, and as much as I would love to do a deep dive, going into detail about every chapter, I’ll just talk about five of the chapters in this review. And, in full disclosure to those of you that don’t know me, I’m a huge fan of Magic Johnson and the 80’s showtime Lakers.

 

Magic Move #2 is all about creating and selling your vision, and seeing the bigger picture which will help you achieve your dreams while at the same time making a difference in the community and the lives of others. Magic Move #10 is all about building a brand, this chapter will give some people a better understanding of what a brand is really about.

 

These days, people think building a brand is about showing the image of success and becoming an influencer on social media. However, there is more to building a brand than just building an image. But building a brand is about building a reputation, not just an image. There’s an old saying that “A good reputation is worth more valuable than gold” and Magic lays it all out for you in this chapter, and gives you the details on how to defend and maintain your brand in Magic Move #11. It would do us all well to remember that it only takes a minute to destroy a reputation it took you a lifetime to build, so think about the consequences of your actions before you take them.

 

I love that Magic talks about training in Magic Move #28, because this is an area most businesses, especially small businesses, do not invest enough time or money in. And I agree 100% with Magic when he says, in this chapter, “Employee begins with the boss”. Studies have shown that the most successful businesses are the ones that have thorough and continuous training programs for their employees. It is easy to train someone on how to a specific job, but in order for them to perform their job with excellence and provide a wow customer experience it takes personal development and knowledge of the business. With elevated self-esteem and confidence that comes from personal development training your employees will be fully present and engaged, so you won’t have to worry about quiet quitting, because they know you value you them because you invested in them.

 

Magic Move #32 talks about the proverbial life and work balancing act we are always juggling, especially as entrepreneurs and business owners. He reminds us, through his personal story, that making time to take care of yourself and spend time with your loved ones is just as important as the time you spend working to achieve business success. If you are going to work hard to become successful then you should be able to enjoy fruits of your labor, with good health, wonderful relationships and a life that is amazing to you.

 

This book is a great read and should be kept on, or near, your desk to be used as a reference as a business owner or entrepreneur because it really will help you become a champion in business.