Despite economic stability, the unstable stock market, high unemployment and a lack of discretionary available cash, black small business owners can effectively generate revenue for their enterprises. Many black small business owners recognize the importance of entrepreneurship and chose to forego a corporate 9 to 5 job, 401K, employer paid health insurance, and a generous expense account to strike out on their own. These black small business owners understand that they must make sagacious business decisions, use creative marketing strategies, excel in their business, offer quality goods and services, and provide benefits that the larger business entities ignore. Successful black small business owners emphasize the customer with personal service, attention to detail, and a sterling reputation.
First, black small business owners must utilize frugality in business decisions. Many black small business owners generate revenue through the use of their own funds in creative but effective marketing strategies. For example, a black small business such as a restaurant often cannot financially afford to advertise on a weekly basis in the newspaper, but they may be able to run a coupon special once a month. By offering, for example, a buy one get one free coupon, they will generate revenue through an increase in customer volume.
Black small business owners, for example, beauty salon owners realize that many women have a diminished or minimized budget for extraneous beauty services such as a relaxer, designer cut, deluxe conditioner, manicure, pedicure, and massage. In this case, the astute black small business beauty salon owner may offer a service such as a relaxer, designer cut, with weekly follow-up visits for the price of two services. Women will consider it a bargain and patronize the salon, but while utilizing the coupon, they may also feel encouraged to purchase other services as well. Additionally, many black small businesses are increasing their service base and offering other goods and services that complement their standard products. For example, the beauty salon may also sell exclusive black hair care products such as shampoos, conditioners, gels, and creams. Customer will see an attractive display and through a creative marketing strategy, the black small business owner creates a desire or need for their products. This results in the customer spending more money than they initially planned, thereby increasing revenue.
Most successful black small business owners generate revenue by offering a better product, more expedient and efficient service, and work to build a reputation of excellence in the community. Again, through the utilization of creative and compelling advertising, they carefully determine where to spend their advertising dollar. The old adage, you must spend money to make money is aptly stated and a valid assertion in relation to black small businesses who invest their money into their business to generate revenue. For example, a realtor may offer a spacious office and amenities: such as a media center to present a virtual tour of properties in the elegance and comfort of the well-appointed office. They will, in turn generate revenue; they will attract a better and more financially stable clientele.