Coli Business-owner thread (tips and experiences from business owners)

[Neo. The Only. The One.]

I have 2 businesses, one that I own completely and another that I co-own

the one that I co-own is a brick and mortar business, while the other one is internet-based

I'm always searching for better ways to do business and MAKE MORE MONEY.

One thing that I've noticed with our businesses (black owned) is that a lot of the time, there are tips and tricks that white business owners do that we don't know anything about. But its to be expected cause a lot of the time these are 2nd and 3rd generation businesses with them and they have the benefits of experience from their dad and granddad

with us, most of the time, it's our first time. I'm building a legacy, something that I want to pass down for future generations. And that's what this thread is about, tips and strategies for how to do this

feel free to add on

 

[Neo. The Only. The One.]

right now, I owe probably somewhere around 3 grand to my suppliers. My co-owner wants to pay it down immediately since we have the cash in the bank.

I hit him with the let's wait. Let's make partial payment on it and then pay the rest in 2 weeks

reason being, I want to have this cash on hand so that I can invest it in the business to MAKE MORE CASH



I went online today searching for articles that boost my opinion and here's some of what I ran across:

In a Cash Crunch? Work With Your Vendors

You're in business to make real money for you, your family and your employees. At least I hope you are. If your goal isn't to pile up personal wealth, you will probably fail.

One of the last sources of cash for your business is your vendors. One major distributor recently announced it paid down $1.9 billion in debt by drastically extending its payment terms with vendors. The corporation went from net-30 to net-60 days--in some cases, net-never--after sale. Why can't you do the same on a smaller scale? Whenever you negotiate additional time to pay, you have created an interest-free permanent loan for yourself.

Whether you have $5,000, $50,000 or $100,000 in payables, extending those payables 30 days is free cash. Would you rather ease your cash flow problems or be warm and fuzzy with your vendors? It's your choice.

If your terms are 30 days, see if you can get 60, and in another three months try for 90. Negotiate honestly with your vendors; be upfront about why you need extra terms and that you need their help. About 90 percent will respond favorably. If you absolutely need a vendor, let him win. In most cases, you can find other sources that will go the extra mile for you; they are your real friends.

 

[MegaManX]

I own a highly established Publishing company. I can give input on social media marketing, targeting, and making a quality product that people will not care about other than owning it.

The bolded part is a phenomenon I learned over time. No one cares how good a book is. They only care about the perception of the book. First impressions is everything.

 

[Neo. The Only. The One.]

I own a highly established Publishing company. I can give input on social media marketing, targeting, and making a quality product that people will not care about other than owning it.

The bolded part is a phenomenon I learned over time. No one cares how good a book is. They only care about the perception of the book. First impressions is everything.

breh, give more info on what's bolded. I think I know what you mean, but for others that's on here reading this that need help

for me, quality is key. I've been in SO MANY situations over the years where other ppl I worked with wanted to give our clientele an inferior product and I always veto it.

I want my clients to have the best. Nothing but the best. Sure you can pass off trash and crap to folks but why would you do that? And yes, it takes more time and more money to make a good quality product.

But reputation is everything. Once you have the reputation of being a quality business person, then you can pretty much do anything. Your clients will be committed to you and the sky is the limit.

 

[you're NOT "n!ggas"]

I own a highly established Publishing company. I can give input on social media marketing, targeting, and making a quality product that people will not care about other than owning it.

The bolded part is a phenomenon I learned over time. No one cares how good a book is. They only care about the perception of the book. First impressions is everything.

This is exactly what I entered the thread for. I'm getting an web based company off the ground.

 

[MegaManX]

breh, give more info on what's bolded. I think I know what you mean, but for others that's on here reading this that need help

for me, quality is key. I've been in SO MANY situations over the years where other ppl I worked with wanted to give our clientele an inferior product and I always veto it.

I want my clients to have the best. Nothing but the best. Sure you can pass off trash and crap to folks but why would you do that? And yes, it takes more time and more money to make a good quality product.

But reputation is everything. Once you have the reputation of being a quality business person, then you can pretty much do anything. Your clients will be committed to you and the sky is the limit.

The way I answer it is this. CLICKBAIT

Ever notice how most industry comics have some big titty bytch on the cover with her asscheeks all in your face? It is because they know most customers will buy it off impulse and not give a shyt about the content inside.

This is call the beautiful outside paradox. No matter how NICE someone is, if women are not attracted to you, you lost. Only those who are trapped with you for hours will find out how good you are "inside."

This is 100% true for anything in retail. fukk the content of the book, the outside better sell it with no assistance. Ever wonder why NY times bestseller books have nothing but quotes on the back from big companies? Because they ain't selling you on the story. They are selling you on the fact it sells.

Quality of the presentation wins over quality of the story 100% of the time.

 

[Neo. The Only. The One.]

The way I answer it is this. CLICKBAIT

Ever notice how most industry comics have some big titty bytch on the cover with her asscheeks all in your face? It is because they know most customers will buy it off impulse and not give a shyt about the content inside.

This is call the beautiful outside paradox. No matter how NICE someone is, if women are not attracted to you, you lost. Only those who are trapped with you for hours will find out how good you are "inside."

This is 100% true for anything in retail. fukk the content of the book, the outside better sell it with no assistance. Ever wonder why NY times bestseller books have nothing but quotes on the back from big companies? Because they ain't selling you on the story. They are selling you on the fact it sells.

Quality of the presentation wins over quality of the story 100% of the time.

I get what you're saying breh breh but I would rather the presentation AND the content be top notch quality

 

[Trillion]

I have 2 businesses, one that I own completely and another that I co-own

the one that I co-own is a brick and mortar business, while the other one is internet-based

I'm always searching for better ways to do business and MAKE MORE MONEY.

One thing that I've noticed with our businesses (black owned) is that a lot of the time, there are tips and tricks that white business owners do that we don't know anything about. But its to be expected cause a lot of the time these are 2nd and 3rd generation businesses with them and they have the benefits of experience from their dad and granddad

with us, most of the time, it's our first time. I'm building a legacy, something that I want to pass down for future generations. And that's what this thread is about, tips and strategies for how to do this

feel free to add on

is yoru co-owner a friend or someone u just partnered with
if u dont mind me asking what brick and mortar type business is it?

 

[CoryMack]

I get what you're saying breh breh but I would rather the presentation AND the content be top notch quality

As you should.

What he’s saying is that you have to give people a reason to even wanna check out your product in the first place.

Modern marketing, as invented by the jew.

 

[Human Torch]

Pulling up a chair. I’m weeks away from launching a business. Will be mostly e-commerce but looking for wholesale opportunities as well.

 

[☑︎#VoteDemocrat]

I have 2 businesses, one that I own completely and another that I co-own

the one that I co-own is a brick and mortar business, while the other one is internet-based

I'm always searching for better ways to do business and MAKE MORE MONEY.

One thing that I've noticed with our businesses (black owned) is that a lot of the time, there are tips and tricks that white business owners do that we don't know anything about. But its to be expected cause a lot of the time these are 2nd and 3rd generation businesses with them and they have the benefits of experience from their dad and granddad

with us, most of the time, it's our first time. I'm building a legacy, something that I want to pass down for future generations. And that's what this thread is about, tips and strategies for how to do this

feel free to add on

what do you sell?

 

[lightbearerchef]

My tips, get ya certs up young nicca

 

[Luken]

-always be on time for meetings
-when or if you do hire nikkas, make sure your thorough. i've had people think i owe them something or that i cant chastise them because we're both black.
-insurance and immaculate paperwork is a must


Indian students( college or university students actually from India) typically make the BEST EMPLOYEES, they show up early and leave late and work hard and there here in the thousands.

 

[JamilALAmin]

Serial entrepreneur, don’t really have a specialty, no degrees/certs, my niche is basically finding niches. If that makes sense. I look for opportunities and figure out ways to make money from them. I’ve had more than a few corps doing everything from lawn service to business management/development. Right now I have a car service, I have a small fleet of fuel efficient whips and I rent them out to Rideshare drivers. I currently have 2 Prius’s, 3 Accords, 2 Corollas, 1 ES 350 and 1 GS 350. The last 1 really isn’t fuel efficient, it was my old daily driver that I started renting out in lieu of selling it. Been doing it about a year and my goal is to have 15 cars by this time next year. I only had 2 cars this time last year so I think that goal is more than feasible. And after that really I’m just trying to stack up enough capital to buy a franchise. Something small and cheap, like a Blimpies or a smoothie spot, then move out to the boonies or a small college town like Statesboro GA and open up shop. I’m not trying to reinvent the wheel, and don’t really care what particular lane it is in as long as it profitable. I’m more than cool with taking someone else’s business model and run I g with it.

I also flip shyt on the side too. Whatever I come across, just look for deals and folks in distress who need money letting shyt go. eBay, Etsy, Offerup, Craigslist, it don’t matter. I love selling shyt, doesn’t matter what it is. That’s kinda how I got into the car service actually, I’ve been flipping at least a few cars a year for over a decade now. So I know where and how to find decent used cars, just took that base and instead of flipping them started to rent them out.

 

[Kyle C. Barker]

Just here to soak up game