90% of startups will fail. If you are an entrepreneur or thinking about starting an online business, there are certain steps you must take if you want to be in the 10% of startups that succeed. If you are interested in starting an online business, we are here to help.
If you aren’t thinking digital, you aren’t thinking. An online business is a great business venture idea as it has low overhead and a high return. However, if you are minority entrepreneur or interested in starting a business, there are major keys you should follow.
Our Style & Beauty Editor, Danielle James, sat down with Google’s Head of Black Community Engagement, Valeisha Butterfield Jones, and had a candid conversation on how to win in the world of fashion, beauty and technology.
Beauties, there are 3 major keys that you need to think about to start your online business or tech company.
KNOW YOUR MARKET
“Knowing your audience, knowing your consumer base, and who it is you want to reach.” ~ Valiesha Butterfield Jones
Beauties, it’s important to know your audience. Who are you creating this product, platform, or service for? It can’t be just for you. Do focus groups, test out your idea, before you invest in making a full product.
MAKING SURE IT’S ACCESSIBLE
“Access is key.” ~ Valiesha Butterfield Jones
In knowing who you want to reach, it’s imperative to know how you are going to access them. In creating your business, think about how you are going to reach your customers and consumers.
ACCESS TO CAPITAL
“You want to make sure you have a solid technological foundation and base to your work so you can monetize it. Access to capital means through your sales, your advertisers, and the ability to monetize the tech platform.” ~ Valiesha Butterfield Jones
Beauties, it’s not a business if you aren’t monetizing it. Think about how your company will bring revenue in and ensure you have more than one stream of income flowing into your business.
15 Black Women Entrepreneurs Who Are Changing The Beauty Industry
1. Ursula Stephen, Ursula Stephen The SalonSource:Ursula Stephen Site 1 of 15
2. Jasmine Lawrence, Eden BodyWorksSource:Jasmine Lawrence Site 2 of 15
3. TriciaLee, Polish Bar BrooklynSource:Polish Bar Brooklyn 3 of 15
4. Patrice Grell-Yursik, AfrobellaSource:Afrobella Site 4 of 15
5. Myleik Teele, CurlboxSource:Curlbox Site 5 of 15
6. Karen Mitchell, True Indian HairSource:True Indian Hair Site 6 of 15
7. Sara Liz Pickett and H. Ginger Johnson, Ginger & LizSource:Ginger & Liz Site 7 of 15
8. Ashunta Sheriff, Ashunta Sheriff MakeupSource:Ashunta Sheriff Site 8 of 15
9. Taren GuySource:BET 9 of 15
10. Dana L. Hill, CocotiqueSource:Dana Hill Site 10 of 15
11. Jane Carter, Jane Carter SolutionSource:Jane Carter Site 11 of 15
12. Myrdith Leon-McCormack and Monica Promsavanh, M2M Damore Jon NailsSource:M2M Damore Jon Site 12 of 15
13. Tasha Turner and Marcia Caster, Beauty BeatboxSource:Beauty Beat Box Site 13 of 15
14. Karen Tappin-Saunderson, Karen’s Body BeautifulSource:Karens Body Beautiful 14 of 15
15. Lisa Price, Carol’s DaughterSource:Lisa Price Site 15 of 15
These Tips Will Help You Break Into The Fashion Tech Or Online Beauty Space In Style was originally published on hellobeautiful.com