#NNPA BlackPress

Create your business and financial plans

NNPA NEWSWIRE — After you’ve determined that you have a viable business idea and your market research has given you enough insights, it’s important to apply this information to your business planning — especially as it relates to money.

Published

4 years ago

February 6, 2020

Oakland Post

By incorporating the results of your market research into the overall vision of your business, you can better align your marketing efforts to drive sales and give yourself a competitive edge.

Write up your plans for a targeted, profitable business.

Starting a business can be exciting, but that excitement may be overshadowed by anxiety if you start this new adventure without detailed research and plans to guide you along the way. In addition to guidance, a business and financial plan can help to attract investors and open up more options for funding your idea.

After you’ve determined that you have a viable business idea and your market research has given you enough insights, it’s important to apply this information to your business planning — especially as it relates to money.

Create your business and marketing plan

Using the results of your market research, you can outline:

Details for your service or product: This means a description of what it is and what the market is for it.
Branding: This is the personality and messaging behind your business. Maybe you want the public to see your business as innovative and cutting-edge or maybe your business is more about establishing a trusting relationship with customers.
Market trends: These are the challenges facing your potential industry, what’s most popular with your competition, and how you plan to address those factors.
Objectives: What is your top priority in each aspect of your business, including, funding, marketing, and day-to-day operations?
Strategies: How do you plan to accomplish everything? Remember to be very detailed.

By incorporating the results of your market research into the overall vision of your business, you can better align your marketing efforts to drive sales and give yourself a competitive edge.

For instance, if your target market is everyday families with toddlers, you’ll have to create a marketing plan to reach them in places they’ll be. This could mean physically locating to where they are, like down the street from a school or park, or paying for ads on websites they use most.

Another example could be dealing with your competition. If you plan to compete based on price, you’ll need to see how price cuts might impact your income. There’s no use making sales while losing money, since your business likely won’t be able to survive it.

Your business plan may also be useful when you reach the stage of hiring staff. You will want to hire people that fit the personality of your business and whose values align with it. Referring to your plan can help guide you in that process.

Understand the financials

Next, analyze what it’ll take to start, grow, and manage your company. A great source for business finance insights is the Hands on Banking^® website. Fundamentally, you should know:

Startup costs: How much you’ll need to pay to get your idea going. Free resources like the S. Small Business Administration (SBA) can help you calculate these costs. You should also consider speaking with current professionals in your industry, such as vendors, suppliers, and industry groups.
Break-even point: When your business brings in just enough money to cover expenses. If you need help figuring that out, The Balance offers a good rundown. Setting up a consultation with an accountant to help you estimate costs could also be helpful in the long run.
Projections for profitability: Predictions about future income. It’s important to be realistic with these: Forbes gives a helpful guide on how to best forecast the revenue your business will likely bring in. This is also where the market research you’ve done can play a big role by helping you determine market size and the demand for your business.

Once you have these estimates, it will be much easier to pin down whether this is a worthy business opportunity.

Evaluate your financing options

There are many ways to fund your business, but you have to choose the one that works for you. “You can put in sweat equity, use credit, raise venture capital, or even solicit funds with crowdfunding,” says Dr. Dennis Kimbro, a business professor and best-selling author. “But which way is best for your business?”

The SBA suggests considering both your personal and business resources to help you arrive at the right financing strategy.

For instance, do you have:

Savings that you can draw from to get started?
- Depending on your situation, you may think about investing your own savings. Although this may not pay for everything, doing so shows lenders how much you believe in your own idea.
Collateral to secure a business loan request?
- If yes, you could be ready for a loan or line of credit from a financial institution. For this option, you’ll want to have a good relationship with your banker so they can assist you in setting it up.

When starting out, all of these questions may not apply to your business just yet. However, if you approach a bank or investors, these are the questions they’ll likely ask. They’re also factors to keep in mind should your business outgrow your initial plan.

As you get closer to launching, your financial and business plans may change, and that’s OK. Regardless of how they evolve, having a plan in place to guide you on this venture could make all the difference for your success.

Up Next

OP-ED: Commemorating our past, starts with cementing our present-day legacy

Don't Miss

Miscarriage: An Unspoken Taboo

Oakland Post

Click to comment

#NNPA BlackPress

WATCH LIVE! — NNPA 2023 National Leadership Awards Reception

NNPA NEWSWIRE — Welcome to the NNPA 2023 National Leadership Awards Reception
The post WATCH LIVE! — NNPA 2023 National Leadership Awards Reception first appeared on BlackPressUSA.

Published

5 days ago

September 22, 2023

admin

The post WATCH LIVE! — NNPA 2023 National Leadership Awards Reception first appeared on BlackPressUSA.

#NNPA BlackPress

OP-ED: Delivering Climate Resilience Funding to Communities that Need it the Most

NNPA NEWSWIRE — Just last month, FEMA announced nearly $3 billion in climate mitigation project selections nationwide to help communities build resilience through its Building Resilient Infrastructure and Communities (BRIC) national competition and Flood Mitigation Assistance program. In total, more than 50% of these projects will benefit disadvantaged communities, and in particular, 70% of BRIC projects will do the same.
The post OP-ED: Delivering Climate Resilience Funding to Communities that Need it the Most first appeared on BlackPressUSA.

Published

6 days ago

September 22, 2023

admin

By Erik A. Hooks, FEMA Deputy Administrator

We know that disasters do not discriminate. Yet, recovery from the same event can be uneven from community to community, perpetuating pre-existing inequalities. Recognizing these disparities, FEMA and the entire Biden-Harris Administration have prioritized equity when it comes to accessing federal programs and resources.

The numbers tell the story.

Just last month, FEMA announced nearly $3 billion in climate mitigation project selections nationwide to help communities build resilience through its Building Resilient Infrastructure and Communities (BRIC) national competition and Flood Mitigation Assistance program. In total, more than 50% of these projects will benefit disadvantaged communities, and in particular, 70% of BRIC projects will do the same.

These selections further underscore the Biden-Harris Administration’s commitment to equity and reaffirm FEMA’s mission of helping people before, during and after disasters, delivering funding to the communities that need it most.

Building on this momentum and our people-first approach, FEMA recently announced the initial designation of nearly 500 census tracts, which will be eligible for increased federal support to become more resilient to natural hazards and extreme weather worsened by the climate crisis. FEMA will use “Community Disaster Resilience Zone” designations to direct and manage financial and technical assistance for resilience projects nationwide, targeting communities most at risk due to climate change. More Community Disaster Resilience Zone designations, including tribal lands and territories, are expected to be announced in the fall of 2023.

These types of investments have, and will yield a significant return on investment for communities nationwide.

For example, in my home state of North Carolina, the historic community of Princeville, founded by freed African American slaves, uses BRIC funding to move vulnerable homes and critical utilities out of flood-prone areas.

In East Harlem, BRIC dollars will provide nature-based flood control solutions to mitigate the impacts of extreme rainfall events in the Clinton low-income housing community.

While we are encouraged by these investments, we know more must be done.

Not every community has the personnel, the time or the resources to apply for these federal dollars. Fortunately, FEMA offers free, Direct Technical Assistance to help under-resourced communities navigate the grant application process and get connected with critical resources. Under the leadership of FEMA Administrator Deanne Criswell, this assistance has been a game-changer, reducing barriers and providing even more flexible, customer-focused, tailored support to communities interested in building and sustaining successful resilience programs.

In Eastwick, Philadelphia, FEMA’s dedicated support helped the city with outreach to multiple federal agencies. Together, we built a comprehensive community-led flood mitigation strategy. When applied and implemented, this will make this community more resilient to hazards like flooding, which was negatively affecting many neighborhood blocks.

In DePue, Illinois, we worked hand-in-hand with communities to improve their ability to submit high-quality funding applications for hazard mitigation projects. We are happy to share that DePue is the first Direct Technical Assistance community to be selected in the BRIC national competition. And, we know they will not be the last. Thanks to this assistance and their ambition, DePue was awarded more than $20 million to build a new wastewater treatment plant, which will reduce flooding and raw sewage back-up into the basements of homes.

In total, our agency is working with over 70 communities, including tribal nations, to increase access to funding for mitigation projects that will make communities more livable and resilient.

With extreme weather events becoming increasingly intense and frequent due to climate change, we must keep pressing forward and continue investing in ways to better protect ourselves and our neighbors. And we are encouraged that local officials are engaging with us to learn more about the benefits of the BRIC non-financial Direct Technical Assistance initiative—just last week, we saw hundreds of participants nationwide register for a recent webinar on this important topic.

We want to see even more communities take advantage of this initiative, and, ultimately, obtain grants for innovative and forward-looking resilience projects. To that end, FEMA recently published a blog with five steps to help local communities and tribal nations learn more about the benefits of this non-financial technical assistance to access federal funding. I hope your community will take action and submit a letter of interest for this exciting opportunity and increase meaningful mitigation work throughout the country.

With the pace of disasters accelerating, communities can utilize federal resources to reduce their risk and take action to save property and lives. FEMA stands ready to be a partner and collaborator with any community that is ready to implement creative mitigation strategies and help build our nation’s resilience.

The post OP-ED: Delivering Climate Resilience Funding to Communities that Need it the Most first appeared on BlackPressUSA.

#NNPA BlackPress

Tale of Two Underground Railroad Communities

ARIZONA INFORMANT — Prior to the Civil War, many communities in the Ohio River Valley were a part of an elaborate system that provided resources and protection for enslaved persons from Southern states on their journey to freedom. Once someone crossed the Ohio River, they traveled along unknown terrain of trails to safe houses and hiding places that would become known as the Underground Railroad.
The post Tale of Two Underground Railroad Communities first appeared on BlackPressUSA.

Published

1 week ago

September 20, 2023

admin

By Christopher J. Miller, Sr. Director of Education & Community Engagement, National Underground Railroad Freedom Center

Christopher J. Miller

September is International Underground Railroad Month.

This proclamation began in the State of Maryland in 2019, and now more than 11 States officially celebrate one of the most significant eras in U.S. history. With the signing of Ohio HB 340 in June 2022, Ohio became the 12^th state to designate September International Underground Railroad Month.

Many history enthusiasts and scholars hope the momentum of the proclamation spreads to other states so that all our forebears of freedom are remembered.

Examining this era, you find that the Ohio River Valley is instrumental in the many narratives of freedom seekers. These stories are critical to our understanding of race relations and civic responsibilities.

Before the Civil War, many communities in the Ohio River Valley were part of an elaborate system that provided resources and protection for enslaved persons from Southern states on their journey to freedom. Once someone crossed the Ohio River, they traveled along unknown terrain of trails to safe houses and hiding places that would become known as the Underground Railroad.

Gateway to Freedom sign

The Underground Railroad was comprised of courageous people who were held to a higher law that confronted the institution of slavery with acts of civil disobedience by helping freedom seekers elude enslavers and slave hunters and help them get to Canada.

Many communities were a force for freedom along the more than 900-mile stretch of the Ohio River Valley, but I would like to focus on two significant communities.

Southern Indiana was a major part of this history. It was originally believed that there were from Posey to South Bend, Corydon to Porter, and Madison to DeKalb County, with many stops in between.

In further examination, the Underground Railroad in Indiana was a web of trails through the forests, swamps, briars, and dirt roads. The city that is often overlooked in reflecting on the history of the Underground Railroad is New Albany, Indiana.

By 1850, New Albany was the largest city in Indiana, with a population of 8,632. Free Blacks accounted for 502 of that population. Across the river, Louisville was Kentucky’s largest city, with a population of 42,829. A quarter of the 6,687 Black population were free in Louisville.

Town Clock Church (aerial view)

Louisville and New Albany would grow to become a significant region for Underground Railroad activity. People like Henson McIntosh became a prominent community member and major Underground Railroad conductor. McIntosh was one of approximately ten Underground Railroad agents in New Albany who used their wealth and influence to impact the lives of freedom seekers crossing the Ohio River.

The Carnegie Center for Art & History is an outstanding resource that continues to preserve New Albany’s role during the Underground Railroad era. Approximately 104 miles east along the Ohio River is another institution that plays a critical role in elevating the profile of the Underground Railroad on a national scope.

Inside Town Clock Church New Albany Indiana safe house

The National Underground Railroad Freedom Center is located on the banks of the Ohio River in Cincinnati, Ohio.

By 1850, Cincinnati would grow to be the 6^th largest city in the Union, with a sizable Black population.

The Freedom Center is prominently located in the heart of a historic Black community called Little Africa. Although the community no longer exists, its legacy lives on through the Freedom Center.

As with New Albany, the community that resided along the banks of the river served an important role in the story of the Underground Railroad. Little Africa was the gateway to freedom for thousands of freedom seekers escaping slavery.

Although there were Underground Railroad networks throughout the country, Ohio had the most active network of any other state, with approximately 3,000 miles of routes used by an estimated 40,000 freedom seekers that crossed through Little Africa.

Despite the growth of enslavement leading up to the Civil War, communities such as Little Africa and New Albany reveal the realities regarding race relations and a model for the dignity of human life through their respective efforts to be kind and resilient friends for the freedom seekers.

For More Information:

National Underground Railroad Freedom Center – https://freedomcenter.org/

Cincinnati Tourism – https://www.visitcincy.com/

Carnegie Center for Art & History – https://carnegiecenter.org/

Southern Indiana Tourism – https://www.gosoin.com/

The post Tale of Two Underground Railroad Communities first appeared on BlackPressUSA.