Start off the New Year Strong with your business

BALTIMORE (WBFF) — The prospect of starting a business can be daunting for some, but one local organization is empowering black, women, entrepreneurs to succeed.

Sharrarne Morton, president and founder of the Black Door Society, along with member and financial advisor, Ogo Ekwueme, joined the FOX45 Morning News team with some tips to get started.

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Here are some of the setbacks they listed, and how to best overcome them:

1. Limited Access to Capital

• Have a business plan, a clear understanding of your financial needs and a strong pitch when seeking capital.
• Research loans from banks and financial institutions, including the Small Business Administration.
• Look for grants and competitions targeting female entrepreneurs and women in business.
• Identify angel investors and venture capital firms supporting female-led businesses.
• Build a network of mentors and advisors to help with funding opportunities.

2. Scarcity of opportunities

• Proactively create opportunities for yourself.
• Continuously improve and acquire new skills.
• Build a strong online presence.
• Collaborate with others, forming partnerships or joining forces.
• Don’t be discouraged by setbacks, but learn from them and keep pushing forward.

3. Lack of influential business networks

• Join professional organizations, which often host events and provide opportunities to network with influential individuals.
• Attend industry/networking events, conferences and trade shows.
• Volunteer and collaborate on projects, which can introduce you to influential people and showcase your skills.