Askrecy:

San Antonio, Texas is your best option. There is one organization in the Alamo City called SCORE - Service Corps Of Retired Executives, a nonprofit association providing business counseling to small business owners. The U.S. Small Business Administration (SBA) also sponsors SCORE.

The organization is composed of retired business executives with broad business experience, often in your specific business area. The SCORE business leaders have faced the same situations you do and is dedicated to helping all business owners or potential business owners-women and men- realize their entrepreneurial dream. The effective part of their program matches volunteers with small businesses that need expert advice. SCORE also offers free counseling services and workshops designed for those who want to go into business for themselves. The workshops are held at 215 South San Saba Street, the 2nd and 4th Tuesdays of each month. SCORE also has over 400 chapters across the country. Call (210) 472-5931 or email SanAntonio.SCORE@sba.gov

Askrecy:

JC,

This is one of the most frequently asked questions. Someone has a product to sell and thinks it's the best thing since sliced bread. It helps but has little material value to be affiliated with a nationally known company traded on the stock exchange when trying to sell your services over the Internet. The fact of the matter is that I can be a Microsoft reseller with copies of Windows 2000 to sell and if the distribution method was the Internet, the question still remains – how can I draw perspective customers to my website? My best advice to anyone starting out is to leave your ego at home. There are many people who have done something similar to what you're trying to accomplish. Some have succeeded and others have failed, some more than once. Experience is the key valuable ingredient and can help you avoid pitfalls. This is the one single issue that the large majority of people starting a business seem to let interfere and cloud their business judgement.

The Internet is obviously the new method for promoting your business and keeping your customers informed. The criteria search engines and directories use to find your site is constantly changing. There must be a continued and ongoing effort provides regular postings and press releases to newsgroups, search engines and updates to existing listings. A well maintained website continually search for newsgroups, post press releases, update postings and build the right traffic to your site by establishing links with related subject sites. You should also design and promote press releases and fax/fliers announcing your web site. First, there must be increase traffic, second, there must an increase in the frequency of repeat visitors, customers and new potential customers, and third, this of course will lead to increased sales.

Now the answer to your question, is how do we accomplish all of the above? First, prepared a business plan on how you are going to use the Internet to market your over-the-counter preventative health care products. Second, read The Pocket Guide to the Internet Telemarketing by Mark Veljkov, published in a paperback. The author has a number of books regarding the use of the Internet and effective marketing techniques.

Third, choose the right Webmaster. Any webmaster can design a decent website. Check the company references to see if they have the track record to help you. Good luck!

Sincerely,
Helen B. (Chicago)

Askrecy:

Yes. The criteria to qualify as a Women Minority Business Enterprise are four basic rules; (1). United States Citizenship or US resident alien status, (2) Fifty-one percent ownership by a woman or women. (3) Proof of effective management of the business such as hiring and firing authority, operating control, and decision-making role, and (4) Control is defined and evidenced by signature role on loans, leases and contracts.

There are two organizations that can help you, one is called the Women's Business Enterprise National Council. The Certification from this organization is one of the requirements for Minority and Women Owned Business to do business with Wal-Mart. Their website address is http://orgs.womenconnect.com/wbenc.

The other organization that should help you is the National Association of Women Business Owners. They are in your Chicago area and can be found at http://www.nawbonet.org.

Dun & Bradstreet expanded it Minority and Women-Owned Database by two-fold to help identified the needs of emerging business market opportunities for small business entrepreneurs seeking to either start or expand their business. You can called D & B Minority and Women-Owned Business Development Group at (610) 882-6988 or sent an email to knechelt@dnb.com .

Question: UAGG (via email)

Recy-

How do feel about the new "Growth Initiative" for developing minority businesses? What are the pros and cons, based upon your professional experience?

Please describe the type of business you operate, i.e. industry, size, number of employees, and how did you attract capital (debt and equity).

Finally, in one of responses, you identified the utilities industry as offering opportunities. Based on your insights, can you identify other key industries or opportunity markets for minorities, particularly African Americans, to aggressively pursue in the "new millennium".

Thank you in advance for your response.
UAGG

Askrecy:

When you say new "growth initiative" for developing minority businesses - one can draw several conclusions. Perhaps you are referring to Fortune 500 companies such as AT&T that had announced initiative for minority business development by providing $1.2 million in a high-tech business fund. If not, perhaps you're referring to the Big 3 auto manufacturers, General Motors Corp., Ford Motor Co. and Chrysler Corp., which unveiled a joint initiative between their companies and the Small Business Administration to provide nearly $3 billion worth of new business over three years to minority-owned auto supply companies. No, then maybe its The Walt Disney Company being honored for its initiative and efforts for doing business with more than 900 minority-owned and more than 600 women-owned businesses.

There is also an ongoing move for joint ventures with minority businesses. And since a large number of companies are reducing the list of companies they are doing business with, there is also a move for joint ventures by minority businesses with each other.

I wouldn't call it a new growth initiative; it's more like resurgence. There are positive effects, those minority firms with only one or two strong points can merge with another company with different skills, thus creating a stronger company. The renewed growth initiative can be considered a wake-up call for some business but are we as minorities, listening.

I owned and have owned numerous businesses. Early on I operated a profitable retail convenience store and later a wholesale business distributor. The hours and nightlife was too much for me. I now own four software-related companies. Two of the companies sell custom develops software that is marketed to the specialized medical industry and the child care industry. One company design and develop custom operating systems for companies and in addition design and develop websites and along the way is an authorized reseller of accounting systems for two of the leading companies. The fourth is a new joint venture created and targeted to the Motion Picture industry. I have a strong staff of employees and partners that have enable us to sustained strong and continued growth. In this business, one cannot sit on his or her laurels.

As far as attracting capital, debt and equity. There were two occasions that I needed capital - the retail and wholesale businesses. On the retail side, it was owner-finance; however, I still needed to come up with $20,000.00 downpayment.

The wholesale business required a working capital in excess of $75,000.00. I was able to obtain a $50,000.00 line of credit and additional capital from other financial institutions. How was this done? A BUSINESS PLAN. Plan and simple.

It was not easy, because the first six or seven banks said NO! But patience and endurance paid off. Two of the other businesses were a calculated gamble that paid off. If you're going to be successful, one has to take some chances.

The Internet and E-commerce is an excellent market for minorities to explore and market or create business opportunities. African-Americans needs to wake up and take advantage of this opportunity. For example, two years ago the first out of state sale for our child-care management system was in N. Carolina. The customer saw the banner on the Internet. Also about that same time, a software development contract came from the Internet from a women prison. My programmers never step foot in that prison, the entire system was done via the Internet.

Microsoft, Time Warner and other companies are changing the way business will be conducted for the consumer of the new millennium. There is also one thing that we as minorities on the average still do not do. Read. Not just the sport pages, if we read some of the business articles, magazines, professional journals, that opportunity and new business that one is seeking just may be right in front of you.