As we go into the long weekend I am reminded of all the wins I had this week. Amazing partnership calls. Planning the launch of the Shell Bell Show. Hard news about employees shifting. A 2-day intensive planning session with my leadership team. I am reflecting on the day I went to get that wood to build a tent in my living room to rent it out. I remember that I was mindless about my success meaning I was in “by any means necessary” mode. I heard people telling me I was crazy but I wasn’t really listening. It was like they were a muffled crowd of hecklers in the nosebleeds. My energy was thunder. I felt like they could hear me but they couldn’t see me for real. I didn’t even worry about them because I saw me. I saw what I wanted to create and I DID NOT see myself working for anyone long-term. Taking jabs and protecting yourself from blows is the nature of being a builder of anything. Whether you are building a new business segment at a job, a new business or keeping a current business going you stick and move. There is no one loss more significant than the last because the game doesn’t stop. There’s only a collection of engagements where you focus on living to fight another day. You got this!
It’s a sobering statistic that 60% of Black businesses that were on their hustle in March 2020 have had to close up shop a year later. But the story isn’t all bad news — many businesses were creative and nimble enough to make pivots during the pandemic that not only helped them weather the storm, but added to their offer in ways that can be permanent once the country reopens.
First, I want to acknowledge that there are some businesses where essential in-person contact or travel components meant that a realistic pivot to make it through the pandemic didn’t exist. However, these founders are no less worthy of our (our = me, you, consumers, and policymakers!) support to thrive post COVID-19.
Here are 3 (of course there are more!) creative ways that I’ve seen businesses pivot to success during the pandemic:
Turn your product or service into an EXPERIENCE — Thankfully, restaurant delivery during the pandemic helped many restaurants and food vendors keep their business going, but unfortunately, without a lot of the profit which comes from in-person dining and catering. How did some businesses make up the difference? They sold the experience around the meal or product their customers craved. They didn’t just sell that great take out meal, they dressed it up with a theme and extras — like a bottle of wine or all the accoutrements to make the meal feel special at home or a spices kit and cooking class where consumers could be adventurous to try your favorite dish on their own. Have a heath and beauty product? A Zoom session with groups of loyal customers to experience the products together (virtually) can help make up for that in-store traffic.
Remodel your online store and presence — For many businesses, their online offerings mirror what consumers can get in-person but are often a reflection of primary sales and not the main driver of business. The pandemic provided an opportunity to “clean up” and expand the online stores and presences to not only serve clients during the pandemic but keep them as loyal online customers for the long haul. This pivot also includes making sure your social media presence matches the excellence you offer in-person (something many entrepreneurs neglect!)
Make the world your shop — The pandemic has reinforced one of the most important rules of business: go where your clients are! Many successful businesses (especially those who are service-oriented) were able to reach their clientele in COVID-safe ways like holding yoga and fitness classes outside in areas central to their clients. Other businesses joined forces and held socially distanced pop-up shops in parking lots where customers could (almost) feel like they were back at the mall. It really gives a new meaning to location, location, location!
Remember: it’s never too late to reexamine the way you provide your product or service to your clients and find ways where a pivot can turn into profit. And the 3 ways I’ve highlighted are a great place to start for your current business or future venture!
As most founders find out at the beginning of their entrepreneurial journey, you don’t know what you don’t know! You have to educate yourself about what’s required for your business and that includes the not-so-sexy parts, like business insurance. When starting a small business, entrepreneurs often overlook buying insurance. But when you’re self-employed, insurance offers you protection and peace of mind — and sometimes your clients or partners may require it. For example, if you’re bidding for a local government contract, most municipalities require you to purchase insurance before you provide your service or product. The options can be overwhelming, especially for those who’ve never purchased coverage before. Here are five tips to keep in mind while shopping for business insurance.
1. If you work from home, your homeowner’s insurance does NOT cover your business.
Most home insurance policies exclude business liabilities. You need to purchase a business insurance policy that includes property and liability coverage. A business owner’s policy (BOP) is typically for businesses that make less than $5M in yearly revenue and have 100 or fewer employees. Not only does this offer property and liability coverage, it includes business interruption insurance, which covers the money you would lose if your home suffers damage and you need to close your business.
2. Know the types of insurance
Before buying insurance, you should have a basic understanding of the four coverages offered: general liability, commercial auto, commercial property, and workers compensation. You may also need other types of coverage, such as errors and omissions liability or a commercial umbrella. It may be helpful to ask other business owners in your industry what insurance coverages they have.
3. Assess your risks.
Running a small business means exposing yourself to a certain amount of risk. Every industry and every individual business within an industry contends with different levels of risk, both in terms of the probability of something happening and the severity of the consequences. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. Be prepared for the unexpected! If you need help, the National Federation of Independent Businesses (NFIB) provides information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business.
4. Shop around to find a reputable licensed agent.
Find the best deal and fit for your business because prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different agents. Commercial insurance agents can help you find policies that match your business needs. They receive commissions from insurance companies when they sell policies, so it’s important to find a licensed agent that’s interested in your needs as much as his/her own. Don’t be afraid to ask questions!
5. Business insurance can help build credibility
Your business insurance does more than protect your business. It shows your prospective clients and customers that you’re a safe bet. Having the right policies shows your customers and contractors that you take managing risk seriously. It also helps communicate to everyone that you’ll provide the right protection, no matter what accident occurs. Also, many contracts require insurance protection. So, having it already will signal that you are a responsible professional.
If finding and choosing the right business insurance causes you anxiety, don’t let it! Taking these steps now will lessen the real anxiety later if faced with the unexpected. And remember: building a strong foundation for your business, in the beginning, will set you up for long-term success!
Basically, my message to America on Good Morning America was that we — Black and Brown women founders — have the talent, skills, drive, and vision to lead the world for this generation and the next. But what most of us don’t have is the resources (i.e. capital) to get our businesses off the ground or the influential networks to position what we have to offer in the global marketplace. Without that capital and access to networks, our ideas and our futures can’t jump from our vision boards to a life-sustaining business and that’s just how the world works. I challenged the GMA audience that for the average consumer, supporting Black businesses means “buying Black” but it doesn’t stop there! We have to address lack of capital and access to networks before we can expect to see real economic development for the communities that need it the most.
But that’s why I do what I do! Black Girl Ventures is all about helping our women founders get in the doors that have been closed to us for SO long. However, there’s still a lot of work to be done so that all of us can get through those doors — ESPECIALLY after the COVID-19 pandemic has placed even more obstacles and barriers in front of us. As I told GMA, sixty percent of Black businesses have had to close their doors over the last year which is why I emphasized that, now more than ever, supporting Black businesses goes beyond just buying our products and services. We’ve got to invest in ourselves, encourage innovation, and put our own money where our hearts are.
Yes, GMA was an amazing platform to tell America about our platform — the Black Girl Ventures pitch competition — to build women entrepreneurs like me and those who’ll come after me. I really appreciate how GMA spotlighted the work and achievements that Black Girl Ventures has helped bring about and I definitely look forward to future appearances. But not just during February — for Black and Brown women founders, we grow from that support ALL the time because bills are due and dreams are waiting to become a reality every month, 24/7, all the time. – Shelly Bell, CEO of Black Girl Ventures.
When the team Nike sent me the images of the billboard I cried a cry for all the years I’ve spent going hard non-stop. I cried for all the years I’ve spent building BGV. I cried for all of the times people didn’t believe in what I was about to do. I cried for all of the sacrifice. I cried for all of the women founders who are pushing their mind, bodies, and souls to the limit for what they believe in. I released at least 5 years of pressure to go harder, run faster, be quicker, be smarter, and be better!! While this is only the beginning of the seeds planted beginning to grow, I had to stop and take a minute (more like hours, overnight, and the next morning) to cry. On this journey to change the world, you will change. Just make sure you’re changing into the person you want to be and making moves you love.
This Nike engagement is unprecedented. My team at BGV and I plan to find and support as many Black/Brown women founders/athletes/families/generations as time will possibly allow. I am more empowered now than ever. I built to this far empowered by how I made that teepee work when everyone thought I was crazy. My vision is bigger than the eye can see.
