One of Bobb’s primary recommendations for aspiring entrepreneurs is to create a budget for both their business and personal needs.
“Manypeoplejump into business without knowing if there’s a market for their product orservice,” she advises. Bobb emphasizes conducting thorough research before launching to ensure there’s a sustainabledemand in the industry.
Beyond the startup phase, she insists on maintaining multiple sources of income while the business gains traction.
“Don’tquityour dayjobuntil your business can stand on its own,” she says.
Bobb herself worked temp jobs and built an emergency fund while establishing her business, all while raising two children as a singlemother.
Exploring Funding Options and Strategic Partnerships
When it comes to funding, Bobb urges entrepreneurs to think beyond traditional loans and investors.
“There are many grants available, especially forBlack entrepreneurs,” she notes.
Despite the competitivenature of grant applications, she encourages business owners to apply, reminding them that “someone has towin, so why not you?”
Bobb also highlights the value of strategic partnerships. Collaborating with experts in your industry can provide essential resources and mentorship, reducing startup costs and helping overcome learning curves.
Bobb’s process for securing grants has earned her funding from organizations like the
Titans and American Express.
She suggests being clear about why you need funding, researching grants that align with your goals, and preparing a detailed budget. These steps help demonstrate how the grant will be used effectively.
Resources for Black Entrepreneurs
For those seeking further guidance, Bobb recommends the “Earn Your Leisure” and “Brown Ambition” podcasts, along with books like TheWealthChoice by Dennis Kimbro and Rise and Grind by Daymond John.
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