Ma’am, let's talk. As the world teeters on the edge of another lockdown, with the shadow of mask mandates looming large, we're staring down the barrel of an economic tempest. Interest rates are shooting up like fireworks, inflation is dancing like it's at Carnival, and we're caught in an economic blues that's deeper than a Mary J. Blige track. But here's the tea: for us, the fierce and fabulous African American women grinding in the entrepreneurial world and traditional workspaces, this storm threatens to hit harder and deeper.
1. Economic Echoes of the Past: Historically, we've been dealt a hand that's less than fair. Economic disparities have always tried to chain our hustle. But in this climate? Those chains could get heavier.
2. Wearing All the Hats: We're often the CEOs from boardrooms to living rooms. Another lockdown means schools might close, and suddenly we're juggling Zoom meetings with homeschooling. It's like trying to keep all the plates spinning, but someone keeps adding more plates.
3. Capital? Capital Who?: Getting funding has always been like finding a needle in a haystack. Now, with interest rates acting all high and mighty, securing that bag to keep our dreams alive? Ma'am, it's like threading that needle in the dark.
4. Double Trouble in the Workspace: In traditional 9-to-5s, we often dance to the beat of two tunes: racial and gender biases. If companies start cutting corners and staff, we might find ourselves on the sharp edge of that bias.
5. Luxury or Necessity?: For my queens in beauty, fashion, and other 'luxury' industries, the game is changing. When pockets get tight, luxury takes a backseat. But our brands? They're not just luxury; they're a lifestyle. We need to remind our clientele of that.
6. Supply Chain Blues: Whether you're sourcing shea butter for that killer hair product line or getting those custom pieces for your online store, supply chain hiccups can throw a wrench in our flow.
7. Soul Strain: Let's keep it 100. The weight of all this? It's heavy on the soul. The stress, the fear, the uncertainty—it's a lot.
Sound the Alarm, But Also Light the Way:
Ladies, it's time to pivot with purpose. We must diversify those income streams and maybe turn that side hustle into the main gig. Let's lean into our online platforms, slide into those DMs, and make those connections. Seek out mentors, join forces, and build that organic, authentic reach.
The Need to Pivot and Prepare:
Given these challenges, African American women in business must prepare and pivot. This might mean diversifying income streams, leveraging online platforms more aggressively, or seeking mentorship and community support. The competition will be steep in building an emergency fund, re-evaluating business models, and staying informed about potential moves and opportunities, not codependent on government aid, funding, etc.
Final Word:
This storm? It's fierce. But so are we. We've danced through rain before, and we'll do it again. Let's arm ourselves with knowledge, prep for the challenges, and keep our crowns straight. Because, queen, storms may rage, but they also pass. And on the other side? We'll still be standing, more vital than ever.