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New York Life Panel Offers Black Businesses Growth Tips

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L to R are Danielle Hines, CEO, CREED63; Nan Baldwin, VP of Chamber Operations, Birmingham Business Alliance; Leilani Rivers, Advanced Planning Consultant, New York Life; and Stacey Graham, Managing Partner of the Central Alabama General Office, New York Life.)


Much like baseball, great business triumphs are calculated by analyzing player and team data. These statistics will help entrepreneurs take motion to raised compete, quickly adapt to changing business conditions, and even potentially drive sustained revenue growth.

New York Life (NYL), which has been operating since 1902 and has a presence in Birmingham, Alabama, recently conducted the “Swing for Success: Driving Growth for Black Business Owners & Entrepreneurs” project there. The panel, which included 150 local small business owners and others, provided financial tools and methods to assist entrepreneurs scale their businesses, accumulate wealth and construct their very own economic prosperity.

The panel included Leilani Rivers, Advanced Planning Consultant, NYL; Nan Baldwin of the Birmingham Business Alliance; and Danielle Hines, CEO and founding father of CREED 63. Moderator was Stacey Graham, managing partner of the Alabama, New York General Office Central Office. The event included a fireplace chat with former MLB player and business owner Dexter Fowler.

The nation’s largest mutual insurer, NYL is home to about 30,000 policyholders in Birmingham and nearly 85,000 in Alabama. In 2023, the corporate provided $12 billion in life insurance coverage and paid out about $124 million to Alabama beneficiaries.

The insurer has about 1,500 black agents offering life insurance, retirement income planning and financial advisory services.

Presented through the week of June 11 as a part of a timely tribute to Negro Leagues Baseball, the panel was presented with startling statistics regarding Black entrepreneurshipFor example, there have been 2.6 million black-owned businesses in America. About 8 out of 10 failed inside the first 18 months resulting from lack of resources and funding.

According to report of town of Birmingham, Black residents make up 74% of town’s population, but only 50% of companies are Black-owned. By comparison, white residents make up 22% of the population, but 47% of companies are white-owned.

Panelists discussed what helps them achieve, offering insights that Black entrepreneurs should consider as they seek to ascertain or sustain their success. Some key takeaways included:

YOU ARE ONLY AS GOOD AS YOUR TEAM

Graham noted that in 2021, 161,000 U.S. firms had a predominantly Black or African American workforce, up from 124,000. In 2017, he says, their revenues grew by about 43% during that point. “Many of you in the audience contributed to this.” Hines was asked to share her experiences running a small business and the important thing lessons she’s learned over time.

Among her answers is that she at all times tells those that if your small business is ideal firstly, it means you are starting too late. Secondly, he says it’s essential to have a team around you that understands once you’re starting out, what you are good at and what your weaknesses are.

She noticed that she was missing certain things as a small business owner that were very difficult for her to beat as she grew and expanded her business. “So really understanding your strengths and identifying your weaknesses so that as you grow, you can be a truly well-rounded small business and small business owner.”

Rivers added that as an employer it’s essential to put money into your team. He says that is crucial to retaining good talent. “So you want to make sure that you’re also giving them the tools to be successful and continue to impact their potential goals and that you’re investing in their success.”

PLANNING YOUR OWN FINANCES IS NECESSARY FOR BUSINESS OWNERS

Rivers explained that employees can often get a job, routinely enroll in a 401(k) and have an employer match. But as a small business owner, you don’t have that luxury. She emphasized that the earlier an owner starts saving for retirement, the higher off they’ll be. “It’s imperative that you’re proactive and don’t sacrifice a comfortable retirement lifestyle. You just want to get down to work and try to live your dream with this business. You can do both, and the financial empowerment starts as soon as you educate yourself about it and start taking proactive steps.”

WHERE YOU CAN GET ADVICE FROM TRULY MATTERS

The panelists discussed the $1.8 trillion spending power of the black community. However, a staggering 13% of African Americans will receive an inheritance. They also discussed the importance of transferring wealth, a hot topic. Rivers explained that life insurance as an asset — together with financial planning, having a will and education — will help pass on a financial legacy and shut the wealth gap. If a salesman approaches you, Graham advises difficult them. “You don’t need a product; you need a plan. Ask, ‘How does this fit into my overall plan?’” “That way, you can take the overall advice and planning, use it to your advantage and get where you want to go.”

THE IMPORTANCE OF BUILDING A NETWORK

As your small business grows, Baldwin suggests promoting your name and brand to provide help to succeed. But be sure that that whatever you say you’ll do, whatever service you provide or need you meet, do it because your repute will precede it. “I can’t say enough about building a brand through networking and building relationships.”

CREED 63 owner Hines shared his thoughts on the panel discussion.

“Birmingham is a hidden gem with so much history. Events like this encourage and revitalize the city, especially those entrepreneurs and small businesses who spend day in and day out creating spaces, services and products.”

She added, “We’re decades removed from so many significant milestones and events, and our small business owners know and appreciate the shoulders we stand on. Events like this facilitate purposeful conversations about history, the present, and the future.”

Check out this page for more details on business planning resources.


This article was originally published on : www.blackenterprise.com
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Business and Finance

BlackWolf Rideshare debuts in Texas

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Crime, UBER, Car, shoot, shooting


Armed drivers will have the opportunity to drive around major Texas cities because of a brand new ride-sharing service called BlackWolf, which is known as “Uber with a gun”,

The a small ride-sharing startup has gained popularity on the social media app TikTok – with greater than 500,000 followers – and is recruiting experienced drivers in Dallas, Houston and Austin. Founder and owner Kerry KingBrown said the corporate hopes to take over Texas streets in late 2024 or early 2025. “It’s about protecting people,” he said. “Everyone deserves a chance and everyone deserves to drive safely.”

@blackwolfapp

Big things are about to go down in Dallas, Austin, and Houston. ⭐️🇺🇸 BlackWolf is bringing the next level of safe, secure rides to Texas — download the app! We are now accepting driver applications and onboarding drivers. Click the link in our bio to apply to drive. 🐺 More info on the official launch dates to come. And yeah… it’s time to upgrade my straw cowboy hat. 🤠

♬ original sound – BlackWolf App

A former private security director with 20 years of experience said that the thought for BlackWolf got here about when he was guiding a lady who had fallen victim to human trafficking. His client on the time encouraged him to create transportation for individuals who needed greater than only a ride, but extra peace of mind. KingBrown revealed that the service shouldn’t be about weapons, but more about educating riders on firearms training and de-escalation techniques. “At the end of the day, you know you’re getting into a safe car,” said the startup founder.

“The driver will know what to do in an emergency. This weapon will likely be the last resort.

AND A May 2023 article suggested that corporations like BlackWolf were filling the gap on gun violence in America. Another company created an oversized, collapsible secure for schools, and one other developed bulletproof backpacks and faculty desks.

The data confirms that apps like BlackWolf are needed. After launching in Atlanta in 2023, the app has been downloaded greater than 300,000 times in Miami, Orlando and Phoenix. The addition of Texas to the growing list was the results of a poll in which social media followers indicated which state must be next. The app hopes to employ 35 to 50 drivers in each city in the Lone Star State.

additional protection will cost customers — expected to be 10-15% higher than average Uber or Lyft rates. BlackWolf’s cost could be more comparable to the associated fee of an Uber Black ride, but KingBrown is not fearful in regards to the company being seen as a further ride-sharing competitor. Their drivers aren’t allowed to hold weapons on the job. “The gunmen are licensed, they are checked, and most of them are former military or law enforcement officers,” he said.

“These people know how to carry a gun. They were trained in this.”

KingBrown has identified who the drivers will goal. He wants BlackWolf to concentrate on veterans and first responders, including cops, firefighters and paramedics. It could be a probability for them to place their skills to good use. However, we encourage anyone who’s eligible to use.


This article was originally published on : www.blackenterprise.com
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Grocery prices continue to rise, but some states are feeling the brunt of the crisis

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Elizabeth Warren, Kroger


From 2020, grocery prices in the USA have increased According to the Bureau of Labor and Statistics, by 20%. According to the latest data collected by American households in 2023, American households spent roughly $270.21 per week on groceries. United States Census Bureau.

Hawaii and Alaska rank amongst the highest, with average weekly costs of $334 and $329, respectively. Both states receive a major amount of food from the mainland, so shipping costs drive up prices.

Californians pay a mean of $298 every week for groceries – the third highest in the country. The total cost of living in the Sunshine State is 38.5% higher than the national average, making it one of the most costly states lives in, according to.

On average, Mississippians pay $291 per week for food, it’s reported to be the fifth largest in the United States. According to the U.S. Census Bureau, Mississippi’s poverty rate is eighteen%, making it the second most impoverished state in the country. Similarly, New Mexico is one of the poorest states in the country and food costs are amongst the highest.

Midwestern states like Nebraska, Iowa and Wisconsin have some of the lowest food costs in the country, with the average weekly grocery bill starting from $231 to $235. These states are amongst the leading agricultural producers in the country, which lowers food prices.

In August 2024, Federal Trade Commission Chair Lina Khan announced that the agency planned to investigate grocery prices, which have been rising steadily since the Covid-19 pandemic.

“We want to make sure that major companies do not use their power to inflate grocery store prices for American families,” he added. Khan said in a press release. Additionally, this increase in grocery prices could have a fair more significant impact on Black Americans. While the overall poverty rate in the United States is 11%, data shows that African-American poverty is sort of 18%. collected by United States Census Bureau. In a study conducted by the National Institutes of Health, researchers discovered that compared to the national average, African Americans are more likely to experience food insecurity.


This article was originally published on : www.blackenterprise.com
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The study shows the cheapest cities with affordable rent

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rent, deceased woman,


On October 21, real estate company Clever published a study on the cheapest cities to live in for employees earning minimum wage. The federal minimum wage is $7.25, but it surely varies by state. The study took under consideration state minimum wage and basic rental costs when determining which cities are best.

“Clever evaluated the 50 largest housing markets in the United States, examining typical rental prices for various apartment sizes and their relationship to the minimum wage in the area.”

Earning the federal minimum wage signifies that a full-time employee will live below the poverty line. Before taxes, the worker would earn $1,190 monthly. Many of the locations listed are only above the poverty line, with the highest being Denver, Colorado at $18.29. Even as the city with the highest salaries, Denver is not in first place. 9 on the list. Buffalo, New York, ranks first with a $15 minimum wage and lower average rent.

The study shows that statistics show that Buffalo residents still struggle to afford housing.

“Minimum wage employees in Buffalo can expect to pay 39% of their income for a typical one-bedroom apartment. This is the lowest rent-to-income ratio of any major city in the country, but still higher than the common affordability threshold of 30%.

The reality today is that the housing and rental market is volatile. Many individuals are like that struggling with the burden of low wages, rising rent, hidden fees and rising inflation. Moving to a city with a greater wage-to-rent ratio can ease financial stress for people and families. With the spirit of optimism in mind, BLACK ENTERPRISES intends to destroy a few of the cheapest places to live.

Buffalo, New York

Nestled in the northeast corner of the United States, Buffalo is a hop and a skip away from Canada. The $15 minimum wage is twice the federal wage. Residents can ensure that they may experience a fantastic winter. The city is just 6 hours away from New York.

St. Louis, Missouri

Gateway Arch headquarters, St. Louis, is a city of synthetic wonders. The city has a minimum wage of $12.30 and the average rent is $984 monthly. The city has its own distinct Midwestern culture and is entirely home to its skilled baseball team, the St. Louis Cardinals.

https://twitter.com/chickenjoestl/status/1854320162369110258?s=46

Cincinnati, Ohio

Ohio is home to certainly one of the biggest living basketball players, LeBron James. Cincinnati cannot claim the honor of being the hometown of a legend. However, the city tied with Cleveland and Kansas City for sixth place on the list of affordable cities.

Denver, Colorado

Living near the mountains is just not for everybody. People who like extreme climates would do well in a city characterised by temperature fluctuations: from hot and dry summers to frosty and snowy winters. With a top minimum wage of $18.29, the mountains will be bearable.

Detroit, Michigan

Better often known as the Motor City and residential of Motown Records, Detroit is steeped in culture. The city is in 1st place in the rating. Number 10 on the list because 61% of the minimum resident income is required to cover the average rent of $1,060. However, if the cost of living in other areas is controlled, the remaining 39% can provide a good quality of life.


This article was originally published on : www.blackenterprise.com
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