Business and Finance
Life-changing incident makes black woman owner of three franchises worth $15 million
Dr. Michelle Rankine’s journey to having three At home franchises which have grossed over $15 million were born out of a private tragedy. Her younger brother was in a automotive accident that left him paralyzed, forcing her family to face a situation they never imagined.
“Imagine being 21 and living what you thought was a normal life, getting ready to graduate, and now you’re a paraplegic,” she tells BlackEnterprise. “It was devastating for my brother and my family.”
Dr. Rankine and her mother decided to turn into his caregivers, but they quickly learned that caring for a loved one will be difficult and never all the time something the loved one wants.
“One of the things about caring for a loved one is that there are certain boundaries,” she says. “As a paraplegic, you can’t use the bathroom or do everyday activities. There are certain boundaries about what you want your family to be involved in and what you don’t want them to be involved in.”
Dr. Rankine and her family noticed a big change in her brother’s engagement after she followed a social employee’s suggestion for home care. The implementation process, which involved providing home look after her brother, sparked her interest in helping others through what generally is a difficult time for families. The owner met with the family, guided them through the method, and cared for her family with a caring attitude that left enough of an impression on them that she desired to pass it on to a different family in need.
Owning a franchise that has remodeled $15 million with no experience
Dr. Rankine has no medical or healthcare training and felt that owning a franchise was one of the best choice to enter the industry. She currently has franchises throughout Texas: Collin, Denton, and Tarrant counties.
Investing in a franchise is a model for those just starting out in entrepreneurship, however the path to success still presents some challenges.
“For me, one of the challenges is the image you start to have of what you want versus the actual divine delay that has to happen,” Dr. Rankine says.
She adds that she had to vary her perspective on what it means to achieve success.
“Success (in the industry) is ‘offering a service and giving caregivers the opportunity to make sure they have the training because it’s my product and service,’” Dr. Rankine says. “You want to succeed really quickly… like a microwave effect, but it’s really a pot of boiling water. You have to really let the lessons sit and savor them.”
Through her three Texas franchises, she has grossed greater than $15 million in greater than a decade of business. She tells BlackEnterprise that she could be very proud to be a Black franchisee—especially with regards to addressing health disparities in Black and brown communities.
Bridging the Gap for Minority Communities
Dr. Rankine goals to scale back health care inequities in minority communities by educating people about health care and helping families develop a house health care emergency plan.
One of the misconceptions she combats in these communities is that families consider they must look after their family members alone.
“Our default approach is not to go to an outside firm, but to go through the church. We will look for a church community before we actually hire someone. We have been actively reaching out to a number of churches to start the conversation about preparing for care,” he adds.
In many cases, insurance and Medicare won’t cover additional services like home care, though the advantages outweigh community care. Community care puts family members in danger when others at home are sick, Dr. Rankine said.
The average cost of a house health aide is $33 per hour. Dr. Rankine has difficult conversations with people and families about financial preparedness and investing in long-term care insurance.
“The reward (for me) is providing solutions to my family,” she says. “I’ve always loved being a fixer, and I’ve always loved giving back in other ways.”
Business and Finance
The study shows the cheapest cities with affordable rent
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.
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.
Business and Finance
A former Netflix marketing executive turned reality star is launching a wig brand
Bozoma Saint John takes his Fortune 500 marketing skills to his own empire. The former Netflix marketing executive launched her own wig and hair care company, Eve By Boz.
Saint John, 47, has already reached historic highs in her profession. After leading the marketing departments of tech giants like Apple, Uber and Netflix, he wants to start out his own empire.
She left the favored streaming platform in 2022 after which published a memoir about how, along with her premature daughter, she lost her husband to cancer. Healing from losses, Saint Jan wants to start out a legacy that honors her past and future.
She saw a gap within the hair care industry, particularly wigs, where women of color owned businesses. Especially for products aimed toward diverse women, with the identical demographic leading the best way, the trouble was too sparse for Saint John.
“Women of color and black women don’t really have a voice in the production process, they are the ones consuming the majority of the product,” she said.
Understanding this need, she began developing her line within the spring of 2023. She attended a hair show in Guangzhou, China, with a hair stylist to attach with vendors. She traveled across the continent to learn more about sourcing products.
After doing her homework, Saint John decided to speculate in herself and lift money to launch her wig enterprise. She’s put about “a few million” into the business, but she has the knowledge to succeed.
“I’ve worked for big enough companies and I have a lot of inventory in a lot of places,” she explained. “It’s time to reinvest in myself and that is exactly what I made a decision to do. Besides, I can have total control. I don’t need anyone telling me what to do.”
Saint John’s is changing the sport by offering additional lace colours for wigs. Diversifying color decisions will higher serve customers of all skin tones, which also stays a priority for Saint John.
“I don’t want to go on YouTube or Google and watch 14 million videos of black women and women of color working in kitchen pharmacies dyeing lace to match their skin,” she says. “My intention is for other companies to see the success of this company and follow suit.”
Eve By Boz will premiere in Saint John’s other project, an entry as a solid member on “The Real Housewives of Beverly Hills.” While it’s a coincidence, Saint John welcomes the eye for a product he considers a winner. The 171-piece Eve By Boz collection is now available exclusively on her website.
Business and Finance
Average homebuyers are now the oldest and wealthiest in history
AND latest report details the grim reality in which America goes on to tackle the housing shortage and financial obstacles for people wanting to own a house. According to the National Association of Realtors, homebuyers are older and wealthier than ever before, and the average age of homebuyers is at an all-time high.
The median age of buyers rose to a high of 56, up from 49 in 2023. The median age of first-time buyers rose to 38 from 35 in 2023, and the age of repeat buyers rose to 61 from 58 in 2023.
“Highlighting the barriers to entry into the housing market, the average age of first-time homebuyers has hit an all-time high of 38. In the 1980s, the typical first-time homebuyer was around 20 years old,” the report said.
But age is just not the only factor that has increased. It can be the average income of buyers.
“Over the past two years, first-time home buyer household incomes have increased by $26,000. “This year’s report shows that the median household income for first-time homebuyers was $97,000,” the report said.
The racial gap for homebuyers is growing
Unfortunately, there continues to be a racial gap between white and black homeowners.
“Overall, 83% of buyers were white/Caucasian, up from 81% last year,” the report said. Only 7% of recent buyers identified as black/African American.
According to A report mortgage lending to Black Americans declined by 16% in 2022. Mortgage denial rates, nonetheless, increased by 2.6 percentage points.
The report reveals one other dramatic change: buyers with children are less more likely to purchase homes.
Of all homebuyers, 62% are married couples, 20% are single women, and 8% are single men. The percentage of buyers with children under 18 dropped to the lowest level and amounted to 27% of all buyers.
The report shows that multi-generational housing stays popular, with the highest percentage ever of individuals purchasing a house that may accommodate multiple generations at 17% of all buyers. The commonest reasons are savings, elder care and the return of young adults.
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