Building a Stronger Network: The Power of Community Support for Black Women Seeking Capital
As an entrepreneur, we often think we can do everything ourselves. But when it comes time to seek capital for your start-up, it’s the power of community that will lift you up, offer guidance, and get you through challenging times. A strong, supportive community is vital for any entrepreneur — and especially for Black women, when the funding stakes are statistically against us. The funding stage of any start-up will test a founder’s resilience, perseverance, and strength as they wade through rejections and unforeseen challenges.
So, what does community support look like? It can come from peers, fellow entrepreneurs, friends, family, teachers, and mentors. It can be a virtual community, or a network that you meet and connect with in person. Your community serves multiple purposes, and as it grows, you will quickly see its value: it can open doors, keep you accountable in your journey, offer mental health support, teach you valuable lessons from their own experiences, and help you to find solutions to the challenges you will face as an entrepreneur. Most importantly, your community will celebrate your funding wins when the time comes. And with the right mindset and support, the time will come.
The Power of Community Support
We’ve already touched a bit on the power of community support — but don’t take our word for it. We’d like to share the voices of Black women entrepreneurs who have found their community through the Elevate by Grameen program.
“The women at Grameen America encourage me to be a better entrepreneur. We talk about networking, setting goals and we help each other build our businesses.” - Mitzie, Hair Salon Owner
“I was really drawn to the community of women like me who were trying to propel their businesses forward. Beyond the loan capital, I was attracted to the weekly meetings where I could hear from the Grameen America team as well as the other entrepreneurs in the program. I feel like there is always something to learn when we bring together business owners from very different backgrounds and industries.” - Jasmine, Creative Studio Owner
“What I appreciate about Grameen America is being able to build a business with like-minded people. This is exactly what I need because I’m at a place in my life where I’m expanding a lot. I love it. I love being able to hop onto meetings and get all the encouragement I need.” - Shanté, Jewelry Business Owner
Building Your Network
Here are a few of our suggestions on how to build a strong network, for Black women who are seeking capital.
Lean on Your Community for Fundraising
A friends and family round of fundraising is typically a good place to start when you are seeking capital for your startup. This means reaching out to family and friends who support your entrepreneurial endeavors and are willing to donate money toward your business. The pros of this approach are: you don’t need to build a comprehensive pitch deck; you won’t need to research funding options; and you don’t have to give up equity in your company in exchange for capital, as you would with venture capital or investors. However, this approach can also be challenging when trying to raise a large amount of capital. Most friends and family rounds tend to result in smaller donations. If you decide to go this route and lean on your community for fundraising, online platforms like GoFund Me, KickStarter, and IFundWomen are easy ways to get started.
The Importance of Mentorship
When it comes to community support at any stage of the entrepreneur journey, finding a mentor is a significant step. A mentor will provide guidance, offer encouragement, share knowledge, and possibly open doors. Look for a mentor that has found success in your industry, has a similar path to entrepreneurship, and who used strategies to gain their success that you find relatable. You and your mentor should have shared goals and desires for success. If you aren’t sure how to get started, Bolster Ventures offers a 12-month mentorship program designed to teach CEOs how to scale by matching a startup CEO with Bolster Prime Mentors. Their mentors are current or former CEOs and operators with substantial "been there, done that" experience.
Don’t Be Afraid to Network
It’s easy to get stuck behind your computer as an entrepreneur today — but networking is a great way to connect with people who can open doors to your fundraising needs. Set up 20-minute calls or in-person coffee chats with entrepreneurs within your industry or with similar paths, and ask them questions about their experiences in raising capital. Make sure you come to the call or meeting prepared with an agenda and a list of questions that are specific to their experience. Use this opportunity both to build a relationship, and to gain valuable knowledge from someone who has walked the fundraising path before. You can also attend a workshop or program for fundraising entrepreneurs through Elevate by Grameen. Learn more here.
Create Your Community
Find a small group of three to four entrepreneurs in a similar stage of business growth, and create a Slack, GroupMe, or WhatsApp thread to keep in touch and connect as needed. This space will quickly become your go-to for asking questions, sharing wins and challenges, and seeking advice about seeking capital. You can also host weekly meetups (in-person or virtual) to stay connected and lean on each other for support.
Use Social Media
Sometimes asking for help is the simplest and most effective route. Be bold and post your needs and challenges to social media. Ask your social network to connect you with the right people that will get you in the door with investors and venture capitals. Share your wins and your story with your followers, so they will understand your needs and the passion behind your business plan. You never know who will connect with your story and share it to their network. If you enjoy creating content, consider creating a monthly newsletter chronicling your fundraising journey and your adventures as an entrepreneur. With the right content, your audience will grow quickly — and your story will eventually reach the right people.
Be Your Own Publicist
That’s right. Be your own publicist.
What does that mean exactly? Pitch yourself, your business, and your story to editors and podcasters who specialize in your industry or who cover entrepreneurship. Pitching is mostly about doing your research. Start the process by making a spreadsheet of some of your favorite print outlets, online blogs and websites, and podcasts, featuring content that is relevant to what you do. Then, find the editor or talent booker for each of these outlets and pitch them your story via email. Make sure you clearly articulate what you would bring to their audience. Doing your research and making sure you have the correct contact is essential for getting a response. Be persistent! If your story resonates, they will reply with interview questions and next steps. During your interview, make sure you promote the fact that you are seeking capital and direct the audience to your fundraising page.
Your Community is Waiting
We wish you the best of luck in building your community as you embark on this capital seeking journey. If you are still unsure of which route is best for you when it comes to venture capital, angel investors, grants, or small bank loans, check out our latest article on how Black women can find funding for their ventures.