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- Renee Bobb is a Black entrepreneur who runs training programs that help entrepreneurs succeed.
- She says that it’s important to have a budget both for your business and yourself.
- Instead of accruing debt, she recommends applying for grants — and having a strategy for success.
I met Renee Bobb when she was the national training director at Bunker Labs, a nonprofit dedicated to helping veteran entrepreneurs grow their businesses. She co-founded the Breaking Barriers in Entrepreneurship program, an eight-week training program for veteran entrepreneurs from underrepresented communities.
During her workshops, she focused on finances and how to secure grant funding for their businesses. As a woman of color, I admire her tenacity, knowledge, and spirit as a Black entrepreneur. I spoke with her about how Black entrepreneurs can set themselves up for financial success in both business and personal finance.
Creating a budget for your business — and yourself
I asked Bobb what first steps she would recommend for anyone looking to be an entrepreneur. “Most business coaches will say that it’s important to follow your passion. Conducting research and identifying opportunities that align with your passion is more important,” she told me. “The biggest mistake that aspiring entrepreneurs make is launching a business without knowing if there are customers who will buy their product and service.
“They also need to find out if there is longevity in the industry that they are getting into. I always recommend doing thorough research to ensure there’s a need for the product or service you desire to put on the market.”
She explained why it’s important to have a budget, not just for your business, but also for your personal needs. “The second step is to calculate the cost,” she said. “Create a startup budget, so you know what it will cost to launch the business and keep it running for six months to a year.
“The third and most crucial step is knowing how to sustain your household when building a business. I never encourage anyone to jump out and quit their job to launch a business. Having multiple sources of income is essential so you and your family will not have to suffer if the business takes a while to take off.”
Bobb told me how she applied these lessons to her own business. “When I first launched my company many years ago, I worked full-time while building my business,” she said. “Once the business took off, I continued to work temp jobs until I had an emergency fund, a strong savings account, and money to run the business.
“It sounds easier said than done. I was one tired woman, but I had a dream and desired to be a business owner. I was willing to do what it took to make that dream come true. Hard work always pays off when you are working hard for yourself.
“Looking back, I’m unsure how I did all that I did, but my two kids kept me motivated. Raising them as a single mom was hard, and doing it while trying to get a business off the ground was extremely hard, but it has paid off. Both of my kids have that entrepreneurial spirit.”
There are many ways to fund your business
I wanted to know more about how Bobb got her start, and how other entrepreneurs could learn from her example.
“I wish I would have fully understood that there are many ways to fund your business,” she said. “Investors and bank loans are not the only options.” She says she wishes she had explored all the options before taking on a business loan.
She suggested applying for grants. “There are many grant funding opportunities for seasoned entrepreneurs and people with just an idea. In 2023, we saw an increase in the number of grants available for Black entrepreneurs. Even though the process is very competitive, I always tell people that someone has to win the grant, so why not you?”
She also said she wishes she had explored strategic partnerships. “Partnering with the right person can be highly beneficial not only to you but can bring so many things to the table, like capital, access to a strong network, industry expertise, and the willingness to mentor you to success,” she said. “Often, we are afraid of partnering because of past trauma and hurts. However, partnering with the right person can help you reach your financial and business goals.
“For example, when acquiring the Music City Icons Professional Women’s Basketball Team, I had a strategic partnership with a business owner with extensive experience in the professional basketball industry. His resources and support to the team helped with my learning curve and startup budget. He ensured I did not acquire unnecessary debt.”
Tools to ensure grant success
I asked Bobb what tips she had for getting the best results out of a grant application. She walked me through the process she uses — a process that has gotten her grants from the Tennessee Titans and the “100 for 100” program by American Express. “Sit down and get crystal clear about why you are applying for grant funding and what you need the money for. Determine how grant funding can support your business.
“Conduct extensive research to find the right grants that fit your vision, mission, and goals,” she said. “Review the eligibility requirements to ensure you are qualified for the grant before you apply.”
Lastly, she said, “Create a grant funding budget. A budget will help you be clear about how much money you need and what you need the funding for. For example, if you need marketing and advertising funds, calculate the costs of launching a marketing campaign.”
Books and podcasts for Black entrepreneurs
Finally, I asked Bobb what resources Black entrepreneurs should look to for more ideas. She recommended the Earn Your Leisure podcast by Rashad Bilal and Troy Millings, which focuses on the financial aspects of the sports and entertainment industries. She also suggested Brown Ambition, a podcast by Mandi Woodruff and Tiffany Aliche.
She recommended the books “The Wealth Choice” by Dennis Kimbro and “Rise and Grind” by Daymond John. “These two books have provided tips and strategies that have helped me grow my business,” she said.
“I always recommend tapping the free, local resources right in your community,” she told me. “Many of these organizations offer free business coaching and access to training and mentorship.” In addition to local Black Chamber of Commerce organizations, she also recommended the National Minority Supplier Development Council and the Minority Business Development Agency.
