Do you have a business idea and you are thinking of starting a company? You’re not alone. The most recent Kauffman Foundation research found that 69.8% of businesses are started because of opportunity, whereas 30.2% are started out of necessity. Whether you started a business because of an opportunity or need, entrepreneurship can serve as a tool for wealth-building, creativity, and flexibility. The research also highlights that immigrants, Latinx, and Black founders are starting new businesses at an increased rate.
At Founder Forward, we recognize that Black, Latinx, and Indigenous founders face barriers during their business journey and we seek to advance equity and diversity in the U.S. entrepreneurship ecosystem by addressing opportunity gaps and institutional roadblocks that affect founders in overlooked regions and identity groups.
We have run 24 cohorts and distributed $862,668 to 150 founders who are creating social impact businesses that are strengthening their communities. Whether we are connecting founders to pro-bono advising or congressional offices or a business community, we are always interested in understanding the founder’s journey.
As a team, we reflected on the founder’s journey, particularly the founders who have gone through our programming. We identified four business areas that the majority of the founders struggled with while creating their first business. The majority of these founders struggled with finances, go-to-market strategy, legal support, and marketing. As a team, we compiled a list of 63 resources for founders who are starting their first business and need tools to help them take that leap.
Below you will find a collection of tools and resources for first-time business owners who are looking to start their journey as a corporation, LLC, or partnership. These resources cover lean canvases, networking, market share, pitch decks, financing, technical assistance, and more.
As you develop your business idea, create your first product or service, and start collecting revenue, consider:
Subscribing to Founder Forward’s free monthly brief to keep ahead of the trends that are shaping the future of early-stage founders in overlooked regions.
Applying to Founder Forward’s rolling application to receive expert advising and unrestricted business grant funding.
Finances
This one needs no introduction, but let’s dive in. Having a complete understanding of the financial health of your business will help you be more proactive and credible when it comes to seeking investment and other financial services. It’s not always as simple as a balance sheet. If you, the founder, can forecast your runway and are well-organized you’ll increase your chances for success and scaling. Eighty-two percent of businesses fail due to cash flow problems, but have no fear! We’ve compiled some resources that can educate you on financial management and bring in the green!
Enter a Pitch Competition: Competitions that Focus on Funding Black and Minority-Led Startups!
Black Ambition Award
Black Girls Ventures Pitch Competition
NBMBAA® Scale-Up Pitch Challenge
NexCubed
Slidebean
Techstars Funding
Y Combinator Funding
Funding Platforms: Cash is Queen!
AngelList
FundBlackFounders
Indiegogo
Kickstarter
Financial Management: Don’t Stress, Get Organized!
Anatomy of a Term Sheet
Navigating Capital Raising
Quickbooks
Wave
Xero
Go-To-Market Strategy
A Go-To-Market Strategy is a step-by-step guide to launching a new product or service in an expanding market. Before launching as a new founder it is important to have a game plan from ideation to point of sale. Considering points like target audience, competition, supply and demand, and distribution channels. The resources below will help you consider what your go-to-market strategy will look like.
What is a Minimum Viable Product (MVP)?
Business Plan Template
How to Develop a Go-To-Market Strategy
9 Steps to Craft a Successful Go-To-Market Strategy
What goes into building a proof of concept? What am I looking to do with my product?
What is a Business Model?
Legal Support
This one needs no introduction, but let’s dive in. Having a complete understanding of the financial health of your business will help you be more proactive and credible when it comes to seeking investment and other financial services. It’s not always as simple as a balance sheet. If you, the founder, can forecast your runway and are well-organized you’ll increase your chances for success and scaling. Eighty-two percent of businesses fail due to cash flow problems, but have no fear! We’ve compiled some resources that can educate you on financial management and bring in the green!
Legal Resources: Protect your business!
Find the Best Lawyer for your Startup
LegalZoom
SBA: Stay Legally Compliant
Startup Lawyer
Marketing
The growth of your startup will depend on your marketing. Storytelling is the foundation of any great marketing launch or advertising campaign. Oftentimes as a new founder, you’re selling yourself, your potential, and your product or service all at once. The following resources will be your ladder; use them as stepping stones to launch your marketing strategy!
Branding/Marketing: Market yourself and your Business!
Adobe Creative Cloud
Canva
Diversity Marketing Consortium
5 Step Checklist to Improve Every Aspect of your Online Business
How to Succeed as a Content Team of One
How to Create or Revise a Content Marketing Strategy
The Ultimate Guide to Advertising
The Ultimate Guide to Marketing Campaigns
Read, Learn, and Stay Connected
Startup potpourri. The following resources cover a range of topics for the up-and-coming founder. From research to community, we’ve got you covered.
Research, Learn, and Study Entrepreneurship
AngelList Learning Hub
Black American Startup Resource List: 700+ Accelerators
Deloitte ScaleUp
First Round Knowledge Base
Google Dataset Search
Google Patent Search
Google Scholar
Google for Startups
Indie Hackers
SBA Business Learning Hub
SCORE
Techstars Entrepreneur Toolkit
U.S. Census Data
U.S. Chamber of Commerce
Y Combinator Startup School/YC Library
Entrepreneurial Communities: Who do I connect with?
AfroTech
Black and Brown Founders
Black Girl Ventures Connect
Hard Knock Labs
Latino Business Action Network
Native Women Lead
Startup Grind
SXSW
Human Resources: Invest in WE!
Fiverr
Pallet
Upwork
Subscribe to Newsletters for the Latest Updates on Business
Creator Science Newsletter
Founder Forward Newsletter
People of Color in Tech
The Plug Newsletter
Photo Credit: Unsplash + Getty Images
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