Interested in starting your own entrepreneurial journey in health and wellness but unsure what to expect? Then read up on our interview with Terrence Smalls, Co-Founder of Black OM, LLC., located in Los Angeles, CA, USA.
What's your business, and who are your customers?
The name of my business is "Black Om." Black Om is an experiential wellness company that I founded in partnership with my fiancee Paris. Our mission is to empower people to live healthier, happier lives as a result of prioritizing their self-care. Our customers are individuals and businesses interested in experiences geared towards improving people's overall health & wellness. We host wellness-themed events and retreats both domestically and abroad.
Tell us about yourself
The COVID-19 pandemic truly provided the opportunity and time needed to start my business. Prior to Black Om, I was a VP of Business Development for a social impact startup focused on solving two crucial problems, hunger and food waste. In that role, I was able to see the positive impact made by prioritizing both profits and purpose.
Unfortunately, the COVID-19 pandemic forced me to leave my job, but I was able to apply much of what I learned from that experience to my entrepreneurial journey in building Black Om. I am motivated every day by the feedback and testimonials we receive from our customers explaining how much of a positive impact our company has made in their life.
What's your biggest accomplishment as a business owner?
My biggest accomplishment as a business owner has been "staying in business." Running a business can be hard, and sadly, many people quit. I am proud of myself for staying committed to our mission and not allowing adversity, whether that be a pandemic or pending recession, to deter me from building a successful company.
What's one of the hardest things that come with being a business owner?
I think one of the hardest things that come with being a business owner is building a committed team and delegating tasks efficiently. Managing people/teams can be extremely difficult, especially for new business owners.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Find a mentor, preferably someone that has experience building a business similar to yours.
- Read. I think people underestimate the amount of knowledge and foresight that can be found in books/articles. I've gained so much information about how to run/grow my business by reading about the experience of others.
- Hire a good accountant/bookkeeper. You're not truly doing business if you're not processing transactions. Keeping an accurate record of your business finances is important and will save you a lot of time and headache when it's time to file your taxes.
Is there anything else you'd like to share?
Teamwork makes the dream work. At the core of our business, we truly believe in collaboration over competition. It's important to establish partnerships with other businesses. I encourage all business owners to confidently tell everyone they engage with about their business and what products/services they have to offer because you never know who may be interested in becoming a customer or providing a referral.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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