Launching and running a food business is an exciting prospect but studies show that it can also be an extremely tiring, stressful and expensive experience for many food entrepreneurs.
As a result of these challenges, thousands of food entrepreneurs experience burnout and may even consider giving up on their business altogether.
Stress for an entrepreneur can affect your creativity, energy and judgement'
- Centre For Entrepreneurship
One major challenge that hinders business formation among Black-owned businesses is the
lack of start-up capital support and the inequalities often present in start-up investment schemes and programmes.
74% of Black business owners had fewer chances to create a successful business and less time to make it successful due to a lack of capital investment and resources - Groupon and National Black Chamber Of Commerce
A survey across 500 businesses found that 74% of Black business owners are concerned about the lack of capital investment opportunities and the same survey, conducted by Groupon and National Black Chamber of Commerce found that upfront costs were one of the biggest marketing challenges amongst Black entrepreneurs and business owners.
So how can this be tackled?
That's a question both Black CHEFS Collective and FIVERR asked, leading to the creation of the Black Food Business Fund 2022, a digital services funding credit initiative for entrepreneurs, business owners and creatives.
The initiative is designed to provide Black food entrepreneurs with funding for bespoke digital services to take their branding and online presence to the next level.
Whilst conducting research on which challenges affect Black entrepreneurs and business owners, three appeared frequently:
Digital and branding start up costs
Networking and expansion
Stress and burnout
How does the fund tackle these challenges?
1: Start-up costs for digital and branding
Fiverr provides funding credit to go towards the cost of professional services such as website design, bespoke logo design, content creation and a further catalogue of available digital services, to enhance the branding and digital identity of the successful applicants' business.
2: Networking and expansion
Successful applicants will be supported in managing their own panel of experts, who will be available to provide professional services and answer any questions. In addition to this, Black CHEFS Collective will be on hand to provide access to a range of networking opportunities to further their business reach. 3. Stress and Burnout Successful applicants to the Black Food Business Fund will be supported by the Fiverr Business team who are available to provide advice.
Fiverr have held a virtual introduction event to outsourcing with Black CHEFS Collective where attendees were educated about how to improve business functionality through outsourcing.
The Black Food Business Fund is a precursor to 'Start Smart. Dream MASSIVE. Make Your Mark' by Black CHEFS Collective and The Chosen You, a wider initiative designed to help provide entrepreneurs and creatives with the resources and guidance needed to build a solid career foundation from the ground up.
Fiverr is a global online marketplace providing access to freelancers across 160 countries worldwide.
The company has made significant stands to genuinely and respectfully promote diversity and challenge unequal opportunity within the business world.
In Summer 2021, Fiverr unveiled The Future Collective, a program designed to empower Black business owners. Since the announcement, Fiverr has successfully helped Black owned businesses with funds and have also assisted them with supported access to Fiverr's freelancer marketplace as well as promotion on Fiverr's social platforms.
In addition to this, Fiverr promotes diversity and exclusivity through its ESG strategy and encourages fair economic and social opportunities for everyone.
On the Fiverr marketplace, sellers simply require a skill and a profile to get started on achieving their freelancer goals. The accessible Fiverr platform interface makes it straight-forward for freelancers to communicate with clients and build up their service reputation, helping to level out the freelancer playing field.
Fiverr continuously demonstrates its commitment to core values and equality by putting their funds and resources where their mouth is and we are proud to team up with the company to launch the Black Food Business Fund.
The goal of Black CHEFS Collective is to promote a diverse and equitable workforce in the corporate world and food/drink industry through genuine inclusion. The Black Food Business Fund is an initiative where Black individuals from around the world can access the starter funds, guidance and support to develop their brands and make their mark.