One of the biggest struggles of being a black business owner is that most people want discounts or flat out don’t want to pay for your services. People expect you to give away the knowledge you sacrificed and paid for because they know you and/or look like you. Well, in 2017 that is going to stop. The beauty of this is that if people are willing to look at the bigger picture they will see that paying for black expertise actually benefits them in the end.
This morning I was having a conversation with my mother, the CPA (Certified Public Accountant), who runs a small tax practice on the side, about how sometimes her clients don’t value the fact that she is a CPA. I don’t think that a lot of people really understand what it takes to become a CPA so I am going to explain it. The first step is to earn a degree in accounting. Accounting is a rigorous subject and only the strong survive. Not only tat, a lot of schools are impacted and only take on a few accounting students at a time. Following your degree in accounting you study for and take the CPA exam which is a four part exam similar to the Bar exam. After that, you are required to complete a certain level of auditing hours and meet experience requirements.
The fact of the matter is that having your taxes prepared by a CPA is a big deal. People pay big money to have their taxes prepared by a seasoned tax professional, not some kid who picked up a certification over the weekend. The big players don’t go to HR Block, they make the investment in experience and that is probably why they are a big player. Often times we feel like we have to compete with HR Block when HR Block in now way provides the level of service that we provide. Unfortunately this is consistently the measuring block to the ignorant.
I have already discussed that at some point in time Todd Capital will have to monetize our services. We give away much of the game via the club, class and content for completely free but I feel as though by doing this we do our clients a disservice. This is because an investment in knowledge pays the best dividends.
In a recent book I read, Dotcom Secretes, the author, who wrestled in college, gave an example of his coach bringing over his old films for the young wrestler to learn. At the end of the meeting the coach asked how much money the guy had in his wallet. The wrestler handed over his wallet and the coach took all the money out. The coach said that if he gave him the tape for free he wouldn’t watch it and learn from it because people value what they invest in.
By expecting everything free in life you are doing yourself and your community a disservice. You are robbing yourself of the investment opportunity and eventual dividends and your are robbing your community of jobs and prosperity. When you support a black business you are investing back into yourself. Black businesses hire black executives, black staff and black vendors. This has a compound effect that ultimately creates black greatness. This is why in 2017 there will be no more free lunches. As always, if you are interested in joining our investment club or having your taxes prepared by a CPA, email firstname.lastname@example.org