On Tuesday, The New York State Black Business Alliance (NYSBBA) hosted the Empowering Business Synergies: Navigating NYC Opportunities in Manhattan.
The event was designed to bridge the gap between local businesses and the City of New York, the event provided attendees a unique opportunity to connect with the dynamic New York business community.
One of the event supporters was Sharene Wood, President and CEO of HH Bespoke Spirits and Beverages, a highly successful Harlem-based enterprise and a New York State success story due to the sharp business acumen of Ms. Wood and her husband.
Our Time Press invited Ms. Wood to share her business advice with our readers. Following are her thoughts.
OTP. What are the three essential keys to starting a business?
SHARENE WOOD. Defining and understanding your company’s brand mission and aesthetic. Having a clear vision of which product or service that you want to offer. Having a very basic understanding of the principles of starting a business.
After the start, what does it take to maintain a business in addition to capital?
Being flexible, knowing when you must pivot, knowing how and when to edit your offerings, and knowing how to define your strategy based on new technologies and market chances. Being able to create an experience with your brand that resonates to engage your customer more authentically. Being able to collaborate with customers and other organizations and other brands that continue to help your business thrive.
What non-business-related experience in her your early years attributed greatly to your later success?
Creating and maintaining meaningful, strong and mutually beneficial relationships with family members and friends allowed me to be a great businesswoman because I understand the importance of people in every aspect of my business.
Why is networking and membership in an organization like NYSBBA or any other group, including church, fraternal orgs, etc. — important to business owners?
Collective economics and collaborative efforts help any business and businessperson thrive. Great networking and membership organizations are essential when it comes to client relationship building, referrals, sales, and profits.
Is business school essential to business training?
Business school is not essential to business training. I did not go to business school. I have a Bachelor of Arts in sociology from Columbia University. And my business acumen was learned as I built my various brands from concept to success. Any type of formal training does help, but the most important thing you can do is continue your own education, build your networks, create good business habits, and implement best practices as you learn them.
How does a struggling business “give back” to its community?
Giving back to the community is not always about contributing financial support. You can support various community drives by sharing information with your social media audience. You can Host events and functions at your brick-and-mortar location that amplify community prosperity. You can donate your time and name to events that are aligned with your brand’s mission, and your personal passions and generate marketing, interest, and pr for you and your business at the same time.
As a Harlem-based business you appear to practice what you preach. Your Brooklyn relationships are strong.
I have and continue to build long-standing relationships with Brooklyn enterprises, entrepreneurs, organizations, and Brands. New York City, most industry professionals and its various industries are all intertwined. I maintain professional relationships and friendships with people from all boroughs. In Brooklyn, Summer Foss of Happy Cork sells our HH Bespoke Spirit products. Robert “Don Pooh” Cummins, restauranteur and owner of the Brooklyn Chop House, a Brooklyn native, is a long-time customer of our 5001 FLAVORS and regularly commissions custom clothing from our company. Devonne “Dee Dee” Gray of the Brooklyn based Dee Dee Designs has been a long-standing artist with whom I have worked for creative artwork for my many brands. I collaborate daily with Brooklyn enterprises and will continue too.
Thank you, Ms. Wood.