Porscha Anderson’s experience as a small business owner started with A Style of Her Own, a stand at Soulard Market where she sold homemade fashions. When Anderson sought out a loan to expand her business in 2014, she realized she needed to improve her credit score.
Strategically, Anderson was able to raise her credit score by several hundred points within 18 months, and that gave her an idea for another small business, one that would help people like her achieve goals that credit scores were a barrier to reaching.
Today, Anderson is the founder and CEO of New Directions Financial Solutions, a consulting firm that helps clients rehabilitate their financial standing. She got there with the help of an organization that helps women realize their own dreams of owning a small business by giving them the knowledge and networking tools they often lack.
On December 2, the Grace Hill Women’s Business Center hosted a graduation event for its 2017 graduating class from the Workshop in Business Opportunities (WIBO) program.
About 30 women graduated from the 16-week business development course, which helps women of color who want to start or have recently started a business learn the skills they need to be successful. The course is demanding – it meets four nights a week for three hours, covering topics ranging from record-keeping and human resources to law and ethics for business owners.
“It really was a pretty comprehensive 16 weeks,” Anderson said. “It definitely takes a lot of sacrifice and dedication.”
Women begin the program at various stages of their business development; some have already opened their doors, while others are just starting out. Anderson was already running her business when she entered the program, but she said women who were not as far along in the process also made substantial progress.
“There is a benefit at every level of the program,” Anderson said. “The class is still of value to them.”
Patrice Gardner, the program coordinator, said the goal of WIBO is to address the unique challenges that women, especially women of color, face when they set out to become entrepreneurs.
“Sometimes their resources are limited and those resources that are available, they may not be aware of,” Gardner said.
When these women are able to access resources, Gardner said, the positive impact can be profound. Resources owned by women of color provide jobs and investment back into their own communities, Gardner said.
Anderson’s company is a perfect example. Many of her clients are themselves prospective business owners or have another financial goal they can only reach by improving their credit or establishing credit for the first time.
“We create a plan of action to help them to take it a chunk at a time,” Anderson said.
After an initial free financial consultation, Anderson helps her clients develop plans to improve their FICO credit scores with financial decisions they can make 30 days at a time.
Like Gardner, Anderson said one of the most valuable things she gained from participating in the WIBO program was a network of fellow business owners. Through connecting with another WIBO graduate who came to the program as an instructor this year, Anderson was able to open an office space for New Directions for the first time.
The event on December 2 was not only a graduation, but also an opportunity for the graduating class to showcase their businesses to the public.
“It’s a very nice event, just to honor them on this step in their entrepreneurial journey,” Gardner said.
In the future, Anderson hopes to expand her client list and her online presence. She expects that New Directions will be able to double its profits within the next 12 months.
“Now that I have these resources, there is really no excuse why, going forward, I can’t be successful,” Anderson said.
Contact Grace Hill Women’s Business Center at 314-584-6700 or wbcinfo@gracehillsettlement.org.
Jessica Karins is an editorial intern for the St. Louis American at Webster University.