“It doesn’t matter how big or small your finances are, the real gem is prioritizing what you have,” that’s the candor advice Ebony Austin, owner of Noveau Bar and Grill made sure she emphasized in our authentic convo. As a multi-hyphenated go-getter, she’s created more than 100 job opportunities and given away over $100 million to the community. When I inquired about her secret, she simply credits her skill to proper planning and a trusted team.
But the more the discussion progressed, the depth of that answer was revealed. Ebony opened up about how saving during the pandemic, a time when many businesses were forced to close their doors, aided her through difficult chapters. And after our authentic conversation, it made the importance of saving and business research crystal clear. Check out the convo below.
What was your journey like into money management? Have you always been good with your finances?
Yes, I learned it early. My grandparents had a construction company when I was growing up and my grandmother would teach me that with everything they worked for, she’d put 30% away. So no matter how many jobs I’ve had, once I tithed, I’d put up 30% away too. If I couldn’t pay my bills with that remainder, I’d get a second job. As crazy as it sounds, I’ve always been amazing at that.
So you’re definitely more of a saver then a spender, right?
Well, yes, but I do have a shopping addiction. But I save a lot. I’ve gone months and months without buying anything, then I’ll just go buy something big or small. But I’ve always known I still need backup plans. The beauty of having it is that you’re never trying to scramble. Even with my first property, I didn’t have any problems because my money was seasoned. I’ve always been consistent and knew a certain amount of money was going in the bank every paycheck.
Photo by Rari Filmz
Okay, so I can’t ignore the “shopping addiction” comment. Tell me about your splurge
So Louis Vuitton and Chanel are my favorites. Then I’m really big on supporting Black-owned businesses. I put that in my budget every month – sometimes a few times a month.
That’s a good one! What advice do you have for people trying to tighten up their budget?
Prioritize. When the pandemic happened, it gave us all a new outlook on life and what’s important. For example, going out to eat with my friends and family is essential. So I take time out monthly and figure out my expenses. For example, a lot of my friends are Tauruses, so that month, I need to plan extra birthday dinners. It only takes me like an hour, but it makes such a difference. People need to figure out what that looks like for them.
And what is your current final goal? Like, do you have a retirement plan?
Yes, once I get Noveau to 100 million! My biggest goal is for my team members to buy homes and establish themselves. But my end goal would be 15-20 restaurants, with five being investment restaurants. Also, of course, I want properties. I understand the importance of owning land. I think those are the main things.
Okay, so what is the worst piece of business advice you’ve been given?
Someone told me that I don’t need finances to open up a business. People say if you have a 590 credit score you can start it, but why would you do that? I mean you can do it with that score, but the interest looks way different. Build your credit first and avoid the extra costs. I used my own money to start a lot of businesses. Now when I look back I wouldn’t have even done it that way.
How would you have done it?
I would’ve used the bank's money. When you’re building your first location it can be really hard, but they do give them out. But you can’t just come in with a concept with no experience and ask for $100,000. No one will bet on that or believe in it. But if you have a concept, with a real plan and projections, start off with lines of credits. You can start small and build your business with $5,000.
Out of curiosity, what are your thoughts on investing and how do you do it?
I’ve invested in two restaurant concepts. Also, I have my own real estate investment company where we build, sell, and flip. I think investments are important to keep. Some of them require work. Personally, real estate is always key. To me it’s a safe option but they’re smart in general. That’s the only way you get to certain goals. Don’t let money sit in the bank – invest it.
Are there any unhealthy habits you had to unlearn in regards to investing or money management in general?
I had to learn to say no. A lot of times, everybody wants something. It’s hard to say no to people who are capable of doing things for themselves.
Heavy on the “who are capable of doing things for themselves.” What’s been your biggest struggle in building your business? Was there ever a moment you questioned it?
As an entrepreneur, we all have those moments where we’re ready to throw in the towel. But my biggest challenge was building a team and getting the word out there. But I also know God doesn’t make mistakes. At the time, the more I prayed and started to get to know the team, I came to the realization that I needed to let go of almost all of them. It wasn’t just about what was aligned with me and my purpose but also Nouveau.
Also, I had to separate myself and the business because I’m not going to care if they’re late three times in a row but the business will. Those were the most challenging things for me: saying no, building the right team, and separating the business and myself.
God heard every prayer though. Because now the team at Nouveau is amazing. They put all the pieces together. It’s all about praying and taking care of your people.
Finally, what does wealth look like to you?
Making sure my family is good and my mother doesn’t have to work again. Also, wealth is ensuring my team is reaching their goals. I teach my team how to save money, too. It makes no sense that I’m the only one that’s profitable. When I became a millionaire, my goal was to figure out who I’ll make the next millionaire. I want families to understand how we get here and how we stay here. Wealth is not a one-woman show.
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Feature image by Rari Filmz
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Camesha created the organization after her struggles with mental health and the lack of community she experienced. The Chicago native explains how she created Sista Afya to be rooted in “culturally grounded care.”
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“So at my organization, Sista Afya Community Care, we focus on providing mental health care through a cultural and gender lens,” she tells xoNecole. “So when we think about the term intersectionality, coined by Kimberlé Crenshaw, we think about the multiple identities that lead to certain experiences and outcomes as it relates to Black women.
“So in the context of culturally grounded care, being aware of the cultural history, the cultural values, and then also the current issues that impact mental health outcomes.”
Words like “strong” and “independent” have long been associated with Black women for some time and many of us have begun to embrace the soft life and are using rest as a form of resistance. However, some of us still struggle with putting ourselves first and overall shedding the tainted image of the “strong, Black woman” that had been forced on us.
Camesha shares that while there’s more and more communities being created around empowerment and shared interests like running, she still questions, “are Black women really comfortable with being vulnerable about sharing their experiences?”
Being vulnerable with ourselves and others play an important role in healing the instinctive nature of always being “on” for everyone. “I'm currently facilitating a group on high functioning depression, and yesterday, we talked about how when Black women may be struggling or have shared their concerns with other people. They may be minimized, or they're told to just be strong, or it's not so bad, or I went through something worse back in Jim Crow era, so you should be thankful,” she explains.
“So I think there's a challenge with Black women being able to be honest, to be vulnerable and to receive the support that they need in the same capacity as how much they give support to other people. So that is probably a very common theme. I think we've made a lot of progress when we talk about the superwoman syndrome, the mammy stereotype, the working hard stereotype, the nurturing stereotype. I think we're beginning to unpack those things, but I still see that we have definitely a long way to go in that area.”
I think there's a challenge with Black women being able to be honest, to be vulnerable and to receive the support that they need in the same capacity as how much they give support to other people.
Roman Samborskyi/ Shutterstock
While we’re unpacking those things, we know that we’re still women at the end of the day. So as we continue to serve in various roles like mothers, daughters, sisters, and caretakers, we have to make caring for ourselves a priority. Camesha reveals four ways we can still care for others without abandoning ourselves.
Trust
First things first, trust. Camesha explains, “Some of the burdens that Black women have can be linked to not feeling like you can trust people to carry the load with you.
“It's hard because people experience trauma or being let down or different experiences, but one of the things that I found personally is the more that I'm able to practice trust, the more I'm able to get my needs met. Then, to also show up as my best to care for other Black women.”
Know Your Limitations
Another thing Camesha highlighted is Black women knowing their limitations. “The other thing that I would like to bring up in terms of a way to care for yourself is to really know your limitations, or know how much you can give and what you need to receive,” she says.
“So often, what I see with Black women is giving, giving, giving, giving, giving to the point that you're not feeling well, and then not receiving what you need in return to be able to feel well and whole individually. So I really think it's important to know your limitations and know your capacity and to identify what it is that you need to be well.”
Don’t Take On A Lot Of Responsibilities
Next on the list is not taking on so many responsibilities, sharing herself as an example. “The other thing is taking on too much responsibility, especially in a time of vulnerability.
“One thing that I personally struggled with was being so passionate about community mental health for Black women, and saying yes to everything and taking on so much responsibility,” she reveals. “That affected me to do well in serving Black women and then also impacting my own well being.”
Practice Self-Care
Lastly, she notes the importance of practicing self-care. “The last thing is really practicing regular self care, regular community care, so that it's embedded into your daily life. So for me, having prepared meals, going to the gym, getting eight hours of sleep, spending time with friends and family, all of those things are part of my self care that keep me at my best,” she explains.
“Then community care, leaning into social networks or social groups, or spending time with other interests or hobbies. That's a part of my community care that keeps me going, so that I can take care of my needs, but also to be able to show up best in care for others.”
Find out more about Camesha and Sista Afya Community Care at communitycare.sistaafya.com.
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