BATON ROUGE, La. (BRPROUD) – A Baton Rouge business owner and a chamber of commerce are working to build generational wealth in the north part of the city.
If it’s one thing that makes the world go round, it’s money. Currency holds weight because it can control how we live and thrive in society.
“One person just needs to take that step to be a light, an example to other people, and to see how the power of that dollar can transform some lives and transform a community,” said William Bates.
He opened a suit shop called The Master’s Touch in North Baton Rouge. “We’ve been created to suit every man’s fashionable need. We are here to enhance his image and make sure that whatever atmosphere he steps in, he’s a game changer,” said William.
Three years after opening, he bought the entire strip mall that the storefront sits on.
Bates believes there’s power in the “Black dollar,” and it starts with entrepreneurs.
William says “ownership” is a word that can have a lasting impact on the Black community. Part of that means breaking generational curses.
“You just weren’t hearing ‘ownership, own something.’ We were hearing. ‘Go get a job. Get your degree. Get a job, work for somebody.’ That’s fine. But we were never hearing about the empowerment of you have creative ideas, creative inventions that you can utilize that will help you own something,” said William.
Mikayla Bates, vice president of the North Baton Rouge Chamber of Commerce, says wealth is more than clocking in daily. Being your own boss allows people to change things and create new opportunities for others.
“When you’re a business owner, you get more perks than a regular W-2 employee when it comes down to taxes. And so with that being said, you’re able to keep more money in your pocket and less money away from Uncle Sam. And now that’s more money for your family,” said Mikayla.
The realtor says seeing the value in Black products and services means investing in your own neighborhood.
“If I have something and somebody who doesn’t look like me have the same thing. Sometimes we think that that that value is better than my value. And so now we have to compete with the mindset of trying to make sure that we’re convincing our people that what we have is legitimate,” said William.
Mikayla says her goal is to help small businesses see the beauty in collaboration and networking.
“We always talk about the B-to-C relationships because it’s a consumer. But we also specialize in the B-to-B relationships, which are the business to business,” said Mikayla.
Laci Sherman, president of the North Baton Rouge Chamber, says she sees Baton Rouge as the land of opportunity. Sherman says to start your business “scared” and dare to be different.
“Baton Rouge is a family-oriented city, and so a lot of families look for a place where they can think about sustainability,” said Sherman.
She said the backbone of a thriving community is unity amongst different groups. Sherman said understanding the current needs of the area can determine your success.
“Many individuals ran in a different direction of where opportunities already exists. But as you have those new investor organizations come into this space, one thing you need is also buy from the community,” said Sherman.
Part of that sustainability is financial literacy.
“Becoming a great steward of your money. Knowing what to do when you get a lump sum of money, save it, invest it, pass it down. Do something other than spend it on bags, trips and food,” said Mikayla.