The new year is officially in full swing and the motivation to achieve is higher than ever. Goals have been set, working out has become a daily occurrence (again), and vision boards are being produced, all to celebrate the opportunity to start fresh. With endless opportunities ahead, the new year always generates a distinct feeling—almost like a rebirth, but one aspiration feels especially relevant to 2025: starting your own business.
Starting a business sounds appealing for many reasons, especially for Gen Zers. You get to be your own boss, have a flexible schedule, do solely what you want to do, and create a legacy. With such an unpredictable economy, layoffs have become more common, but when you’re the one in charge, you never have to worry about waking up to an unwanted email. As glamorous as owning a business sounds, there are some things you may not think about amidst all the excitement. We’ve tapped two of our favorite CEOs to find out all there is to know about not only starting a business but also making sure it’s fruitful.
For Marshea Chanel, content creator and founder of it-girl favorite brand MC Squared, the formula for any successful business is community. While education and financial knowledge are important, a business can’t truly flourish without impact, and that can only be birthed from connecting with others. “There’s no pride in business if you want it to be successful. Do your research first and foremost but don’t be afraid to ask questions, to shoot your shot, and to utilize your network and resources,” she tells GU. Maya Winston built his namesake accessory label on this same ethos, having garnered loyal supporters (including Angela Simmons and Tia Mowry) through his own content beforehand. “Having a personal brand that aligns with your business’s values and vision helps to build a community that sees your business as trustworthy and credible which in turn produces long-term supporters,” he says.
Below, take a deeper dive into all the gems Chanel and Winston shared with GU since launching their fashion brands, the key to longevity, and why starting a business in 2025 is still worth it.
What Should You Consider Before Starting a Business?
When establishing your own business, it’s not only crucial to foster community but to fully understand the time, responsibility, and commitment it takes. Educate yourself on the industry you aspire to and ask yourself questions like why you’re starting and if it’ll be able to stand the test of time. “Being a business owner tends to be glamorized and don’t get me wrong, it’s very rewarding and has a lot of highs, but with that comes some lows too,” Chanel explains. “Be prepared for all you’re getting into.”
Is Starting a Business Worth It?
Regardless of societal and economic pressures, there’s no better feeling than betting on your dreams and living in the fruit of them. If your business idea makes sense for now and in the long run, it’s worth it. “With the right planning, research, and execution, regardless of the state of the economy, there’s always space to enter the market if you have the right product or service,” Winston says, who waited two years into the pandemic to launch his brand. “I regret that decision looking back as so many companies thrived during that time. I think if you’re waiting for the perfect time it will never come; the right time is always the present time.”
“Betting on your dreams and goals is always worth it,” Chanel also states. “Some of the most notorious businesses were birthed during an economic debacle like Airbnb and Uber.”
How to Maintain Your Business
It can be easy to get caught up in the launch of your business, and if you’re not careful, you risk longevity. Both Chanel and Winston emphasize that the keys to maintaining your business are having consistency and relatability with your audience. For Winston, it starts with crafting high-quality products and cultivating customer relationships by listening to their needs, engaging with them regularly, and connecting beyond transactions. “For Gen Zers, who have grown up in a fast-paced, digital world, the ability to remain steady and true to your brand will set you apart. In the long run, it’s not about being the loudest voice in the room, but the most reliable,” he notes.
Meanwhile, Chanel prides herself in showing up and staying abreast of societal trends, without losing her purpose in the process. “You can lose your audience when you’re not introducing them to new things,” she says. “People want to shop what’s hot and you have to be hot.”
Underrated Business Tips
As popular as entrepreneurship has become, there’s still not enough dialogue around healthy financial practices, especially for Black business owners. Chanel stresses the importance of organizing your finances, so it doesn’t become an issue in the future. “The back end of your business is just as important as your front end,” she highlights. “File your taxes quarterly, hire a bookkeeper, or utilize apps like QuickBooks and Xero. Your front end can’t exist without an accurate and clean backend.”
Additionally, Winston stresses that ups and downs are inevitable, but it doesn’t have to deter you from your mission. Through wins and losses, you can celebrate and learn, but it’s critical to stay focused on your why. “The biggest lesson I’ve learned since starting Maya Winston is that ups and downs are inevitable, but they don’t define the future of your brand—your vision does,” he says. “What keeps me grounded is the purpose behind Maya Winston: celebrating women and creating accessible luxury that feels empowering. That mission is bigger than any one setback or success and I’ve learned to approach every moment with resilience and a clear focus on where I want this brand to go.”