When Terry Foster got fired from his corporate job in 2016, he took the decision to be his own boss. Today, he is the founder and CEO of Terry Foster Consulting, a boutique digital marketing agency that is regarded as one of the fastest-growing internet marketing companies located in Pittsburgh.
The company helps Black businesses to utilize the internet to attract and convert customers. Foster started his business six years ago and has assisted multiple Black-owned businesses to scale to 7-figures and beyond with profitable paid traffic.
According to Black Business, he has managed over $15 million in ad spend and generated over $75 million in online sales. In addition, he has helped 14 Black-owned businesses generate over $1 million in a single year with paid traffic, according to Black Business.
One of Foster’s clients is Nae Nae Naturals, a brand that creates safe and effective beauty products for women who want natural, toxic-free products for their hair and skin. Foster has helped Nae Nae Naturals scale from $400 a day to $40K a day in sales.
Nae Nae Naturals recently recorded a whopping $5 million in sales and has been able to move from a garage into a warehouse, according to Black business.
Since starting Terry Foster Consulting six years ago, Foster has recruited a team of over 20 people. According to him, he created his consulting firm because his passion is to help Black entrepreneurs scale up in the face of a lack of venture funding.
Black founders receive less than 1 percent of venture capital, according to Harvard Business Review. Black women founders represent less than 0.2% of companies that receive such funding. Also, 81% of venture capital funding has no Black investors while 70% of VCs are White and only 3% are Black.
Apart from difficulties raising funds to finance or expand their businesses, Black entrepreneurs also face systemic racism and other barriers to growing their businesses, including skills development.
“My passion is to help Black entrepreneurs scale up to the use of profitable paid traffic so that they can create the business of their dreams,” Foster said. “One of the most important things to me is having an impact. That is why I created the TFC Implementation Center where business owners can easily get the services they need to level up their marketing.”