Phillip Woolfolk Makes Difference for Businesses Through Speaking, Writing
Photo courtesy of Phillip Woolfolk
BY CHARLES CURTIS III | AC JosepH Media
NEWARK — Author, public speaker and financial consultant Phillip Woolfolk said Black business leaders hold the key to helping better their communities across the country – which some are already doing.
In his book, “Triumph in the Trenches: Navigating Success for Black Professionals,” Woolfolk created an easy-to-follow anthology of how successful African Americans overcame numerous struggles to reach their goals.
“The first book of a trilogy was 22 of us who co-authored the book, contributing a chapter, and we talked about our lived experiences, or shared our lived experiences related to systemic racism, microaggressions, and other barriers that we faced in the workplace, Woolfolk, now one of the country’s leading professional consultants, recently told Front Runner New Jersey.
Woolfolk provided insight into the nature of his books, which includes a trilogy and his own solo offering. The second in the “Navigating Success” trilogy was released earlier this year.
“The anthology allowed me to meet some great folks across the country, like-minded folks that are all doing great things in their various career paths and businesses,” Woolfolk said.
Encouraged now to publish a solo book, Woolfolk shows no signs of slowing down and hopes that his lived experiences can serve as a guiding light for Black professionals and entrepreneurs, utilizing his talents for the betterment of the community.
“What I’ve discovered over the years, being an entrepreneur, and real estate investor, throughout my banking career, is that having more than one source of income gives you a lot more freedom, a lot more options, and a lot more opportunities,” he said.
Woolfolk’s statement offers critical insight into the benefits of diversifying their businesses. Over the years, Woolfolk has committed himself to utilizing his market awareness and expertise to aid in the development of small businesses and entrepreneurs, codifying his talents into Main Street Advisory LLC, a successful consultancy business.
According to Mainstreetadvisoryllc.com, Main Street Advisory LLC specializes in “alternative lending solutions that empower businesses to thrive while building strong business credit.”
“I work with builders and developers,” Woolfolk said. “I work with entrepreneurs who lead the working capital lines of credit and equipment funding. And then on the coaching side, I work with a very small group of folks that typically are looking to pivot for what they’re currently doing.”
Woolfolk was able to use his experience and skillset to counter the COVID-19-fueled business shutdowns. More specifically Woolfolk worked closely with African American businesses who found themselves ravaged by the pandemic and facing the prospect of closure.
“Even if you look at small African American owned businesses, typically they are one revenue sourced companies,” Woolfolk said. “During the pandemic, what ultimately happened is that those folks who were single source revenue companies had a really hard time staying in business if they didn’t have other resources.”
According to Bloomberg.us, the COVID-19 pandemic resulted in a 41% decline in black-owned businesses.
Woolfolk’s consultation allowed businesses to pivot and create new revenue streams that added to their cash flow and lifespan. Woolfolk is also the founder of Philip Speaks, where he speaks at engagements offering advice and encouragement to overcome obstacles in life.
Woolfolk’s humble beginnings started in Trenton’s Public School system, where he earned his diploma. Soon after graduating Woolfolk applied for and was accepted into the Future Leaders Training Program at 85 Branch Bank.
We had to go through six months of training, and the idea was, when you finish that training program, you should be able to take a phone call, have a conversation with any customer about any topic, and be able to respond to them,” Woolfolk said.
Motivated and with a desire to excel, Woolfolk worked up the ranks taking on more titles and responsibilities.
“When I was 23 years old, I bought my first piece of real estate and became a real estate investor,” Woolfolk said. “Then I began to invest in myself.”
His journey has connected him to several different organizations. Main Street Advisory Business LLC and Philip Speaks, his public speaking firm, are both members of the African American Chamber of Commerce of New Jersey. Woolfolk is also a member of the Newark regional business organization.
Woolfolk also served on the board and as treasurer for several different nonprofit organizations. At one time, Woolfolk led a Community Development Housing Corporation for about six months while simultaneously being the Community Development Manager for a bank.
Currently, Woolfolk continues to promote financial literacy to the community. Woolfolk regularly disseminates information about his business and networking opportunities via podcasts and radio broadcasts.
Through his various endeavors, Woolfolk said he has found the value and importance of using his skills to uplift the Black community.
EDITOR’S NOTE: The story was written from an interview Phillip Woolfolk gave to Front Runner New Jersey.com Editor Clyde Hughes.
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