Meet Latricia Trice, a woman who is defying the odds and paving a new path for Black female entrepreneurs.
Trice, a seasoned marketing professional with nearly 20 years of corporate experience, made a life-changing decision in January 2023 to open the doors to her own consultancy firm, LTrice Consulting. Though the risks of starting a new business can be daunting, Trice’s story is a remarkable triumph. Just six months into her entrepreneurial journey, she had already generated six figures in revenue – a testament to her strategic vision and unwavering determination.
As Black women continue to emerge as the fastest-growing demographic of entrepreneurs in the nation, Trice’s success offers an inspiring blueprint for others seeking to thrive in a challenging business landscape. Beyond the impressive numbers, Trice’s story is also one of leveraging decades of industry expertise to innovate and engage in meaningful ways.
She holds a BA in Communication from Michigan State University and an MS in Communication from Grand Valley State University. The Grand Rapids Business Journal named her a “40 under 40” awardee in 2010 and 2022. She has a heart and passion for community and serves on several local and statewide nonprofit boards and committees. Additionally, she is a known motivational speaker and was a 2023 mainstage MOTH performer.
We had the honor of connecting with Trice, who shared some invaluable insights on efficient scaling, building relationships with key decision-makers, and making a small business appealing to larger brands. Check out our interview with her below.
What inspired you to make the transition from corporate marketing to entrepreneurship? What were the key factors that led to your decision?
Latricia Trice: I spent nearly two decades working in marketing, communications, and brand management across both nonprofit and for-profit sectors. While I enjoyed my time and gained valuable experience, I reached a point in my life and career where it was time for a change.
It had always been a professional dream of mine to become an entrepreneur and run my own marketing agency. After the pandemic, as I approached 40, I was ready to take the leap and use all the skills and knowledge I had invested in other companies to invest in my own business.
Now, a year and a half later, it’s been one of the best professional decisions I’ve made at this point in my career.
Can you share the story of how you founded LTrice Consulting? What was the process of getting your business off the ground?
Latricia Trice: I initially started my business with the intention of being a solopreneur, supporting businesses based on their marketing consulting needs. After launching, I spread the word throughout my network that I was available to support businesses in this capacity.
This quickly led to my first few clients, and within two months of being in business, I realized that I needed to think bigger. What was happening was beyond what I had initially planned, prompting me to develop a business growth strategy for a full-service marketing consulting agency that supports clients through both consultation and implementation.
To manage the growing demand, I focused on building a strategic plan, establishing operations and systems, connecting with business coaches, and bringing on talented part-time and 1099 creatives to support the work. This eventually led me to add on full-time employees and transition from an LLC to an S-corp.
You’ve achieved remarkable success in a short period of time, generating six figures in revenue within just six months of launching. What do you attribute this rapid growth to?
Latricia Trice: My growth was fueled by a combination of grit and determination. For years, I dedicated my talents to other businesses and organizations, earning recognition as a top talent professional. I then channeled that same energy and commitment into my own venture.
Drawing from my past experiences working on high-profile projects with talented marketing agencies based in Grand Rapids, New York, and Chicago, I absorbed what I considered made the agencies so dynamic and successful. I applied these invaluable insights, along with knowledge accumulated through years of professional development and global business training, to establish and grow LTrice Consulting.
My guiding philosophy in both business and life is that excellence is the standard, not merely a goal. This principle drives my commitment to not only onboarding new clients well but truly supporting them and their teams as a strategic marketing partner and implementer. This approach has been instrumental in developing strong client relationships.
As a black female entrepreneur, what unique challenges have you faced, and how have you overcome them to thrive in a competitive business landscape?
Latricia Trice: At the start of my business, I would undervalue my services in pricing. I wondered if companies would trust that a business owned and operated by a Black female could deliver value worth our pricing.
However, I realized that I never had to downplay the value my company brings to clients. I had the right to be competitive with my counterparts, as my team brings not only years of experience but also creativity, diversity of thought, and a commitment to giving clients our best. Because of that, we would charge competitively. That shift in mindset is when I saw my business growth further accelerate.
How have you leveraged your decades of experience in corporate marketing to strategically grow your consulting business?
Latricia Trice: Everything I learned in corporate and nonprofit marketing has propelled my company’s growth. I bring to my small and midsize business clients what they don’t always have access to when it comes to marketing: the detailed strategy and execution by subject matter experts that are common in larger organizations.
Smaller companies can’t always afford the overhead costs of a full marketing department. That’s where we step in, supporting businesses by providing that high-level marketing experience.
What innovative approaches or strategies have you implemented to set LTrice Consulting apart from other consulting firms in your industry?
Latricia Trice: The fractional executive model, where experienced professionals support business growth on a part-time basis, is a growing consulting trend. At LTrice Consulting, we’ve adapted this model to develop a fractional marketing department. When you work with our team, you get subject matter experts in a marketing department role, including specialists in content creation, strategy, social media, paid search, web development, project management, and more. These professionals work as an extension of your business team.
Building strong relationships with key decision-makers is crucial for growing a business. Can you share some of your best practices for cultivating these important connections?
Latricia Trice: To build relationships, you have to get involved in your community and membership organizations, such as the Chamber of Commerce, professional organizations, and career-specific networking groups.
Since the start of my 20-year career, I’ve been actively involved in associations and organizations of interest and have built a good network of colleagues and peers. I would say authenticity always wins. Relationships should be mutually beneficial and not just about securing the next opportunity.
Opportunities will come when your character and work speak for themselves. It’s important to be connected to people who are genuine and speak well of you when you’re not in the room.
How have you made your small consulting business attractive to work with for larger corporate clients? What advice would you give to other entrepreneurs in this regard?
Latricia Trice: The key is to deliver quality work that meets a business need and aligns with your business’s growth goals. Beyond a business’s size, the goal should be to work with ideal clients. That may be a corporate client or a smaller business. It’s based on your business objectives and goals. Define your target audience and go after them.
Work-life balance is a challenge many driven women entrepreneurs face. How have you managed to prioritize your personal well-being and fulfill your business goals simultaneously?
Latricia Trice: I’m a wife and mother of three young kids, and I serve on several boards and committees. I’ve found that you’re never able to live a perfectly balanced life. Instead, you can be present and focus on what’s important at that moment, whether it’s family or business.
For me, that might mean working late after my family goes to sleep or sometimes saying no to things that I can’t give my attention to at the moment.
What have been some of the biggest lessons you’ve learned in your entrepreneurial journey so far? What advice would you give to other women looking to start their own businesses?
Latricia Trice: Don’t be afraid to take calculated risks. Even the best strategy or plan means nothing if you can’t execute it, so take the leap and fail forward.
How do you continue to foster a culture of innovation and creativity within your consulting team to drive ongoing business growth?
Latricia Trice: Professional development is key. We read books, listen to podcasts, watch YouTube how-to videos, attend conferences, and I am part of various groups and cohorts.
I provide these opportunities to my team as well. This approach keeps us fresh and creative in our thinking and approach to work.
Where do you see LTrice Consulting in the next 3-5 years? What are your long-term goals for the business and your own professional trajectory?
Latricia Trice: I see LTrice Consulting working with clients throughout the US, Canada, and Europe. I envision our yearly revenue growing from six figures to seven figures within the next three years.
I will continue to be an employer that celebrates the diversity of people, thoughts, and talents, and I will champion economic empowerment and professional development to help my team thrive and continue to shape their professional journeys.
Additionally, I see myself doing more speaking engagements to help other women and minority-owned entrepreneurs and serving as a business coach. I plan to continue to stretch myself to “Imagine More.”
Lastly, is there a specific mantra, quote, or affirmation that you hold close to your heart?
Latricia Trice: A quote I live by that gives me encouragement and motivation is from Nelson Mandela: “It always seems impossible until it’s done.”
Emily Sprinkle, also known as Emma Loggins, is a designer, marketer, blogger, and speaker. She is the Editor-In-Chief for Women's Business Daily where she pulls from her experience as the CEO and Director of Strategy for Excite Creative Studios, where she specializes in web development, UI/UX design, social media marketing, and overall strategy for her clients.
Emily has also written for CNN, Autotrader, The Guardian, and is also the Editor-In-Chief for the geek lifestyle site FanBolt.com
