In the past decade, there has been a significant increase in black business ownership. There are more than 2.6 million black-owned businesses in the United States, accounting for $261 billion in annual revenue. This is an impressive feat, considering that just 10 years ago, there were only 1.9 million black-owned businesses.
What has caused this surge in black business ownership?
Several factors have contributed to this growth in black business ownership. One is the increasing number of black Americans who are college educated. According to the National Center for Education Statistics, black Americans aged 25 and older with a bachelor’s degree or higher increased from 18 percent in 2000 to 22 percent in 2016.
In addition, technology has made it easier than ever for people to start their own businesses. With just a laptop and an internet connection, anyone can launch a business from their home. Social media platforms like Instagram and Facebook have enabled entrepreneurs to reach a large audience with minimal marketing costs.
Another factor contributing to the increase in black business ownership is the rise of alternative funding sources. In the past, many black entrepreneurs struggled to get funding from traditional banks and investors. However, now several online platforms connect entrepreneurs with investors, such as Kickstarter and GoFundMe. These platforms have made it easier for black entrepreneurs to get the funding they need to start their own businesses.
Supporting black businesses
Apart from the apparent causes of the increase, black communities and individuals have made a concerted effort to support black-owned businesses. For example, the #BuyBlack movement was created to encourage black consumers to spend their money with black-owned companies. This movement has successfully raised awareness about the importance of supporting black businesses.
Some of the best black motivational speakers for businesses have also encouraged various black-owned companies. These entrepreneurs share their stories and provide advice to other black entrepreneurs looking to start their own businesses, helping them find success.
The best black motivational speakers for businesses offer support and advice and act as role models for other black entrepreneurs. Other black Americans are inspired to start their own businesses by seeing successful black business owners.
How can you support black-owned businesses?
If you’re looking to support black-owned businesses, there are a few things you can do, such as:
Educate yourself about black-owned businesses
This can be done by doing a quick online search or asking friends and family for recommendations. Once you have a list of black-owned businesses in your area, make an effort to visit them regularly. By supporting black-owned businesses, you are not only helping to promote entrepreneurship and economic growth in the black community, but you are also helping to create jobs and opportunities for black people.
Patronize black-owned businesses first
Whenever possible, make a point to patronize black-owned businesses first. For example, if you’re looking for a new restaurant to try, see if there are any black-owned options in your area. By supporting black-owned businesses, you’ll be helping to ensure that they can stay in business and thrive.
Recommend black-owned businesses to others
When you find a black-owned business you love, recommend it to your friends and family. Word of mouth is a powerful marketing tool. By recommending black-owned businesses, you’ll be helping to increase their customer base and ensure their long-term success.
Become a black business owner yourself
If you have a business idea, consider starting your own black-owned business. Not only will you be able to create jobs and opportunities for yourself and your community, but you’ll also be setting a positive example for other black entrepreneurs.
Make a point to buy gifts from black-owned businesses during the holiday season.
This is a great way to support black-owned businesses and promote entrepreneurship in the black community. Some of the best black-owned businesses to buy gifts from include:
- Brownie Points Bakery – A bakery that specializes in gourmet brownies, cookies, and other desserts.
- The Honey Pot Company – A natural feminine hygiene company that offers a variety of products, such as menstrual cups and natural wipes.
- Karen’s Body Beautiful – A natural beauty company that offers a range of hair and skincare products.
- Nubian Skin – A lingerie company specializing in bras and panties for women of color.
- Bevel – A shaving company that offers razors, shaving cream, and other grooming products for men of color.
By taking these steps, you can help to support black-owned businesses and promote entrepreneurship within the black community.
The bottom line
The past decade has seen a significant increase in black business ownership. This is due to a number of factors, including the rise of technology and alternative funding sources. As black entrepreneurship continues to grow, we can expect to see even more impressive feats in the years to come.