Why You Should Support Black-owned Businesses
Black entrepreneurs have been wealth builders for generations, these guys help hold the economy together but yet they get the least support especially in America. By supporting black owned businesses, you give them a better chance at life and allow them to express themselves better.
We all have a part to play in supporting black owned companies and contributing to the progress of these black communities shouldn’t be a trend, it should be a lifestyle.
How and where we spend our money impacts our world for the better. Remember, consumer power is powerful! This is why you have to consume black made products and give these businesses a chance to succeed.
Here are five reasons why you should buy from the blacks;
Helps build black communities
Supporting black owned businesses boosts community moral and improves the bond amongst people in that community. In America, there are over 2.5 million black owned businesses. Shockingly, only 2 out of 10 succeeds within the first 18 months due to lack of funds and resources.
The poorest race in America is the black race so it’s only normal if more money was recycled within the black community. But the reverse is the case, they’re the least race to get any kind of funding or support. If more money is recycled to these black communities, it will generate more wealth within the community and foster a lot of opportunities.
Create jobs and opportunities
Many black owned businesses were self-funded and because they lack financial support they settle for petty businesses with the small capital they can afford. This means that many black-owned businesses are sole proprietorships that can’t afford to pay workers.
In America, white owned businesses create more than 56 million jobs while black owned businesses create only one million jobs. That’s not all, the unemployment rate for black folks is way higher than the white folks.
This is because black communities lack support and provisions to succeed in business and every areas of life.
When black owned companies are doing well, more hands will be needed. Supporting these businesses will help create entrepreneurial opportunities for some people and help them live a good life.
You can help build a bridge where poor families can move up to middle-class status. How? Good questions! There isn’t enough successful black owned businesses to employ black people, so if you help these black owned businesses grow, you’re also helping thousands of black people live a comfortable life.
Closes the racial wealth gap
Come to think of it, if you help black owned businesses grow, you’re also helping the economy grow. The black community is packed with talents and intelligence that is waiting to be explored but they lack the resources and support to raise their heads above water and this is where you come in… when you support these black businesses, you help increase the cash flow to black families and communities which in-turn helps to close off the racial wealth gap overtime.
Segregating African Americans from getting higher paying jobs is a cancer that is killing America. The lack of any kind of help to the black community makes it difficult for them to build wealth and live better lives like most of the white folks. Not supporting them is bad enough but stopping them from getting a deserved opportunity or positing is disheartening and should stop.
The average black family has about one-tenth of the wealth of the average white family. All these crazy statistics goes a long way to show you how these black communities are deprived of their rights to funds and equal opportunities. This need to change and the change starts with you!
Empower black communities
As they say “it takes a village to raise a child.” Do not underestimate the power of a united community. United communities can pave the way for many businesses and many other good things for living a happy life. When you support black communities, you are supporting unity, prosperity, and black pride.
Supporting these black families means the world to them because the system is not design with the black communities in mind, so you might just be their best bet to graduating school and having a career.
Help increase the number of black owned large businesses
In America, the chance of black owned businesses to have large employers is almost zero when compared to the white folks. This disparity is killing the black community and also the country’s economy. The odds of black people owning a large business and employing black workers is not encouraging at all, this is because black business get little or no support from both the government and the people of America.
By opting to spend your money by shopping black, you help these businesses scale up the food chain and become a global brand with thousands of black workers on their pay role.
To state it out point-blank… here are the ways you can help black-owned businesses grow;
- Invest in them
- Build a relationship
- Be intentional
- Ask what they need
- Write and share a review
- Offer mentorship and resources
- Include them in your daily life
- Share with your social cycle
- Share a seat at the table
- Provide equal access to funding
Support them with your voice, your money, your time, your influence, and help these folks live their dreams because they have great potentials to become something big in the future. Take action! Supporting minority owned businesses doesn’t make you less of a person, in fact, it is impactful, kind, encouraging, and rewarding. I hope the few points above help you rethink your actions and give these black folks a chance at a better life.