How to Support Black Owned Businesses: A Complete Guide
“When you support a black business, you are supporting a dream”
One way to empower the black community is to support black owned businesses.
By supporting the black owned businesses, not only will you be empowering black people, but you will also be preserving black heritage and generational wealth.
But how do you support black owned businesses?
If that is a question that is top of mind for you, then this article goes into what you can do to support black small business owners and help them grow.
5 Statistics about United States Black Owned Businesses:
1. Black-owned US businesses generate over $150 billion in revenue annually.
At only $150b in revenue annually, supporting black-owned businesses can help to increase revenue and create more job opportunities for black American business owners.
2. Black-owned businesses have a higher business ownership rate than any other minority group.
Despite systemic barriers and discrimination, black people continue to start and own businesses more than other minority groups. Black owned businesses have a higher rate of business ownership.
3. Black business owners are more likely to hire black employees.
By supporting black-owned businesses, you also support African Americans. This will lead to more people being hired by black owned companies which will result in more capital per household income.
4. Black owned companies are likelier to be located in low-income areas.
Minority-owned businesses often provide essential goods and services to black households and can help to revitalize the local economy.
5. Black-owned businesses face significant barriers to funding and support.
One of the major challenges facing black business is the barrier to access funding. By supporting black-owned businesses, you can help to level the playing field and promote economic equality as you buy from them.
3 Reasons to Support Black-Owned Businesses
While there are tons of reasons to support black owned small businesses, here are our tops main reasons why everyone should support African American entrepreneurs.
- Empowerment: Supporting black owned businesses helps to empower the black families. By investing in black businesses, individuals are helping to close racial wealth gap, and create wealth, jobs, and opportunities for black people. This can lead to a stronger, more self-sufficient community.
- Cultural Preservation:Black owned businesses often celebrate and promote African American culture. By supporting these businesses, individuals can help to preserve and promote black culture, traditions, and values.
- Combatting Systemic Racism: Supporting black owned businesses can help to combat systemic racism. Black entrepreneurs often face more challenges than their white counterparts, such as limited access to capital and resources. By supporting black businesses, individuals can help to level the playing field and promote equality.
By supporting Black Americans businesses, individuals can positively impact the Black community and help promote diversity, equality, and empowerment.
10 Top Ways You Can Support Black-Owned Business
- Buy from black-owned businesses
- Share information about black-owned businesses on social media
- Leave positive reviews for black-owned businesses
- Attend black-owned business events
- Donate to black-owned businesses
- Collaborate with black-owned businesses
- Hire black-owned businesses for services
- Educate yourself on the history and importance of black-owned businesses
- Advocate for policies that support black-owned businesses
- Mentor or support aspiring black entrepreneurs
1. Buy from black-owned businesses
The first and best way to support black-owned businesses is to buy from them. This means intentionally seeking out black-owned businesses and their brands and consciously buying from them. You can support black businesses such as Fenty Beauty, Beauty Brands, and more by purchasing from them on Oyo Market, the #1 black business marketplace.
2. Share information about black owned business owners on social media
Sharing information about black-owned businesses on social media is an effective way to amplify their voices and raise awareness of their products or services. By leveraging your social media platforms, you can share posts, tag friends, and create content to help promote black-owned businesses.
This increases their visibility and helps create a network of support and additional opportunities within the community. Additionally, hashtags such as #BuyBlack and #SupportBlackBusinesses can help reach a wider audience and encourage others to join the movement.
3. Leave positive reviews for black owned small business
Positive reviews boost a business’s reputation and increase its credibility and trustworthiness. For black-owned businesses, positive reviews can help counteract negative stereotypes and biases that may hinder their success. In addition, positive reviews can lead to increased exposure on black-owned business directories, review sites, and social media platforms, making it easier for potential customers to discover and choose these businesses.
Moreover, leaving a review for your favorite businesses shows your support for black-owned businesses and encourages others to do the same. You can significantly impact a business’s growth and success by taking a few minutes to leave a positive review.
4. Attend black-owned business events
Black-owned business events provide a unique opportunity to connect with entrepreneurs and like-minded individuals who share your passion for supporting underrepresented communities.
These events range from pop-up shops and food festivals to business seminars and networking events.
By attending these events, you can discover new businesses and products and learn about the challenges and triumphs of black entrepreneurs.
Moreover, these events often provide a platform for black business owner to showcase their talents and gain exposure to a wider audience. Some popular black-owned events include AfroPunk, Essence Festival, and Black-Owned Market.
Participating in these events and supporting black-owned businesses can help promote greater equity and economic opportunity.
5. Donate to black-owned businesses
Donating to black-owned businesses is a powerful way to support their growth and development.
Many black-owned businesses face barriers to accessing capital, which can limit their ability to cover expenses, expand their operations, or launch new products or services. By donating to these businesses, you can help to provide the financial support they need to thrive.
Donations can be made through various channels, such as crowdfunding platforms, fundraising events, or direct contributions. In addition to providing financial assistance, donating to black-owned businesses can also help to build a sense of community and solidarity within the business community.
Your donation can significantly impact a business’s ability to succeed and achieve its goals while promoting greater equity and economic opportunity for underrepresented communities.
6. Business Partnerships with black-owned businesses
Collaborating with black-owned businesses is a meaningful way to support their growth and success.
By offering your skills or professional services, you can help these businesses to expand their reach and attract new customers.
For example, if you are a photographer, you could offer to take photos for a black-owned business’s website or social media pages.
By working together, you can create a mutually beneficial partnership that promotes both businesses’ success while fostering community and solidarity.
Collaborating with black-owned businesses can help build your network and diversify your portfolio while promoting greater equity and representation within the business community.
7. Hire black-owned businesses for services
Hiring black-owned businesses for services is important to support their growth and contribute to greater equity and representation in the business community.
By choosing to work with black-owned businesses, you can help to provide them with opportunities to showcase their skills and expertise, expand their client base, and build their reputation. This can be particularly important in industries where black-owned businesses may be underrepresented or face discrimination.
8. Educate yourself on the history and importance of black-owned businesses
Learning about the history and importance of black-owned businesses, such as this information on the US oldest black-owned banks, is essential to understanding why they are important and how you can support them. Historically, black-owned businesses have been vital to black communities’ economic survival and prosperity, particularly during systemic discrimination and racial violence.
Black entrepreneurs have overcome significant barriers to create thriving businesses that have served as pillars of their communities. These businesses have provided employment opportunities, access to essential goods and services, and a sense of pride and self-sufficiency.
9. Advocate for policies that support black-owned businesses
Advocating for policies that support black-owned businesses is a critical step towards creating a more equitable and supportive environment for black entrepreneurs and business owners.
Many black-owned businesses face systemic barriers and discrimination that limit their ability to succeed, such as limited access to capital and resources, discrimination, and unequal opportunities. By advocating for policies that address these issues, you can help to create a more level playing field and promote greater economic opportunity for underrepresented communities.
10. Mentor or support aspiring black entrepreneurs
Mentoring or adopt a small business. Supporting a black-owned business is an important way to provide them with the resources, guidance, and support they need to start and grow their businesses.
Many aspiring black entrepreneurs may face significant barriers to success, such as limited access to business loans, resources, and networks and discrimination and unequal opportunities.
Black businesses are playing an important role in the growth of the black population. One way of supporting black communities is to buy from them. When you buy from them, you can be sure you are helping them grow and empowering economic prosperity within the black community.