About 1 in 5 businesses fail during their first year. This number is unfortunately higher for black-owned businesses, which often lack the connections, resources, and financial assets needed to succeed.
We must show support to black-owned businesses as much as we can. Here are just some ways you can do it:
Make a Conscious Effort to Patronize Black-Owned Businesses
It’s no secret that black-owned businesses have long been underserved and underfunded. Only a very tiny percentage of venture capital goes to black-owned businesses. This lack of access to capital is one of the main reasons why black-owned businesses have a harder time succeeding than their white-owned counterparts.
One way to level the playing field is by consciously making an effort to patronize black-owned businesses. When we spend money on black-owned businesses, we help to create jobs and wealth within our own communities. We also send a powerful message to the powers that be that we’re not going to continue to be underserved and underfunded.
Seek Out Black-Owned Businesses When You Need Goods or Services
When spending our hard-earned money, we should all be mindful of where we choose to spend it. With that in mind, one of the best things we can do to support the black community is to seek out black-owned businesses when we need goods or services.
There are many black-owned businesses out there that offer quality products and services. By consciously seeking out these businesses, we can help to support black entrepreneurship and the black economy.
Write Positive Reviews of Black-Owned Businesses
When supporting black-owned businesses, one of the best things you can do is write positive reviews. Not only does this help promote the company, but it also helps build up a positive reputation for black-owned businesses as a whole.
There are things to keep in mind when writing reviews, however. First, be honest – if you didn’t have a good experience, don’t try to sugarcoat it. Second, be specific – rather than simply saying, “this business is great,” try to explain why you enjoyed your experience. And finally, be respectful – even if you didn’t have a positive experience, there’s no need to be rude or insulting.
Share Black-Owned Businesses on Social Media
By now, you probably understand the importance of supporting other black-owned businesses. You also know the power of social media. That’s why we’re asking you to help us spread the word about our businesses by sharing about black-owned companies on social media.
When you share black-owned businesses on social media, you’re helping them reach a wider audience and to build their brand.
Invest in Black-Owned Businesses
There are various reasons to invest in black-owned businesses. For one, it can help to create jobs and opportunities in black communities. Black-owned businesses also tend to be more socially and environmentally responsible than their non-black counterparts. And, of course, investing in black-owned businesses is a way to increase black households’ wealth directly.
Investing in black-owned businesses is not only a way to help close the wealth gap, but it is also a way to make a good return on your investment. Many black-owned businesses are doing well and are poised for growth. So, if you want to invest money, consider investing in black-owned businesses.
Showing support for black-owned businesses is vital for several reasons. First, black-owned businesses are an essential part of the black community. They provide jobs and economic opportunities for black people. Second, black-owned businesses help to promote black entrepreneurship and business ownership. Finally, black-owned businesses help to create a sense of pride and community within black communities.
By showing your support to black-owned businesses, you are doing. your part in ensuring that budding entrepreneurs and small business owners get the chance to make their mark in their industries, too.
Black Business Global provides support to black-owned businesses in Canada through mentorship and leadership development. Learn more about black businesses today!