From local activists to dedicated mothers, Black women not only carry their communities on their backs, they also represent the fastest growing group of entrepreneurs.
Black women-owned businesses grew 50% from 2014 to 2019, compared to 21% for women-owned businesses, according to the 2019 State of Women-Owned Businesses Report.
Yes—the growth is amazing, but that doesn’t mean the support stops here. Black women are growing their businesses at such a high rate, even with the odds stacked against them, like biases and lack of representation. Yet, there is still a big disparity between White-owned and Black-owned businesses. Although over 50% of women-owned businesses are owned by women of color, they only brought in 422 billion dollars in revenue versus the 1.4 trillion dollars brought in by White women-owned businesses.
So, what can we do to support Black women-owned businesses? Here are our top three ways you can help create an impact starting now.
Shift Your Spending
One of the best ways to affect change is to support with your dollars. Check out sites like The Black Directory and The Black Business List or do your own research, then begin to shift your spending to include these businesses. From cosmetics and clothing to cleaning products and cars, you can begin to push the needle for them while also discovering new items and services you might really love.
Talk It Up
We are living in an incredible time right now. We can help others discover Black women-owned businesses in real time and across the world with social media. After you shop, dine out, or enjoy any experience curated by Black-women entrepreneurs, post about it. Share what you loved and how it made it you feel, then invite your followers to do the same. And don’t forget to tag the business you’re talking about!
Be A Platform For Productivity
Whether you live in a small town or a big city, see if you can fill a need in your local community with the help of Black women-owned businesses. For example, if there is a vacant store front, see if it can become a pop-up shop for an artisan market. Talk to town officials about starting a farmer’s market or street fair. And see how you can help bring small businesses to the area—diversity creates a healthy, successful economy.
If you’re looking for more information about starting your own business, click here to get insight and advice from experts to help you build your brand right now. ESSENCE® + Pine-Sol™ have partnered to champion Black women entrepreneurs and help them thrive.