According to the Small Business Administration, there are approximately 3 million Black-owned businesses in the United States While their status as Black-owned is a compelling reason to lend support, it’s equally important to recognize that these businesses offer quality products and services deserving of sustained patronage throughout the year. It’s not solely about the ethnicity of the business owner, but rather about supporting businesses based on their merit and contribution to the marketplace. In this blog post, we will dispel misconceptions about Black-Owned Brand and provide strategies for supporting beyond Black History Month.
Dispelling Misconceptions:
One of the top misconceptions is the notion that “Black Owned” equals “Black Only.” Often, consumers assume that Black-owned businesses exclusively cater to Black clientele or feel hesitant about purchasing from them, fearing they may be overstepping boundaries. However, these business owners welcome customers of all races and ethnicities because, ultimately, it’s about supporting their business. Consumers can combat this misconception by exploring the diverse range of products and services offered by Black-owned businesses, thus broadening their understanding and support.
Another common misconception is the belief that options are limited when it comes to Black-owned businesses. In reality, there are approximately 3.12 million Black-owned businesses in the U.S. according to a Booking Institute Report via Forbes This thriving ecosystem offers a wide array of choices across various industries, ensuring ample opportunities to support and engage with Black-owned enterprises.
Strategies for Supporting Black-Owned Businesses:
Consumers:
With over 3.12 million Black-owned businesses in the United States, the chances are high that you can find comparable products or services. Prioritize research and stay informed about each brand’s narrative and ownership. By consciously choosing to support Black-owned businesses, you actively contribute to fostering diversity and economic empowerment within your community. It becomes easy to seamlessly integrate Black-owned businesses into your everyday shopping routine.
Business Owners:
Businesses can support Black businesses in a multitude of ways that boil down to two actions: Amplify, and Partner
- Partner
When it comes to partnering, it’s crucial to intentionally select business collaborations that prioritize diversity and inclusivity, actively seeking opportunities to support and uplift Black-owned businesses. There are a few types of partnerships to consider
- Marketing and branding partnership
Co-branding is an efficient way to create a mutually beneficial partnership. Have both your brand and the branding of the black-owned businesses who has a similar primary audience. The goal of the partnership would be to put your product or service in front of that business’s secondary audience and allow both brands to leverage each other credibility. If your goal is to increase the diversity of your audiences this is an impactful way to do so.
- Joint Venture
Joint ventures are a way for two companies to collaborate on a specific project or venture by sharing resources risks, and rewards. “This is a meaningful and impactful approach to not only support black-owned businesses by sharing resources but also gain direct insight into how they are owned and operated. If your objective is to build a long-lasting relationship with a business and promote diversity and inclusion in the business ecosystem, then this is the perfect way to do so.”
- Research and development partnerships:
Research and development partnerships are a unique way to collaborate with Black-owned businesses. Such partnerships offer numerous benefits. Most notably, they foster diversity and inclusion within the research and development process, ensuring that a variety of viewpoints and experiences are considered. This can lead to more innovative and effective solutions that better serve diverse communities
- Amplify
As fellow business owners, it’s crucial to amplify the presence and contributions of our Black-owned partners. Whether through strategic social media campaigns, engaging newsletters, or word-of-mouth, it’s essential to ensure that our audience is aware of the meaningful role these businesses play in our operations. Sparking conversations and highlighting the specific ways in which our Black-owned partners contribute to our success, we not only honor their expertise and dedication but also inspire others to recognize and support the vital contributions of Black entrepreneurs within our communities.
Community:
Community support and advocacy are essential for sustaining Black-owned businesses year-round. Increased visibility resulting from community support allows Black-owned businesses to reach broader audiences beyond their immediate community. This expanded reach enables them to share their products or services with a wider demographic, fostering greater recognition and support. Ultimately, community support and advocacy contribute to the long-term sustainability and success of Black-owned businesses by facilitating growth, visibility, and access to new markets.
Positive Impact on Economic Equity:
Supporting Black-owned businesses can have a positive impact on economic equity, particularly in light of the current unemployment rate of 3.7%, representing approximately 6.1 million unemployed individuals according to the U.S. Department of Labor. By actively patronizing Black-owned businesses, consumers can play a role in decreasing this number. These businesses create job opportunities, foster entrepreneurship, and circulate wealth within Black communities, ultimately leading to greater economic stability and long-term growth.
Additional methods to continue supporting Black-owned businesses beyond Black History Month:
Utilize Your Platform:
- Leverage your voice on social media platforms to share content from Black-owned businesses, inspiring your audience to explore and engage with these brands. Your advocacy can extend the reach of these businesses beyond your immediate network.
Leave Meaningful Feedback:
- Leave thoughtful and detailed reviews of your experiences with Black-owned businesses. Your honest feedback can provide valuable insights for potential customers and contribute to the reputation and success of the business.
Conduct Thorough Research:
- Utilize resources such as Flourysh, ByBlack, NationalBlackGuide and BlackBusinessesMatterPodcast to discover a wide array of Black-owned businesses across various industries. Taking the time to research and support these businesses demonstrates a commitment to fostering economic empowerment and diversity within your community.
In conclusion, supporting Black-owned businesses goes beyond individual transactions; it is a powerful means of promoting economic empowerment, diversity, and inclusion, which ultimately leads to stronger, more resilient communities and a more equitable society.
