Following The Trend - How To Support Black-owned Businesses During Black history Month

Following The Trend - How to Support Black-Owned Businesses For Black History Month  

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Introduction  

As Black History Month begins, we should acknowledge the contributions that Black Americans have made to our country and find ways to honor them. Some people read about famous or often overlooked Black Americans or donate money to a charity that helps Black communities. One great idea is to support Black-owned businesses both financially and by giving them good publicity.

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The Importance of Supporting Black-Owned Businesses 

The number of Black-owned businesses rose 38% between February 2020 and August 2021, with the strongest growth in the Mid-Atlantic and Southern states. According to a 2022 Brookings Institute study, there are 3.12 million Black-owned businesses in the U.S. However, Black business owners struggle to raise capital and pay for overhead and workers' salaries. One study indicates that only 1% of Black-owned businesses are given loans in their first year, compared to the 7% of white-owned businesses. More should be done to help Black-owned businesses receive better equality and become more profitable. 

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How Customers Can Help  

Some ways customers can support Black-owned businesses include:

• Shop at black-owned businesses. If you need help finding local businesses, check out websites such as Black Wall Street and The Nile List for information.
• Instead of chain restaurants, eat at Black-owned restaurants.
• Write positive reviews of Black-owned businesses online, including Google, Yelp and Trip Advisor.
• Recommend Black-owned businesses to colleagues and on social media platforms. If you had a positive experience, Black-owned businesses could use the promotion.  

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How Other Businesses Can Help 

Financially stable companies can give support to Black-owned businesses by building business relationships with them. For example, distributors can offer promotional products to Black-owned businesses for them to give to their customers. Companies can also offer mentorship or consulting services to new or small businesses at discounted or pro bono rates.

If you have any questions or would like more information on how to support Black-owned businesses, please shoot us an email at sales@brandrpm.com.  

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