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Reasons to Support Black-Owned Businesses

supporting black-owned enterprises can help create more opportunities for property ownership, meaningful savings, and generational wealth for black communities. Here are more reasons why you should keep supporting black-owned businesses.

Karen Cruz
Karen Cruz

Some terrible things have happened this year. There's the novel coronavirus pandemic, Australian bushfires, death of famous people like Kobe Bryant, stock market crash, and Black Lives Matter protests. And yes, the BLM protests have sparked national discussions on racial justice and caused people across the United States to become more knowledgeable on the importance of supporting businesses owned by people of color. We have been seeing countless campaigns to support black-owned businesses. While many of us are encouraged by this campaign to spend our money more intentionally, of course, some people also wonder why this is significant. Well, for starters, supporting black-owned enterprises can help create more opportunities for property ownership, meaningful savings, and generational wealth for black communities. Here are more reasons why you should keep supporting black-owned businesses.

It creates jobs and opportunities.

If you are not aware, there are not enough black-owned businesses to hire unemployed black people. But if we will keep supporting businesses owned by people of color, then they will be in high demand. Meaning, their companies will be more profitable and that can help in creating entrepreneurial opportunities. Black business can fuel the economic prosperity of the black community and it can serve as a bridge where low-income families can move up to middle-class status.

It empowers local communities.

Supporting a black-owned business is more than just buying, using, and promoting their products. It is supporting black pride, unity, and self-determination. That can be intimidating to some people, but to many families and communities, that can mean the world. So instead of spending your dollars and getting your services through those big-name brands who are already earning billions of dollars, we should support small businesses owned by black people.

It builds up communities.

Currently, there are about 2.6 million black-owned businesses in America, but eight out of ten of these businesses fail within their first 18 months because they do not have enough resources and funds. How saddening, right? But do not worry, you can do something about that. Don't you think it would be more beneficial if more money was recycled within the black community? Supporting black businesses can build relationships, generate more wealth within the community pillars, and boost community morale. If you think these are enough reasons why you should support businesses owned by black people, there's one more.

It closes the racial wealth gap.

When you support black businesses, it can help increase the wealth flow to black families and communities. If you do not know, there is a racial wealth gap in the U.S. that continues to be a burden on African-Americans. So if your friends and family members are not yet starting to support black enterprises, now is the time to educate about it and encourage them to start supporting black-owned businesses.

Don't you feel proud of your friends for starting their business? Whether it is a small business or a startup, try to market their goods and services. A simple liking, following and sharing their brand pages and accounts on social media, and reacting to their brand's posts and updates mean a lot. And if you plan to buy some makeup items, clothes, accessories, or want to pamper yourself with a soothing massage, consider spending your money on black-owned businesses before purchasing from big-name-brands. Our spending habits have the power to change the world. So spend wisely and support black-owned businesses as much as possible.

If you want to get more beauty advice, some hair care tips for dark-skinned women, travel inspirations, food tips, and literally anything that is helpful for people of color, be sure to check out Black Lifestyle.