Support Black-owned Businesses
Christmas time! The season when everyone goes spending mad buying food, drink, gifts and treats.
This year, why not support a small black-owned business when buying your Christmas goodies?!
Small businesses and entrepreneurs have been long time wealth builders for generations. By supporting more black-owned businesses, it helps to create more opportunities for meaningful savings, property ownership, credit building, and generational wealth for black communities. If everyone does their part in supporting black businesses, then it helps with the progression of strengthening many black communities. Supporting black businesses shouldn’t be a trend; it should be a lifestyle. Here are four reasons why you should shop black.
1. Builds Up Communities
Supporting black businesses builds relationships and boosts community morale. Many small businesses fail in their first 18 months due to the lack of resources and funds. As a collective, Black people spend 4% more money annually than any other race although they are the least represented race and the race that lives in poverty at the highest rate. It would be more beneficial if more money was recycled within the black community. Make the Black pound last longer and go further in our community. More importantly, it would generate more wealth within the community pillars to establish generational wealth for the current younger generations and those who come after them.
2. Creates Jobs and Opportunities
When black-owned businesses are in high demand, the companies are more profitable. Showing support helps contribute to creating entrepreneurial opportunities. Black entrepreneurship can fuel the black community's economic prosperity and serve as a bridge where low-income families can move up to middle-class status. If more black-owned businesses are successful, then they in turn can employ more black employees, therefore reducing unemployment figures in the black community. Time is overdue for change, and we must pool our resources and build our own reality.”
3. Closes the Racial Wealth Gap
The persistent racial wealth gap is a problem in the black community as well as the economy as a whole. It’s a fact that in the past Black people were prevented from accessing higher-paying jobs and homeownership opportunities. Support of black businesses can increase the flow of wealth to black families and black communities. This helps to close off the racial wealth gap over time.
4. Empower Local Communities
There’s a common saying, “It takes a village to raise a child.” The power of the community has paved the way for many business owners. When support is given to black-owned businesses, it supports black pride, unity, and self-determination. While that may be intimidating to some, it would mean the world to many families and communities. Black entrepreneurship is a tool for survival. When the black community choose to win against all odds, young black children grow up seeing successful entrepreneurs and a thriving community.
So this year, instead of getting your services through some of the big-name brands, try spending money with a small black-owned businesses.
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