Now is the time to support black-owned businesses.
Did you know that black women business owners are the fastest-growing groups of entrepreneurs in the United States according to a 2019 report by American Express. But we face an uphill battle as we are also the most likely to have to rely on credit cards and personal savings, rather than outside investors, to start a business. It is statistically backed that black women business owners are less likely than their white counterparts to be approved for bank loans according to the US Department of Commerce Minority Business Development Agency. Well, as a black entrepreneur, I know these facts all too well because these are all obstacles that I had to overcome in launching my successful skincare brand Renew You Body Butter. Here are five ways you can support the black-owned businesses movement.
Jason Watkins said it best "These businesses are fueled by the community and community support... If it's just visibility of their business and showing any social media handles that would be enough if people can't donate." It all starts in the community. Reach out and local community groups and inquire on black-owned businesses, and regardless if it's brick and mortar or online, support them in any way you can. Share them on social media, donate, try their products, gift products to friends and family, leave positive testimonials, refer your friends to them by inviting them to like their business page.
Buy black worldwide.
It's very important to help the grassroots movements in your community get launched, especially when they're black-owned - but we ask that you don't stop there. Research black-owned businesses around the world by utilizing hashtags such as #blackownedbusiness or websites such as www.webuyblack.com. There are black business owners all over the world who would be honored by your support.
Put pressure on large corporations.
In light of recent events, many multibillion-dollar corporations have pledged a percentage of this year's profits to support minority-owned businesses. Unfortunately, these same corporations have a long track record of making promises they don't keep. They will do anything to maintain good publicity in the public's eye, so it is up to us the apply the pressure on these promises and ask for timelines, donation amounts, and proof.
Donate and crowdsource
It's hard being a black business owner, especially being a black business owner the middle of a worldwide pandemic who is less likely to receive government relief or funding from banks. Most of the businesses that you will see had to close down due to the pandemic are the same businesses that have to sustain themselves out of pocket. Supply chains have been disrupted, the economy is at a low, and at times like this, it is hard to stay afloat. If you see a black-owned business struggling during this time and you are in where you can donate, I ask that you do. If you are not in a position to donate please consider offering your help in crowdsourcing money. It's only logical that we donate those that are statistically the least likely to bounce back, not only to help them maintain a stable economy.
Know the CEO.
Many products that you buy from at Major chain stores that are marketed and branded towards people of color have a white CEO. It is important to research the CEO and their ethical practices to every brand that you buy. Dont be supporting Victoria Secrets, owned by Les Wexner (who was close friends with Jeffrey Epstein and other dirty public figures) when you can support Savage X Finty, owned by Rhianna (all-around boss queen with black magic)
DID YOU KNOW: We want our customers to stay safe, happy, and healthy this holiday season. The World has been through a lot this year, especially our country. Shop our therapeutic and holistic products and pamper yourself and end this year out in self-care - we all deserve it.
edit to add: Les Wexner recently stepped down due to bad publicity but this is one example of many.