August is the last month of the summer holidays and it is also the month of black business. Although the holiday is only celebrated for 31 days, black businesses should be celebrated throughout the year.
What is Black Business Month and why should it be celebrated?
Black business is a phenomenon in itself. Many of the thriving businesses we see today, from Oprah’s empire to Tabitha Brown’s clothing line, were all started by people who had very little seed capital but an abundance of faith and hard work. This grit is something we’ve seen throughout American history. Some historical examples include Madame CJ Walker, who was the nation’s first self-made woman millionaire, and John Merrick, who in 1898 founded the North Carolina Mutual Life Insurance Company, which now has assets of $160 million.
Today, black businesses are still thriving. There are currently approximately 3 million black-owned businesses that contribute over $200 billion to the American economy each year. With this sector only continuing to grow, Black Business Month is a celebration and recognition of an important part of black history. It’s time to realize that there are black businesses in hair care, skin care, wellness, sports and everything in between. This recognition helps level the playing field, especially since historical and current discrimination has prevented many black business owners from receiving loans and financial support.
Whether you’re a consumer or a business owner, here are 8 ways you can support black businesses and celebrate their existence.
1. Buy from black businesses
The easiest way to celebrate Black Business Month is to purchase services and products from black businesses. Not sure how to find these businesses? There are great resources like The Black List where you can search different cities for black-owned businesses. Another great way to find them is through social media by searching for the hashtags #Blackowned #Blackownedbusiness #Blackowned[insert product].
2. Share
An easy way to support black businesses is by sharing their information within your network. This can be done through word of mouth or social media. However, if you choose to support through social media, remember that liking 20 posts from a business page is not quality support. Instead, sharing their posts or other content will give them more exposure to different audiences and help grow their business.
A follow up to this method is to write a review or leave a comment about how great their service is. Sharing isn’t just about removing the name or hitting the share button; it’s about speaking highly of a business to people who might enjoy their service or product.
3. Partnerships
The social media space is driven by influencers, so for anyone with a blue tick to their name, here’s how to use your influence to support black businesses. On the Fashion Steele NYC blog, Monroe Steele offers her advice on partnering with black businesses, such as starting to build a relationship, offering payment, and considering working with smaller content creators.
The best partnerships happen when two businesses work together to accomplish a common goal. These arrangements can be short term or long term and can host an event or have a business sell their product at your event. Partnership can also be having a black business owner as a guest on your podcast.
4. Start your own business
Starting your own business is one of the best ways to celebrate Black Business Month. If you’re not sure how to get started, try reaching out to a black business owner you admire and ask to pick their brain or ask for a mentorship. More black businesses are good for the economy and culture.
5. Support the culture behind the business
There are many black businesses that not only started from finding a need in the market, but were created from a place of preserving and honoring the culture. Callaloo Box, which was started by sisters Malika and Jamila Augustin, who immigrated to New York from Trinidad and Tobago, distributes boxes filled with spices, sauces and foods from the Caribbean. These precious products are wonderful reminders to learn more about Caribbean culture. With black history, there is so much culture and history around food.
6. Referrals
Whether you’ve tried a Black-owned hair product that’s worked wonders for your curls or discovered a great restaurant with soul food, recommendations are a great way to celebrate. By sending potential customers to a black-owned business, you’re helping them reach people they might not have come in contact with on their own. Referrals are beneficial to business and customers.
7. Connect black businesses with financing opportunities
Although there are over 3 million black-owned businesses already, there are still hundreds more that could use some extra capital to help get them started. This type of support is often available through grants and scholarships. By connecting black businesses to other business opportunities and resources, you are helping to lay the foundation for a strong and sustainable business.
8. Support consistently
Thankfully we have February for Black History Month and August for Black Business Month, however it is possible to imagine a world where these months are not needed, meaning these months will no longer need to serve as a reminder to support black people because black people will be supported all year long. Therefore, one of the biggest ways to support black businesses and black people as a society is to continue to support them throughout the year.
Remember that black businesses are starting and growing every day, which means there are endless opportunities to celebrate and show your support.
