Black Utopia

Top 5 Reasons to Support Black Owned Businesses

With the recent shift in race discussions globally after the tragic murder of George Floyd rocked the world to awaken on the continuous issue of mistreatment of black lives and it’s desensitized nature in society, it has forced difficult conversations and caused many to reflect on their part in tackling racism and  colorism to love and support each other as equal human beings.

The shift has been a difficult but very much welcomed one as the black community has always known that our culture is very much loved and enjoyed by a wide array of nationalities, whilst perhaps their being has not been embraced as much. Be it food, music, art, sports, or medicine, many practices, inventions, and everyday culture is in mainstream use but undervalues the creators. Now, the shift has meant that many are seeking ways to love and appreciate both the beauty and complexities in black culture as well as loving and understanding the beings who create it.

Minority business house owners have an outlet to promote their merchandise and services that several may not bear in mind. because of the web, selling on to the black community is turning into even easier. Black-owned business directory services change corporations that square measure is driven by black leadership to form their standing glorious. This can, in turn, end in a lift in the potential of clients and customers.

Top 5 Reasons to support Black-owned businesses

 

1.  Creates Jobs and Opportunities

The more successful businesses are in the economy, the more jobs and opportunities there are for collaboration and exposure to the marketplace.

Many African Americans business house owners fund their own businesses thanks to the dearth of capital mentioned earlier. this suggests that almost all Black-owned businesses square measure sole proprietorships that don’t build enough cash to pay staff. 2012 United States census information showed that Black-owned businesses created one million jobs compared to white-owned businesses that created virtually fifty-six million.

In 2018, the unemployment rate for African Americans fell to 6.6 percent, which was virtually double that for white Americans and better for alternative minority teams. Since Black-owned little businesses area unit probably to rent from the local people, supporting them can foster the job opportunities people need to achieve financial stability.

2.  Strengthens Local Economies

As the year has shaken up with many unexpected and unprecedented economic crisis’ due to Covid-19, it has never been a more important time to practice supporting local black businesses who serve the economy. In addition, many communities such as the Jewish or Asian community successfully practice group economics which can be defined as a group of people who have a common economic interest. That group agrees and actively supports and pursues that economic interest for themselves to create a sustainable and secure economy for themselves. As the African diaspora has been scattered and segregated across the globe, the long term effects have meant that on a whole, this group in society spend the most outside of their community (in most industries across the world) and have no stable ecosystem of sustainability making the black community perfect consumers for products and services.

When tiny businesses flourish, thus do their communities. however, banks typically hinder that prosperity by discriminating against African Americans and different entrepreneurs of color seeking small business loans. A 2017 study by the National Community Reinvestment Coalition truly found that banks were doubly as probably to produce business loans to white candidates than Black ones and 3 times as probably to own follow-up conferences with white candidates than a lot of qualified Black ones. Supporting Black-owned businesses in turn supports families, employees, and other business owners, as well as attracts community investors who provide banking services, loans, and promote financial literacy–all things that build economic strength.

3.  Welcomes Diversity

Having diverse businesses, products and services bring about diversity in the economy, as well as diverse voices, talent, and skills in the workplace.

4.  Black Businesses are Underexposed in Society

Starting a business can be a great but challenging task for anyone. As with many, some black businesses may be small in size and thus be limited in terms of funds, connections, or manpower to have the exposure to gain regular clients. Coupled with the stigmas and lack of community support from those who need or want the service, black businesses struggle more than others to be seen and heard above the larger or more mainstream businesses that may be more exposed or accepted in society.

5.  Celebrates Black Culture and Serves Communities

Many Black entrepreneurs begin businesses impressed by the richness of African yank culture itselfBlackowned outfitters, hair care and makeup product, and childrens toys are simply a couple of examples. and a few Blackowned businesses are created to bring access to services specific to the communitys wants. BlackUtopia (www.blackutopia.com), is an amazing online selling website based to provide its services on Fashion, Home and Garden, Health and Beauty, Food and Beverage and Outfitters for kids, could be a nice example.

These forms of business ventures uplift communities, fostering a way of pride within those who live there. after you support Blackowned businesses, you get products that are valuable for the distinctive character they bring about. Plus, you avoid hard currency at different corporations that will not celebrate Black culture.  Shop and buy black every time you can.

Black Utopia
Author: Black Utopia

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