10. Shop Online
AFRICANGLOBE – According to the U.S. Census Bureau’s most recent survey of business owners, there are 2.6 million Black-owned businesses in this country. While the growth is encouraging, gross receipts for all minority-owned firms are still well below the average gross receipts for non-minority-owned firms. A huge problem is that despite a collective buying power of $1.3 Trillion dollars, very little of that money stays in Black communities or is spent on Black-owned businesses.
Brooke Stephens’, author of “Talking Dollars and Making Sense,” research has found that a dollar circulates in Asian communities for 30 days, in Jewish communities approximately 20 days, and in white communities 17 days. In contrast, a dollar circulates in the Black community only six hours.
According to Maggie Anderson, just 2 cents of every dollar an African-American spends in this country goes to Black-owned businesses. In her book, Our Black Year: One Family’s Quest to Buy Black in America’s Racially Divided Economy, Anderson recounts her experiences patronizing Black-owned businesses while highlighting the challenges many Black businesses face (Black businesses lag behind all other businesses in every measure of success).
Research has found that if higher-income Black consumers spent at least $1 out of every $10 with Black-owned businesses, it would generate one million jobs for African Americans.
Knowing how much of an impact supporting Black business can make, how do we go about supporting them?
There are a multitude of options to start showing support for Black businesses.