Pursue Your Pivot: Black Business Month

A Word …

As I reflect on July leaving and August arriving, I am reminded of all of the anniversaries that are ushered in around this time. This time of the year means that I have been living back in South Florida for ten years (thank you, Atlanta for everything), left Corporate America four years ago, and started my business around the same time. I am forever thankful that I channeled my fed-up energy into betting on myself, and I’m never going back. Fun Fact: I started my company on August 1st because it was Black Business Month, and I am committed to helping Black-owned organizations excel.

Speaking of …

Black Business Month means that it is our time to shine a light on the brilliance and resilience of Black entrepreneurs, celebrate their contributions, and find ways to support them meaningfully. As a Black entrepreneur, I wanted to dedicate this edition to the importance of this month. So, let’s dive into why Black Business Month exists, the resources available, and how you can support it.

The U.S. Small Business Administration’s Office of Advocacy shared the below recent statistics about Black-owned businesses, which show the depth and importance of these organizations to the workforce and economy.

Additionally, according to the Washington D.C. Department of Small and Local Business Development, “Black women are driving entrepreneurial growth. In 2020, the number of Black women-owned businesses grew by 20.2%, outpacing the overall growth of Black-owned businesses at 14.3% and women-owned businesses at 3.1%. This trend highlights the crucial role that Black women play in the entrepreneurial landscape.” Let’s go ladies!

Why Black Business Month Exists

In a time when programs that specifically support Black businesses and startups, like the Fearless Fund, are under attack, Black Business Month is more important than ever to highlight the inequalities that exist for Black business owners. 

This month was established to recognize and support Black-owned businesses, which have historically faced significant bias, underfunding, and barriers to success. In its 20th year, the month-long celebration was started in 2004 by John William Templeton and Frederick E. Jordan Sr., who wanted to draw attention to the critical need for economic equality. Their vision was to create a time to acknowledge Black business owners' challenges and promote policies and actions that support their growth and sustainability—a vision, backed with action, still needed today.

Support and Resources for Black Businesses

Supporting Black businesses isn't just about spending money, although that is at the top of the list. It's also about fostering a community where these important organizations can thrive. Here are some resources and support systems available to Black entrepreneurs:

1. Grants and Funding: There are specific grants aimed at Black business owners, such as the NAACP's PowerShift Entrepreneur Grant and the Black Founder Startup Grant, that can provide financial support to help businesses grow. I've also provided other grant resources in prior editions here and here. These opportunities change from year to year, so be sure to do your research and mark your calendars for their deadlines.

2. Mentorship and Networking: Organizations like SCORE and the Minority Business Development Agency offer training and programming to connect Black entrepreneurs with business mentors who can provide guidance and support. Here is a list of additional organizations focused on helping Black businesses thrive. 

3. Educational Resources: Platforms like the National Minority Supplier Development Council, Black Enterprise, and the U.S. Black Chambers, Inc. offer educational webinars, workshops, and courses tailored to Black businesses. 

4. Incubators and Accelerators: Programs like Goldman Sach's One Million Black Women and EY's Entrepreneurs Access Network provide incubator and accelerator programs specifically designed for Black entrepreneurs, offering resources, coaching, and community to take these companies to the next level.

How You Can Support Black Businesses

There are several ways you can support Black businesses to ensure their continued success and longevity. Here are a few options to support local, nationwide, and worldwide companies:

1. Shop Black: Make a conscious effort to purchase from Black-owned businesses. This could include anything from your morning coffee to clothes, accessories, art, home goods, and gifts. With the numerous Black-owned companies selling products and services, someone somewhere has your needs covered. Platforms like We Buy Black and Shoppe Black provide registries of Black-owned products at your fingertips. 

2. Spread the Word: Use your platform to highlight Black businesses. Share their posts on social media, write glowing, detailed reviews, and tell your network about products or services you enjoy. This free promotion and support can mean another sale for a Black business.

3. Invest in Black Entrepreneurs: Consider investing in Black-owned startups or supporting crowdfunding campaigns. Financial backing can be a game-changer for many small businesses. You may know a friend or family member who could use your support. It doesn't have to be thousands of dollars. Smaller cash infusions, gift cards, and supplies can go a long way!

4. Advocate for Policy Change: Support policies that reduce barriers for Black entrepreneurs. The upcoming local and national elections are opportunities to vote for candidates who prioritize economic equality or participate in local government meetings.

5. Educate Yourself and Others: Stay informed about Black businesses' systemic challenges. Understanding the history and context can help you become a more effective ally. With easily accessible news, there seem to be daily updates about systemic oppressions and those fighting against them. The more we know, the better we can assist.

Parting Thoughts …

While we should be intentional about supporting Black businesses year-round, let's make this August a time of action, not just recognition. By supporting Black businesses, we're helping them thrive and contributing to a more equitable economy.

What are some of your favorite Black-owned businesses? Respond to this email and let me know. I am always looking for new companies to support.

P.S. Keep a look out for some exciting news on the way!