Buy More Black Challenge: Day 14

New to Buy More Black Challenge: The Ultimate Guide? Learn more about it HERE.

Week 2: Become a Conscious Consumer

This Week’s Goal: Learn the seven step process that will make it much easier for you to start buying more Black products and services.

Day 14: State the facts about black-owned businesses

Today’s Task: State the facts about black-owned businesses

I know we already addressed limiting beliefs about black businesses but I still believe there is so much more to be said to debunk some myths about what it means to be a black business owner.

The decision to go into entrepreneurship is not an easy one. Being Black, and for those that don’t identify as a man, you may feel that you are at an extreme disadvantage when it comes to opportunities, access of information and resources. Just cause you may feel something, doesn’t mean that has to be your experience for the duration of your life. Many black entrepreneurs have gone on to do great things and collectively the statistics show, that we’re doing alright. Take a look below and check it out!

BLACK ENTREPRENEUR FACTS

  • There are currently 1,531,494 black women-owned businesses in the United States
  • 44 percent of those women-owned firms are owned by minority women. Those owned by black women in particular employ around 376,500 workers and generate $51.4 billion in revenue.

 

All statistics are from the 2018 published Nielsen research unless otherwise stated.

BLACK BUYING POWER STATISTICS

  • African Americans spending $1.2 trillion annually
  • Black shoppers spent $473 million in total hair care in 2017 (a $4.2 billion industry)
  • Half of the total spend ($941 million) on dry grains and vegetables in the U.S. in 2017 came from consumers of color.

 

All statistics are from the 2018 published Nielsen research unless otherwise stated.

THE POWER OF THE MULTICULTURAL CONSUMER DOLLAR

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