Have you noticed the amount of grief for Black-owned businesses on social media? There’s a reason for that.
We live in an inequitable world. The truth is that African-Americans do not have the same economic chances as white people. Even obtaining a loan is a difficult task. Despite all of the protests and initiatives toward racial equality, the income disparity between black and white people continues to widen.
If Black family wealth grows at the same rate as it has for the past three decades, it will take 228 years for Black households to reach the same level of wealth as White families. No amount of thorough financial planning may enable a Black-owned company to fight the trend of inequity.
What Happens When Black-Owned Businesses Are Supported?
Although you may lack the ability to make a difference, you do.
It’s time to reclaim control over our finances; we get to decide where we spend our money. It is up to us to decide whether we want to put money in the wallets of billionaires or give it to people of color.
Donate to the Community
This is a team effort for all of us. Supporting Black companies strengthens community morale and fosters partnerships. It’s worth it even if you have to pay extra for a product. We can generate greater wealth within the Black community if we all play our role in supporting Black businesses.
Boost the Underground Economy
The power of the consumer is enormous. When we support Black-owned businesses, we’re supporting more than just the company; we’re also supporting the community. We can all assist to grow the Black economy and recycle money if we choose to buy from Black-owned businesses. Rather than allowing that money to be lost to large firms.
Increase the number of businesses owned by African-Americans
In business, black business owners confront disproportionate hurdles. We have the purchasing power as consumers, and if we use it to support Black-owned businesses, we can make a significant difference. It doesn’t take a lot of math to figure out that if we spend more money on Black businesses, there will be more opportunities for them to develop.
There is a contemporary trend toward creating enterprises, and the more Black people who do so, the better. Numerous black financial advisors provide trustworthy, client-centered advice and complete financial planning.
This makes getting financial advice from someone who knows the complexities of systemic racism much easier. If you’ve considered starting your own business, look online to discover if there are any black financial advisers in your area that can provide financial advice or services.
What Can You Do to Make a Difference?
It’s past time to assist Black businesses to strengthen communities and the Black economy.
With Our Money
We have the power to vote with our dollars, and the businesses we choose to support will survive. Changing our purchasing patterns isn’t always simple. However, if we put forth the effort, we can have a significant impact. We help the Black community when we support Black-owned businesses.
If you need to buy something, do some research to see if you can discover a Black-owned business that sells it. Online databases like The Nile List and Official Black Wall Street are good places to start. They provide an extensive directory of small businesses owned by Black people.
Boost Your Online Presence
However, social media has been commercialized, and if you want to reach beyond your current audience, you’ll have to pay. Organic growth appears to be extinct, yet there is a way to circumvent the system.
Like, comment, share, and save are all options. You may have noticed small businesses requesting that you engage with their latest posts. Engagement is crucial since it determines how the algorithms prioritize which information is seen. Share their posts, add a thoughtful comment (not just an emoji bomb), and save the post for later to help black companies for free.
Free Financial Advice is Available
The best part about social networking apps is that you get to pick and choose who you want to follow and interact with. Why not help some of the people providing financial services when you’re out there supporting Black-owned businesses?
There are currently a plethora of black financial gurus who provide free internet financial advice. You may be able to free up funds to spend with Black-owned businesses if you learn how to make the most out of your money. Check out Facebook or Instagram to see if there are any black financial advisors you can follow.