WOMEN & BLACK OWNED
As we observe National Women’s Small Business Month this October, let’s not forget the contributions and growth of Black-owned women’s small business in our communities. Especially in the Mid-south!
UPDATE (MAY 5, 2019): Check out Bankrate’s guide to help female entrepreneurs overcome challenges such as lack of funding, resources, and revenue. And we understand that there are still barriers that exist for women of color in business, even in the wonderful list of resources provided by Bankrate, but consider this a good starting place as we advocate and look for more ways to meet intersectional challenges in business head on.
The Women's Business Enterprise National Council reports, “According to the latest American Express State of Women-Owned Businesses report, the growth of women-owned businesses continues at a rapid pace. Four out of 10 business in the U.S. are now owned by women, and the total number of women-owned businesses (12.3 million!) has increased by 58 percent since 2007. In fact, in the last year, 1,821 new women-owned business opened each day…Today, 93 percent of women-owned businesses generate less than $250k in revenue.”
And of those numbers, Black women accounted for 2,402,600 or 20% of all women-owned businesses. Their annual rate of growth at 9% was the same annual growth rate as the period between 2007 and 2018 but the gap between African American women-owned businesses’ average revenue and all women-owned businesses is the greatest — even as they made up the largest segment of women-owned businesses after non-minority women.
One of the best ways you can celebrate National Women’s Small Business Month this year? Support a black and woman-owned business! And keep it up all year. Support comes in many forms:
Lend some savvy business advice — If it’s asked for, of course!
Consider donating to help out — When we’re just getting our business started, every little bit counts!
Purchase from her business and/or spread the word (social media and word of mouth)
Offer emotional support as well