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!
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