We Are Excited About Black Businesses
We happily serve all communities while understanding racist laws and practices that historically blocked the Black community to equal access of creating wealth. We are of, and love the Black Community and know the specific challenges we face and how to address them.
Historically, and still...
For the last several years, America's racial awakening has helped increase sales and support for many Black and POC businesses. Corporations and individuals are acknowledging racist and discriminatory laws and practices that historically made it more challenging for them to succeed.
"These disparities are not driven by individual deficiencies but by the compounded effects of structural racism and racial and gender discrimination that have severely limited access to wealth and capital." Unfortunately these disparities are not of the past which has given us a knack for navigating unique hurdles they may face.
The success of predominately known businesses, contra to Black ones', is a complex issue with many layers, outliers, and exceptions. However, we can help guide these businesses to more success by addressing some of the larger, recurring issues.
We want Black Businesses to Have:
More Access to Capital
Historically, Black businesses receive less funding in both grants and loans.
They are less likely to know of available resources and how to strategically apply to them to receive max funding because of complicated processes. In addition, the National Community Reinvestment Coalition found that banks were twice as likely to provide business loans to white applicants than Black ones.
Higher Profit Margins
Black businesses have smaller profit margins than white ones, and this is even when they have better ratings. "In white-owned businesses, 70% of the companies have profit margins of 15% or more. But in black-owned businesses, only 30% of the companies have profit margins of 15% or more." This is especially challenging for 80% of Black businesses that fail after eighteen months. Higher profits are essential for the owner's survival and overall business growth.
More Experience
The advantages of inheriting a business are powerful because you are likely familiar with how to run the it and manage unique issues that are sure to arise. White-owned businesses make up 19M businesses, ~266,000 of which are inherited, while Black-owned businesses make up 2.6M businesses, which is only ~36,400 inherited businesses. When there is a fluid passing of company knowledge, from leader to leader, your business is more likely to succeed.
Our mission is for our services to help you address the above hurdles, leaving you with more time to:
Think Strategically
Think about what aspects you could add to your business when you cut down manual work. You can set up partnerships that will expand your customer base, or apply for grants or business credit to help with finances, often a pain point.
Increase Competition
Grow from a side hustle into a thriving business, if that's what you want. Black and businesses of color competing at higher levels will be beneficial for our communities , and diversity in competition is better for consumers as a whole.
Enjoy Life
Many of us are working towards financial freedom and creating generational wealth, which often means sacrificing time. Many people work a full time jobs, on top of running a business, leaving less amount of free time. Take time back for yourself, your family and community.