Why We Should Still Be Supporting Black Owned Business |
Posted: August 5, 2021 |
Have you noticed the huge drive on social media to support Black-owned businesses? It’s for a good reason.
We live in a world of inequality. The truth is, Black Americans don’t have the same opportunities for economic success as white people. Even just trying to get a loan is a challenge. Despite all the protests and steps towards racial equality, the racial wealth gap continues to grow.
If Black family wealth continues to grow at the same pace it has done for the past three decades, it will take 228 years for Black families to amass the same amount of wealth that White families currently have. It may seem like no amount of comprehensive financial planning can help a Black-owned business defy the trend of inequality. What Happens When We Support Black-Owned Businesses?Although it may seem like you don’t have the power to make a difference - you do.
It’s time to take back the power - we get to choose where we want to spend our money. It’s our choice whether we want to line the pockets of billionaires, or give that money to people of color. Support the CommunityWe are all in this together. Supporting Black businesses builds relationships and can strengthen community morale. Even if you have to pay more for a product, it’s worth it. If we all play our part in supporting Black businesses, we can generate more wealth within the Black community. Boost the Black EconomyConsumer power is powerful. When we support businesses owned by Black people, we’re supporting more than just that business - we’re supporting the community. If we all choose to buy from Black-owned businesses, we can help boost the Black economy and recycle money throughout it. Instead of letting that money get lost to big corporations. Increase the Number of Black-Owned BusinessesBlack business owners face disproportionate challenges in business. As consumers, we have the purchasing power and can play a crucial role if we divert that power to Black-owned businesses. It doesn’t take comprehensive financial planning to know that if we spend more money with Black businesses, there will be opportunities for more to grow.
There’s a current trend towards entrepreneurial endeavors, and the more Black people starting businesses - the better. There are loads of black financial advisors available now offering reliable, client-centered advice and comprehensive financial planning.
This makes it easy to get financial guidance from someone who understands the intricate challenges of systemic racism. If you’ve thought about starting your own business, get online and see if there are any black financial advisors offering financial guidance or financial services in your area. How to Make a DifferenceIt’s time to support Black businesses - to build community and boost the Black economy. With Our DollarsWe get to vote with our dollars, and the businesses we choose to support are the ones that will stick around. Changing our consumer habits isn’t always easy. But if we put in the effort, we can make a big impact. When we support Black-owned businesses, we support the Black community.
If you’ve got a purchase to make, do a little digging and see if you can find a Black-owned business who sells it. Try online databases such as The Nile List and Official Black Wall Street. They offer comprehensive directories of Black-owned small businesses. Give an Online BoostHowever, social media has been monetized and if you want to reach beyond your audience - you gotta pay money. The days of organic growth seem to be dead and gone, but there is a way to hack the system.
Like, comment, share, save. You might have seen small businesses ask you to show their recent posts some love by engaging with it. Engagement is key, it’s how the algorithms prioritize which content will be seen. To support black businesses for free - share their posts, leave a meaningful comment (not just an emoji bomb) and save the post for later. Find Free Financial AdviceThe fun thing about social media apps is that you get to choose who you want to follow and engage with. While you’re out there supporting Black-owned businesses, why not support some of the people dishing out their financial services too. There are now plenty of black financial advisors offering financial guidance for free online. Learning how to get the most out of your money means you could free up spare cash to spend with Black-owned businesses. Have a look on Facebook or Instagram and see if you can find some black financial advisors to follow.
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