August Spotlight: Empowering Black-Owned Businesses!

Boost Business with Black Business Month

As August ushers in National Black Business Month, small businesses across the United States are presented with a unique opportunity to engage with and support Black entrepreneurship.

Established in 2004 by Frederick E. Jordan and John William Templeton, Black Business Month shines a spotlight on Black-owned businesses and the critical role they play in the economy. This annual event not only celebrates these businesses but also highlights ongoing challenges and encourages inclusive practices within the business community​.

The Origins and Evolution of Black Business Month

Black Business Month has its roots in 2004, when Frederick E. Jordan, an engineering entrepreneur, and John William Templeton, president of eAccess Corp, co-founded the celebration. The duo aimed to spotlight and advocate for the 2.6 million African-American businesses, focusing on policies and support systems to assist Black entrepreneurs.

Black Businesses Struggle with Financing

This initiative was born from Jordan's personal challenges in securing financial support when he started his own company, F. E. Jordan Associates Inc., in 1969. Despite achieving international success, Jordan recognized that systemic barriers still hindered Black business growth. Thus, Black Business Month was established to promote equity in business and celebrate those thriving despite these challenges.

The Rich History of Black-Owned Businesses

The history of Black entrepreneurship in the United States dates back to the late 1700s, with both free and enslaved Black individuals establishing small businesses like barbershops and shoemaking ventures. The abolition of slavery led to a boom in Black-owned businesses, particularly between 1900 and 1930, a period often referred to as the "golden age" of Black entrepreneurship. During segregation, entire districts, such as Black Wall Street in Tulsa, Oklahoma, became hubs of Black economic activity.

Black-owned Businesses Generate Billions in Revenue

In 1915, the founding of The National Negro Business League marked a significant moment in supporting African-American entrepreneurs, expanding to 34 states. By 2002, Black-owned businesses in the U.S. had grown to 1.2 million, generating over $150 billion in revenue, a testament to their resilience and contribution to the economy.

Black Business Month: Benefits for Black Entrepreneurs

For Black entrepreneurs, Black Business Month offers a vital boost in visibility and support. It is a time for increased recognition and patronage from the broader community, helping to drive sales and expand business networks. Additionally, the attention can lead to greater media coverage, partnerships, and investment opportunities, further enhancing the growth and sustainability of Black-owned enterprises.

5 Tips for Small Businesses During Black Business Month

Small businesses looking to engage meaningfully with Black Business Month can take several steps:

1. Highlight Black-Owned Businesses: Use your platforms to showcase and promote Black-owned businesses. This can include featuring them in your marketing campaigns, collaborating on products or services with special offers, or simply amplifying their voices on social media.
2. Offer Special Promotions: Consider offering discounts or special deals in collaboration with Black-owned businesses. This not only drives traffic to these businesses but also fosters a sense of community support.
3. Host Events and Panels: Organize events or panels that discuss topics related to Black entrepreneurship, such as overcoming barriers to funding, marketing strategies, and community building. These events can be virtual or in-person, depending on your audience.
4. Educate and Train: Use this month as an opportunity to educate your team and customers about the importance of diversity and inclusion in business. Offering training sessions on cultural competence and inclusive business practices can create a more welcoming environment for all.
5. Support Long-Term Initiatives: While Black Business Month is a focused time for support, it's important to continue these efforts year-round. Establish long-term partnerships with Black-owned businesses, invest in community programs, and advocate for policies that support minority entrepreneurs.