Today is #BlackOutTuesday2020 and many planned to not spend money unless it was supporting a black-owned business. You may be wondering why this is so important, or perhaps you loved supporting black-owned businesses and you want to know how you can make it a recurring habit. If you’re like me, then you’re definitely looking forward to not limiting Black Out Tuesday activities to just one day, but as often as you can. Supporting black businesses shouldn’t be a trend, it should be a lifestyle. Here are five reasons why you should make buying black a part of your daily life.
Builds Up Communities
Supporting black businesses builds relationships and boosts community morale. There are currently 2.6 million black-owned businesses in America, where 8 out of 10 fail within their first 18 months due to the lack of resources and funds. When you spend money at a black business the money is recycled back into that community. The dollar only lasts an average of 6 hours in our community compared to the Asian American community where it can last up to 30 days. In the Jewish community, the dollar lasts around 20 days and in the white community 17 days.
The poverty, crime, and poor education that we experience in our neighbors could be improved by the support of black-owned businesses. The ultimate goal of “buying black” is to build a healthy flow of currency and resources within our community.
Creates Jobs and Opportunities
When black-owned businesses are in high demand, they will make more money. When they’re able to make more money, they’ll need more employees. According to the New York Times–and our own experiences–black job applicants suffer from constant discrimination when applying to jobs. Mashable mentions that 56% of Black Americans experience discrimination when applying to a job, while 57% experience discrimination when it comes to being paid equally or qualifying for promotion.
Prosperous black-owned businesses will be able to employ more Black people which means fewer unemployed individuals and support for business owners, their families, and their employees. Black entrepreneurship can fuel the economic prosperity for the black community and serve as a ladder where low-income families can move up to middle-class status. This will attract investors who can assist with bank loans, funds, and promote financial literacy.
Lower Local Taxes
That sounded good as soon as you read it right? Same. According to Amiba.com, local businesses help us use our land more efficiently which alleviates the stress on our roads, sewers, and safety services. As a result, this increases the tax revenue per sales dollar which basically means local businesses help keep our taxes down! Find a local black-owned business near you and find out how you can support them.
Closes the Racial Wealth Gap
The racial wealth gap can be traced back to the Jim Crow era and redlining that prevent Black people from having access to higher-paying jobs and homeownership opportunities. The median wealth of white families is nearly 12 times as much as the median wealth of black families. With one in four black families having a net worth of negative or zero. Sounds dismal right? There’s something we can do about it! We’ve always relied on small businesses and entrepreneurs to boost our economy and build wealth. Now is no different.
Supporting black-owned businesses means more property ownership, more money in our communities, and more opportunities to build generational wealth.
Gives Power Back to the Community
There’s a common saying that states, “The race that does not build its own will be controlled by those who do.” When we choose to support black-owned businesses we’re supporting black pride, unity, and self-determination. While that may be intimidating to some, it should mean the world to us. Taryn Finely says, “Black Pride isn’t designed to block the progress of others. It is meant to empower and create space for black people to celebrate and honor ourselves in a country that tells us in no certain terms that black lives do not matter. It’s a tool for survival in a world that does not want to see you win.”
When we choose to win against all odds young black children will grow up seeing more black doctors, dentists, scientists, designers, and businessmen, and businesswomen. We all know representation matters. Most importantly, self-sufficient black communities also have strong economic involvement. This means that we can control political influence and mandate what occurs in our community.
We have the opportunity to make a change while we’re here on this earth. I encourage every one of you to think about the reasons above and ask yourself what can I do? If you’re passionate about finding out how you can support more black business and are looking for ones to support I have a few resources below that will help you on your journey!
Check out who favorites are over on Instagram @Genuinely_AA!
“Black pride isn’t designed to block the progress of others. It is meant to empower and create space for black people to celebrate and honor ourselves in a country that tells us in no certain way that black lives do not matter. It’s a tool for survival in a world that doesn’t want you to win.” Let’s win anyways by supporting each other. Today on the blog I have five reasons why you should support a black-owned business! Like always, here are a few of my favorites: @thehoneypotco @cushine (collection available at target) @briogeo @thezensucculent @thelipbar @tginatural @mielleorganics @telfarglobal @liberte @curls @patternbeauty @earth_kissed_beauty @brightblackcandle @melaninhaircare @goodenergy__ @mirsminks @guds_nc @marvelousmirracles.ot @shadorstudioraleigh @nubianskin @purhomeclean @clarepaint @unwrp @blackbabybooks Who are some of your favorites? #blackouttuesday #blackoutday2020
What are some of your favorite black-owned brands?