We are celebrating Black Business Month in August! This guide contains resources for the nearly 3.12 million businesses in the U.S. owned and operated by black entrepreneurs.
Businesses in the United States owned and operated by people of color saw an 8% increase between 2018 and 2019. Those numbers continue to rise. However, although minority women are the fastest growing category of entrepreneurs, they still face obstacles relating to resources and advancing women’s equality.
As with any growing business, the hours are long, and the profit margins are low until you can gain momentum and garner some external backing. Fortunately, more help for entrepreneurs is available now than in the past.
Listed below are several resources that can support existing businesses as they work to level up, as well as guides and insights for black women and men who are interested in establishing a new business.
Corporations and government entities often set aside a portion of business and contract budgets with the intent to utilize a broad set of suppliers, specifically minority-owned businesses. To bid on these exclusive contracts, business owners should seek Minority Business Certifications to be formally recognized, lend credibility, and demonstrate readiness to take on public and private contracts.
Certifications are many, and the right application is critical to your success. The National Minority Supplier Development Council provides several certification options and step-by-step instructions to apply.
There are several additional ways everyone can support black business owners such as:
The economy is ever-changing, and the U.S. will benefit from business owners sharing resources equitably to grow their business. As a black-owned company, Jidan Cleaning began as a small business with fewer than 10 employees. It utilized its local Small Business Development Center resources in Camden, NJ to help grow the company. Today it employs over 100 individuals and has been in operation for nearly twenty years.