A great West Coast philosopher by the name of Tupac once said, “It’s on us to do what we got to do to survive.” Although we might not see any Black Lives Matter marches currently being held, we are still in a critical moment where our money speaks louder and longer than our voices. It’s holiday season and after the 2020 switch-up, Black businesses remain in dire need of your support.
According to the recent report, Alone together: Entrepreneurship and Diversity in the UK, published by the British Business Bank and Oliver Wyman, Black business owners have median turnover of just £25,000 compared to £35,000 for white business owners. Moreover, only half of Black entrepreneurs meet their non-financial aims, compared to nearly 70% of white entrepreneurs.
Although the BAME community represents a collective spending power of £300 billion a year in the UK, minority business owners continue to face tougher challenges than their white counterparts.
Jamal, the founder of Masters of Beards, says entrepreneurs of colour experience more hurdles due to the lack of support systems within the community.
“I think we are quick to put each other down or show jealousy in the early stages. Another major factor is when whites or Asians experience difficulties, they have family and friends they can turn to for financial resources or previous business experience which can help guide them in getting back on track.”
What Black business owners want Black consumers to know is supporting their own is centered upon not just buying a product, but putting in place the necessary tools that will benefit future generations.
“It’s a must to buy from Black-owned so we can continue to grow, spread our wings and have control over more things in life instead of depending on people who hate on us for simply being Black. We have to uplift each other,” says Kizzy Resin of K’s Resin Accessories.
Garfield Robinson of Promoting Our Heritage, a mobile source for African, Caribbean and Culture books says Black people know best how to cater to their own race.
“I do believe Blacks need to spend more money with Blacks at the right quality and price,” said Robinson.
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Also, click here to download our report on how the UK Black spending power impacts our small Black businesses.