Black Business Month: Most Black owned brands build off quality.
Generally, Black owned brands build their companies off of quality. You get what you pay for so instead of cheap ingredients that are harmful for your family, Black entrepreneurs routinely give you the absolute best. From food products with safer ingredients to much needed or desired items that are often handmade products that are simply not what you find at the big retailers.
While these facts are inspiring, there is still much do be achieved from a national economic standpoint. Just 2.4% of U.S. businesses have Black owners, even though Black people represent 12.8% of the U.S. population. Thta's a significant gap that negatively impacts the U.S. economy. 86.5% of U.S. businesses have white owners, despite white people accounting 72.0% of the U.S. population.
The economic impact of successful Black owned businesses elevate the tax base for profitable venddors of color. Black business owners are generally wealthier than their peers who do not own businesses. And many Black business owners hire from within their communities, which helps to fuel job opportunities in neighborhoods of color, according to a report from the Association for Enterprise Opportunity.
There are incredible success stories to celebrate. Coca-Cola Florida, one of the largest Black-owned businesses in the U.S. and the largest in Florida, has been selected as a 2022 U.S. Best Managed Company. Founded in 2015, Coca-Cola Florida is the third-largest privately held and sixth-largest minority-owned business in the state.
When trying to figure out if a brand is Black-owned, the first step is to go to the website and find the About, About us or Contact Us tab. Most of the time, the company will provide background knowledge on how the company was founded, who founded the company and who owns it.
RLJ Lodging Trust, one of the largest publicly owned Black businesses, reported total assets of $5.92 billion in June 2020.
The racial inequality wealth gap and chronic under-funding left Black businesses unprepared for COVID-19. Coronavirus closures and social distancing had an enormous impact on local businesses that relied on face-to-face interactions—traditional mainstays for Black entrepreneurs.
Black entrepreneurs have a history of overcoming great obstacles and creating something from nothing. In the meantime, they have learned from experience that to survive, quality service and deliverables is essential, as the margin for error is quite narrow. All entrepreneurs and innovators share in the legacy of overcoming significant obstacles and of assembling finite resources. To make a difference, reach out to a local Black Owned business when you need a spdcific product or service.