Minority businesses are struggling now more than ever, but there is so much we all can do to help support them.
These organizations account for a significant chunk of small businesses in the country, so it’s crucial that we help them thrive.
According to the U.S. Senate Committee on Small Business and Entrepreneurship, there are 4 million minority-owned businesses in America. These businesses also total around $700 million in sales.
In the past 10 years, minority owned businesses have accounted for half of the 2 million businesses started in the U.S., and have contributed to creating 4.7 million jobs.
However, over 42 percent of black-owned businesses have closed due to current events. Minority owned businesses are struggling and need our help and support to keep running. Here are a few ways you can help support minority owned businesses in your area.
Promote Their Goods
Promoting and buying minority business goods and services is a great way to support their bottom line. For example, if you own a clothing store, offer items made by minority-owned fashion companies or brands.
Or if you run a diner, consider offering coffee from a minority-owned cafe. This is a great way to support minority-owned products and help increase their brand’s visibility. Chances are, if a customer liked the product they saw in your store, they might be willing to buy it again from either you or the brand themselves.
Take the 15 Percent Pledge
The 15 Percent Pledge was founded by Aurora James, the founder of accessory company Brother Vellies. This foundation is based on the idea that since Black people in the U.S. make up 15 percent of the population, major retailers should commit that a minimum of 15 percent of their products offered will come from Black-owned businesses.
Since starting the 15 Percent Pledge movement, James has called out major corporations such as Target, Sephora, Net-a-Porter, Walmart, Whole Foods, and Shopbop. She has challenged these companies to define and publish their strategies for promoting Black-owned products in their stores.
According to Forbes, James says, “If these businesses can commit to taking that pledge, it would lead to more VCs and investors looking to support black-owned businesses and taking them seriously because they know there’s a built-in demand.”
She explains that if consumers also take the pledge to purchase from Black-owned businesses, there will be an increase in demand, thus forcing retailers to stock these products.
Spread the Word
Thanks to the Internet, we all have the power to spread the word and make change in the world. Whether you’re a small business owner, consumer, or employee at a big corporation, you can use your social media platform to help promote minority-owned businesses and brands.
The type of business you want to promote will determine the type of promotional content you should post online. For example, if you want to promote your favorite minority-owned restaurant, you should consider writing a positive Google or Yelp review. You can then post to your social media a picture of your favorite dish they offer and suggest your friends try it.
If you are looking to promote a minority business in the fashion space, try styling a piece from their fashion line and post a picture of yourself on your Instagram with a hyperlink so your friends can purchase the product too.
With so many people striving for change and more diversity, your connections would love to see a spotlight on your social media of a minority business owner with information about their success. These are just a few ways you can help contribute to their success through social media promotion.
With the current state of our nation, minority businesses are really struggling because, on average, most of them are small businesses. However, if we want to see our favorite companies stick around, we need to work to support them in their endeavors.
By purchasing minority businesses’ goods, promoting them online, and by taking the 15 Percent Pledge as a consumer or a business, we can all work together to support these businesses in need during these trying times.
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Related posts:
- How to Support Minority Businesses - November 16, 2020
