By Taylor Key
August is Black Business Month, a time to acknowledge and appreciate Black-owned businesses across the country for their efforts and contributions to the U.S. economy. Brands looking to activate around the month should remember this is a chance to uplift an underrepresented community that so often faces access disparities in capital and wealth.
Approximately 10% of all American businesses are Black-owned, and about 30% of minority-owned businesses belong to Black business owners, according to the U.S. Census Bureau. The primary sectors in which Black-owned businesses operate include healthcare, social work, repair and maintenance, beauty salons, restaurants, and more. Black businesses are on the rise, and Washington, D.C. has the highest percentage (28%) of Black-owned businesses in the country.
Black Business Month was created in 2004 by engineering entrepreneur Frederick E. Jordan and eAccess Corp. President and Executive Director John William Templeton. The intention was to “drive the policy agenda affecting the 2.6 million African-American businesses,” and empower Black business owners facing systemic barriers.
Both free and enslaved Black people have operated businesses since the late 1700s, from barber shops and tobacco shops, to dressmaking and shoemaking. Black-owned businesses blossomed from the 1900s to the 1930s in what became known as the “Golden Age” for Black business ownership following The Emancipation. Segregation resulted in entire Black-owned business districts, such as the iconic Black Wall Street in Tulsa, Oklahoma, which became a beacon of wealth and economic prosperity for the Black community at the time.
As we continue to see a shift in the DEI landscape, it’s crucial to help close the gap for minority business owners. Companies have an opportunity to acknowledge the obstacles Black entrepreneurs face and be an ongoing force for good in uplifting their communities year-round, not just during moments like Black Business Month or Black History Month.
Many brands have done this successfully over the years, such as Nordstrom’s #BuyBlack pop-up markets, Pepsi’s Dig In program for Black restaurants, and Tarte Cosmetics’s Shape Your Future awards and grants program for Black female entrepreneurs.
Brands and individuals looking to support Black Business Month in meaningful ways can:
- Shop local: Support Black-owned shops, restaurants and services in your community. .
- Engage on social: Like, follow and share Black-owned businesses on social media to help them gain a wider reach.
- Hear from Black entrepreneurs: Listen to the stories, experiences and lessons learned by Black Business owners.
- Invest in Black: Invest in initiatives that directly uplift Black businesses, such as scholarships, grant programs, partnerships and promotions.
Taylor Key is a senior account executive at Allison based in New York. She’s a member of the agency’s consumer practice and Multicultural Center of Excellence, specializing in multicultural marketing.
