There has been a lot of talk this year in regards to black business. For instance, Forbes released stats indicating that black women were starting successful companies more than any other race. Quite a feat that is now inspiring other ladies of color to become entrepreneurs.
Also, there has been a major push to dominate and regain industries saturated with black consumers. Such a strategy is simple. Create a black business that serves a ton of black consumers whose support will in turn help to build black wealth in black communities. Sounds like a mouthful but the logic is an equation that will greatly help POC.
The Modern Black Business Strategy
A popular movie saying goes, “If you build it they will come.” Therefore, if you give people something they want or desire then you have gained their support. In business, this translates to more sales and more wealth.
There are several industries that black consumers are not dominating as black business owners. For instance, how many black owned beauty supply stores are there? Most of us WOC complain about going to stores who either do not cater to our various hair types or cannot identify with products that our hair needs in order to be healthy.
What’s even more interesting is that black women spend more money than any other race when it comes to hair. Yet most beauty supply stores are run by other races. This billion dollar industry needs more black business owners. If we are spending the money why not reap the benefits as well?
Two black sisters made headlines this year due to becoming the youngest black beauty supply store owners. It took hard work and dedication. However, they opened the eyes of young black girls that entrepreneurship is a possibility. We champion that thinking and encourage all black women to make it their goal to be their own successful boss lady.
5 Lucrative Industries For Black Business
Are there other industries that future black business owners should focus their attention on? The answer is simple, yes! Check out this quick video that highlights 5 lucrative industries for black business.
Thoughts on 5 Lucrative Industries For Milennial Black Business? Join the discussion by dropping a comment like its hot down low. Or hit us up on our Facebook, Instagram, Tumblr or tweet us @1966magazine.
