{"id":11288,"date":"2022-08-02T08:48:48","date_gmt":"2022-08-02T16:48:48","guid":{"rendered":"https:\/\/www.rangeme.com\/blog\/?p=11288"},"modified":"2025-10-07T12:31:15","modified_gmt":"2025-10-07T20:31:15","slug":"honoring-black-business-month-helpful-resources-for-black-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.rangeme.com\/blog\/honoring-black-business-month-helpful-resources-for-black-entrepreneurs\/","title":{"rendered":"Honoring Black Business Month: Helpful Resources for Black Entrepreneurs"},"content":{"rendered":"\n

In the U.S., Black Businesses Month is celebrated during the month of August, building on a successful initiative that has been running since 2004. It\u2019s an opportunity to support the 10% of American businesses that are Black-owned, particularly in sectors such as health care, social work, repair and maintenance, beauty salons, and restaurants.<\/p>\n\n\n\n

The idea originated in a project launched by the entrepreneur Frederick E Jordan. He saw firsthand, during a 50-year career running his own engineering business, how hard many minority owners found it to get the backing their businesses deserved. Today, statistics suggesting the Black community is under-represented amongst small business owners \u2013 as well as more likely to suffer unemployment and poverty \u2013 underline why Black Business Month remains as important as ever.<\/p>\n\n\n\n

Support from big business<\/strong><\/h2>\n\n\n\n

The good news is that large American businesses are waking up to the idea of minority support. Target Corporation<\/a>, for example, has promised by 2025 to invest more than $2 billion with Black-owned businesses and to add products from more than 500 Black-owned brands to its shelves. Retailer Sephora<\/a> is pursuing similar targets, as it seeks to become more inclusive in the merchandise it stocks.<\/p>\n\n\n\n

It’s not simply an altruistic pursuit. Big business certainly recognizes the moral imperative to embrace diversity, but there is also a commercial opportunity here. The consultant McKinsey<\/a> has published research suggesting Black consumers are willing to shift about $260 billion of their annual spending to companies that better meet their needs.<\/p>\n\n\n\n

Moreover, this is an international issue, with opportunities for product providers and retailers in other global markets. For example, the U.K. launched Black Pound Day<\/a> in 2020 and in Australia, Indigenous Business Month<\/a>, a celebration of businesses owned by indigenous Australians, has run since 2015.<\/p>\n\n\n\n