The pandemic has brought on a series of uncertainties for many. However, when it comes to the black consumer market, business couldn’t be better. Revenue is at its highest it’s ever been for businesses in the black community. This is not just due to the $1.2 trillion spending power the African-American consumer harnesses. It is also due to the behavior patterns.
African-Americans make up only about 13% of America’s population, but make up almost half of the revenue for businesses in many industry sectors and is the driving force behind the success of many corporate to medium-sized businesses.
In fact, studies show that many corporations have launched campaigns specifically targeting the African-American consumer due to African-Americans’ high propensity to spend. The issue is, even when the businesses are black-owned, even in these neighborhoods, they tend to struggle; being left behind in wealth accumulation?
According to author and consultant, Professor Devin Robinson, Sr., “African-Americans business owners often face a myriad of challenges that the general market doesn’t.” He authored, Blackpreneurship: 50 Obstacles Black Entrepreneurs Face and How to Overcome Them, a book that reveals and examines challenges of black entrepreneurs and the ways they can avoid and navigate through them.
He stated, “Much of the challenges begin at the business’ launch. Too many black entrepreneurs find themselves underfunded, outcompeted, underexposed and more.”
Urban Business Institute, a business Incubation company founded in 2012, emerged to help black entrepreneurs battle their way to high revenues, competitiveness and stability. They provide training classes, funding assistance, industry contacts and resources, consulting, training materials, self-help books and more. They are what you would call a, one-stop shop for black entrepreneurs. No transcripts or high school diploma required to attend. Senior Consultant, Funtaine Hunter stated, “We provide highly effective training and assistance. We want all persons, especially those with difficulty gaining access to college, to have access to our programs.”
To date, Urban Business Institute and their partners have opened over 200 brick and mortar businesses nationally, provided almost $10,000,000 in funding, trained over 2,000 entrepreneurs and more.
The talent that exists in the black company far outpaces other communities. Yet, capturing the business side of that talent is typically where blacks fall short. Fortunately, there are still ways for blacks to turn that around.
To get help on your business, contact Urban Business Institute at 770-850-9949 or by visiting their website at www.UrbanBusinessInstitute.com.
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