Be Intentional About Shopping at Black-Owned Businesses
You may not know where to find small Black-owned businesses. However, in many cities, there are directories or listings of Black-owned businesses. Check out The Community Voice’s directory and information resources in our readership area on CommunityVoiceKS.com.
While there are a number of directories, it’s impossible for any of them to be 100% complete. If you’re not seeing what you’re looking for or want more options, try going on Facebook.
There are Black business-related Facebook groups where your request for a referral might help you find exactly what you’re looking for. In Wichita, The Community Voice Facebook Group is a great place to stop by and ask for help finding a Black business. The group members are friendly and willing to help.
Start making a list of all the places you would like to shop from, and for which products and services you’d like to purchase.
You may also want to budget specifically for shopping at Black-owned businesses by deciding in advance how much you can spend as per your budget and selecting at least one Black-owned business to visit a week or month. A concerted effort to fill in the gaps throughout the year can keep someone in business during lean times.
Write & Share Reviews of Black-Owned Businesses
If you have had positive experiences with Black-owned businesses, be sure to share them on platforms that are commonly used by the public. According to data collected by ReviewTrackers.com, in 2021, 88% of all reviews come from the top review sites: Google, Yelp, Facebook, and TripAdvisor. There are others, too, of course. For example, you may find creatives on sites like Etsy. After purchasing and loving what you got, write a glowing review. Every compliment helps.
When you post on any of the most used review sites, you can help the business be found online through search engine optimization analytics, and your praise can inspire other people to spend their money at these establishments.
Recommend Black-Owned Businesses
In addition to formal reviewing sites, social media platforms like Twitter, Facebook, and TikTok are perfect vehicles to spread the news about the Black-owned shops in your neighborhood that you really like.
Create content where you explain why you think this business is worthy of attention, add some photos or video and include the business’ website. If there is a physical address, post it, too. The key is to make the message simple for other potential customers to find and patronize. Be sure to tag the business so they can get a heads up. Billions of people use social media platforms every day, so the reach is tremendous.
Not online? No problem. Keep the conversation going by mentioning the business to your friends and family members. If the business you want to help support is a bar, café, restaurant, art gallery or clothes store, think outside the box.
In addition to being a customer, you may want to ask about ways you can support them by renting out the space on off hours or slow days. Attendees may even be able to purchase items during the party, event or meeting.
Support Black-Owned Banks
Consider seeking out a Black-owned bank or credit union for your deposit accounts, credit cards and loans. It’s an official designation: The Federal Deposit Insurance Corp, or FDIC, classifies these financial institutions as Minority Depository Institutions (MDIs). To meet the criteria, minority ownership needs to be at least 51% or the majority of board members is composed of minority members. The financial institution also is required to serve a predominantly minority community base.
People of all races can use MDIs. By doing so, you help these businesses survive so they can provide valuable services to the community. If no MDI with a physical location is close to you, check out their digital banking services. As a customer, you can show your solidarity with people who have had discriminatory experiences, both historically and currently, with lenders.
Invest in the Black Community
If your goal is to be a part of fostering company growth and equality, investing in the Black community is a way to meet it. Effective ways to invest include:
– Investing in Black-owned startups, found on micro-investing platforms such as Kiva.
– Buying shares of Black-owned companies that are traded on the stock market.
– Working with a Black investment professional, such as a CFP or CFA, to reach your investment goals.
However you decide to invest your money, recognize that the choice can be a part of helping to break the cycle of debt many Black-owed businesses face. A 2019 Congressional Black Caucus Foundation report found roughly 17.6% of Black business owners turn to personal credit to fund their new businesses, compared to 10.3% of White non-immigrant startup owners.
Because credit cards tend to have higher interest rates than bank loans, the entrepreneurs are at a disadvantage from the start. By supporting them as an investor, you can strengthen their overall financial position.
Build Relationships with Black-Owned Businesses
Yet another way to demonstrate support is by ensuring exposure. Small-business owners can be so busy managing their venture that they don’t have time to promote themselves. Assist the business owner by taking steps to form and build valuable relationships.
Invite them to join community groups in your area where they can showcase their goods and services.
If you have connections to the media or know someone who has a podcast or writes a widely published newsletter or blog, ask for the owner to be featured. The Community Voice is always looking for interesting businesses, new and old, to write stories about.
Ask the owner to join relevant business networking organizations and events.
If you have them, offer workspace and facilities (either for free or at a discount).
Share your business contacts and make direct referrals.
If you discover a Black-owned business is struggling to stay afloat, consider offering mentorship and providing resources.
The Bottom Line
The challenges that many Black business owners have faced, and continue to grapple with, are real. The good news is that you can do a tremendous amount to become a positive force. A great place to start is to seek out Black-owned businesses you can get behind, and give them some business. Then, spread the word.
By Bankrate.com
Looking For Black-Owned Businesses?
Here are a few directories of Black-owned businesses in our market
Wichita
VisitWichita.com/blog https://bit.ly/3qlB9Ne This is a list designed for visitors to Wichita and has only shopping and restaurants.
CreateCampaignKS.com/directory A much more extensive list
Kansas
www.KansasCommerce.gov Dept. of Commerce has a listing of certified minority businesses
Kansas City
www.kcblackowned.org/directory KC Black-Owned Directory
BlackKansasCityMag.com
BuyBlackKC.org
WeConnect.com https://bit.ly/3OpiUyu A simple word document but extensive.
Facebook sites: These aren’t directories, but lots of Black businesses check in on these sites and you can often times get a conversation going about what you’re looking for and someone, or two, might just respond with exactly what you’re needing
Black-owned business Kansas city
Black business entrepreneurs of Kansas City Buy Black KC Metro