Supporting Black entrepreneurs is crucial to creating a more inclusive and equitable economy.

In a time where small businesses serve as the pillars of their communities, it's important to recognize the unique hurdles Black entrepreneurs face.

These challenges can include limited access to funding, resources and vital networks that can help their businesses grow. Here are some ways to support Black-owned businesses as a business owner and a consumer.

1. Feature Businesses to Increase Visibility

Visibility is a powerful tool that can open doors to new opportunities, customers and partnerships for Black business owners, helping them thrive in a competitive market. Many of these businesses offer in-demand products and services but need more marketing budgets and resources to reach a wider audience.

As a consumer, you can increase their visibility by doing things such as consistently engaging with their posts on social media or sharing their content with your networks. As a business owner, especially if you’re a content creator, consider featuring Black businesses in your blog, newsletter or other communications.

Offering support in this way increases exposure, strengthens community ties and doesn't require a large financial investment.

2. Make Direct Engagement

Direct engagement with Black businesses is a proactive way to understand their needs and how you can best help them. This can involve reaching out to business owners to ask what support they require.

By having these conversations, you can discover each business's unique hurdles and identify the most effective ways to help. For instance, a startup might benefit more from strategic advice on scaling their business. At the same time, another business owner might need guidance on how to best market their services.

Engaging directly with Black entrepreneurs allows you to tailor your support to their needs, making your efforts more impactful. It also sends a powerful message that you're invested in more than just the surface-level success of these companies; you're committed to the prosperity and sustainability of their ventures. 

3. Extend Intentional Support

Going beyond one-off gestures and being intentional with your support of Black businesses means consistently supporting them through your purchasing decisions and referring them to your network.

Networking with Black entrepreneurs helps build a community that benefits both the business and their patrons. True support comes from genuine relationships that foster mutual growth and understanding.

Additionally, subscribing to their newsletters, submitting positive reviews and advocating for their brand are all great ways to offer sustained support.

By consistently supporting Black businesses, you contribute to their stability and growth, helping to create more opportunities for wealth-building and economic empowerment within Black communities.

4. Partner for Mutual Benefit

Partnerships between businesses can be a game-changer for both of the businesses involved. Businesses can leverage their resources and customer base to grow by engaging in joint promotions, co-hosting events or offering combined products or services. 

An example might be a bakery owner partnering with a Black-owned coffee shop down the street. They could work together on a promotion where customers at the coffee shop receive a discount on baked goods from the bakery and vice versa.

Take the time to get to know the entrepreneurs behind the businesses and understand their mission, vision and values. These simple steps can lead to lasting partnerships that provide mutual benefits in sales and resource sharing. Additionally, these partnerships can strengthen the community by showcasing the power of collaboration over competition.

5. Share Your Knowledge      

Sharing your resources and knowledge is invaluable to Black business owners. Many Black entrepreneurs lack access to the networks, mentorship and educational resources that can help propel their businesses forward.

By offering your expertise, introducing them to your network or sharing valuable business resources, you can help level the playing field. Mentorship can provide Black businesses with the guidance, confidence and skills they need to successfully navigate the challenges of entrepreneurship.

6. Advocate for Equity

Stay active in working towards removing the barriers that disproportionately affect Black-owned businesses. This can mean supporting policies and practices that ensure Black entrepreneurs have equal access to business opportunities, funding and resources. It also involves challenging discriminatory practices and biases within your networks and your community.

Advocacy is a powerful tool for creating a more inclusive and supportive environment for Black business owners, one where they have the same opportunities to succeed as their counterparts.

7. Make It a Daily Habit

Integrating Black-owned businesses into your daily life is perhaps the most personal and impactful way to offer support. This means consciously choosing to buy from Black-owned businesses for your everyday needs, investing in companies that support Black entrepreneurship and becoming a mentor or advisor to Black entrepreneurs.

By supporting Black-owned businesses as a part of your daily routine, you help ensure their sustainability and growth, contributing to a more diverse and vibrant business ecosystem.

Supporting Black business owners requires a multifaceted approach.

These approaches may include increasing their visibility, engaging directly with entrepreneurs, offering intentional support, building relationships, making financial investments, sharing resources, advocating for equity and integrating their businesses into your daily life.

Each of these strategies plays a crucial role in helping Black entrepreneurs overcome the unique challenges they face, providing them with the opportunity to succeed and make lasting contributions to our economy and society.

This article is sponsored by Mastercard. Get additional resources and join Mastercard’s Small Business community on their website.