The year 2020 will long be remembered for the significant challenges thrown up to businesses around the world and Black Enterprises in the US and Australia have not been immune to the impacts of Covid-19. However, in a time of despair for so many, the team at Black My Business can see significant opportunity for growth and prosperity for Black Enterprises and Indigenous Businesses alike.
Let's take a look at why #blacklivesmatter and #indigenouslivesmatter,as we well as the Covid-19 Pandemic are providing an important pivot points for Black Startups and Black Businesses as they look to gain that key competitive advantage and to implement strategies that will lead to a surge in business profits over the next 12 months and beyond. Today we identify NINE Secrets to Success for Black Enterprises in the Post Covid-19 Economy.
The Guardian.com reported recently that in Guidant Financial and LendingClub’s 2019 Report on the State of Small Business that there was 400% growth in African-American businesses in 2018 as compared to 2017. According to the study they also found that much of this growth was been driven by female black entrepreneurs, with 38% of African-American businesses being female-owned, as compared to only 23% among all other business owners.
While in Australia the number of Aboriginal and Torres Strait Islander Business Owners increased markedly in the 10 years to 2016, jumping by almost 72 per cent to 11,587 according data released in the 2016 Census of Population and Housing. However, according to supplynation.org.au they're still well and truly under-represented, with Indigenous Australians making up 3% of Australia's population, but Indigenous Businesses only representing just 0.5% of total business owners in Australia.
Despite the significant setbacks experienced by many businesses in the US and Australia as a result of the Covid-19 Pandemic, the increased media exposure resulting from the #Blacklivesmatter Movement is expected to an even greater surge in the growth of Indigenous Businesses and Black-Owned Businesses fueled by a greater awareness of the existence of a diverse range of Black Business offerings, and an increase in Venture Capital Investment and Black Business Crowdfunding.
However, we all can have a huge impact on the growth and success of African-American Businesses and Indigenous Businesses in Australia, by continuing to support, promote and buy these enterprises every day. Such growth in Black Enterprises in the US and Australia is not only important the financial independence of these business owners, but also to the broader national economies post Covid-19. This is highlighted by McKinsey & Company's 2019 Report estimating that by closing the Racial Wealth, the US GDP could be 4 to 6 percent higher by 2028.
At Black My Business we are 100% focused on empowering and assisting Indigenous Business Owners and African-American Business Owners to fast-track their success and skyrocket their profits. As such we have identified NINE Success Secrets for all Black Businesses to succeed in the post Covid-19 economy.
So here are 9 Key Money-Making tips for 2020/2021 for boosting the bottom-line for your Black Enterprise:
We hope these 9 Success Tips can be your Secret Sauce to unlocking short-term growth and profitability to your Black Enterprise, while also ensuring the long-term success of your business in an ever-increasing competitive business environment. Why not subscribe to learn more fantastic Business Ideas and Financial Tips that you can implement into your business, by visiting our BMB Blog.
“We only get 5% of the venture capital invested in things that are black owned — black-owned businesses, black-owned ideas, black-owned IP. You can’t do anything without that money, without resources."
Source: Sean Combs - Variety.com
We offer the largest Fully-Funded Black and Indigenous Scholarship Programs in the US and Australia. Thanks to our Supporters and Sponsors we will assist over 1600+ candidates in 2020 to receive a Digital Marketing Qualification, Industry Accreditation and assist with Career Transitioning.
We are attracting the World's leading Black Entrepreneurial Talent and Highly Successful Black Business Owners. Our Black Mentors share their business, financial and personal knowledge and advice with our Black & Indigenous Entrepreneurs in one-on-one settings and online forums.
Connect with our BMB Corporate Partner Network and utilize Black Business Professionals and Highly Respected Experts whom offer outstanding Mentoring, Support, Black Business Resources and Financial Help to Black Entrepreneurs, Black Business Owners & Indigenous Business.
“I have been fortunate enough to qualify for a Black Scholarship from Black My Business. This is an absolute game-changer for me having lost my job during Covid-19. I am also working closely with my mentor and I am already seeing the incredible benefits from this relationship!”
“I see so much potential through this program to do great things to improve the lives of African-Americans and Indigenous Australians. I am truly excited to be a part of the Black My Business Movement and look forward to contributing from my many years and hard-knocks in the world of business".
"Black My Business is such a critical resource for Indigenous and Black Business Owners. There are so many incredible business leaders and inspiring mentors that contribute their time resources and support in helping in giving others a leg-up on the ladder to success."
Our Black My Business Team would love to hear from you, so let's connect! We will endeavor to answer your inquiry as soon as possible.