Black Business Month: Small or Large, Why Black Founders Need Your Support
August marks Black Business Month. Established in 2004 by John William Templeton and engineer Frederick E. Jordan Sr., Black Business Month is a nationwide opportunity for local government officials, community leaders, and venture capitalists to invest in the economic wellbeing of Black entrepreneurs. Whether through legislative action or a casual shopping day in your neighborhood, supporting Black-owned is more than just a social media tag–- it’s a conscious effort.
According to the U.S Census Bureau, there were roughly 195,000 Black-owned businesses with a total gross revenue soaring by 66% in 2022. Despite this growth, Black owned businesses are only 3% of all American businesses, and account for only 1% of gross revenue nationwide. In August, your support goes the extra mile.
What Black-Owned Business are Facing
In 2021, Black-owned businesses saw the highest growth in revenue (30%), payroll (27%) and employees (7%) compared to their Non-Black counterparts. Between job creation and local economy boosts, Black business ownership has seen the largest percentage increase since 2017. While these numbers are impressive, Black business ownership has a long journey ahead. Brookings found that it would take another 80 years for Black business ownership to reach revenue proportionality with their counterparts.
According to the Brookings Analysis of the American Business Survey, Sole proprietorships (businesses owned and operated with no employees) make up most American businesses regardless of race. In 2019, 97% sole-proprietorship businesses were Black-women owned. These business owners are uniquely positioned for investment to make a leap in hiring employees and contributing to job creation in their communities. So when you #BuyBlack, who are you helping?
#BuyBlack Is More Than A Hashtag
Supporting Black-owned businesses should be a year round practice. Through systemic inequality and the lasting economic effects of COVID-19, Black entrepreneurship is prevailing—and creating jobs!
For the founders of ĖNDIRĖ Eyewear, entrepreneurship is a new challenge. Chief Executive Officer, Tolu Ojo comes from a family of entrepreneurs. Her parents, owners of Halo Network Inc., are celebrating fifteen years of service this year. Through their non-profit, they support individuals of all ages and backgrounds in their journey to living independently with programming through the Office of People with Developmental Disabilities, NYS Department of Health, and Suffolk County Department of Social Services.
“I’ve seen first hand the impact that Black-Owned Businesses have on their community, from the individuals we serve to the employees that make each day possible,” says Tolu, who serves as Systems Analyst at Halo Network Inc. Watching the agency grow from a single office space to a network of offices and satellite sites, she is continuously inspired by her parents and hungry to build more for the community.
As co-founders, Tolu and Tyler (Chief Creative Officer), have melded the worlds of social impact entrepreneurship, fashion and healthcare. Keen on leveling the landscape of vision health in America, they have crafted ĖNDIRĖ to be a reliable brand for vision health education and artisanal products. With your ongoing support, ĖNDIRĖ Eyewear will soon be able to expand the bounds of our business and employ community members to spread the mission of care and quality across New York.
Chief Creative Officer, Tyler Pharr, at the Prose Juneteenth Black Creatives Market (Brooklyn, NY 2025) with a customer trying on the Icon charm.
How Can You Support Black Owned Businesses
In the New York metropolitan area, there are approximately 16,500 Black-owned businesses across industries who need your support this August. Here’s how you can help:
Shop consciously: Seek out Black-owned businesses in your area or online to purchase from.
#ShopBlack: Share the hashtag and follow your favorite Black-owned businesses on social media.
Scream and Shout: Advocate for equitable policies that support Black-owned businesses. Call your state-representatives and get involved with local initiatives that highlight small businesses in your community.
Black Business Month is more than a celebration, it's a call to action. By consciously supporting Black-owned businesses, we contribute to a more equitable economy, help dismantle systemic barriers, and inspire the next generation of Black entrepreneurs. Make this August a starting point for lasting change.
