The Rise of Black-Owned Businesses: Success Stories and Financial Tips for Small Business Owners

August marks Black Business Month, a time to celebrate and support the growth and economic impact of Black-owned businesses like mine. 

This month highlights the critical role Black entrepreneurs play in the economy, contributing to job creation, innovation, and community development. There are over 3 million Black-owned businesses in the U.S., with an estimated 1,800 new businesses started each day.  

From 2020 to 2021, there was a 38% increase in new Black-owned businesses. These businesses generate $183.3 billion in annual receipts and employ 1.3 million people​. 

Please join us in recognizing the achievements of Black business owners who help foster a more inclusive and prosperous economic landscape.

We are elated to celebrate Hyacinth Tucker, the visionary behind The Laundry Basket® LLC, a pioneering Black-owned business transforming laundry care. 

With convenient, eco-friendly pickup and delivery services, her company offers a seamless solution for busy households and professionals. Her dedication to quality and community service sets her efforts apart, in making laundry day effortless. 

Celebrate Black Business Month by supporting The Laundry Basket, LLC, and experience the excellence they bring to everyday chores. 

Whether you are a black business owner or not, there are several steps that you can take to manage your finances like a BOSS. Here are my 5 expert tips:

5 Tips on how Small Business Owners Can Manage Their Finances

1. Create a Solid Budget

• A well-structured budget is the foundation of financial stability. Outline your expected income and expenses, and track them diligently to avoid overspending. Tools like QuickBooks Online can help you stay on top of your budget.

2. Maintain Accurate Records

• Keep detailed and accurate financial records. Use bookkeeping software like QuickBooks to manage invoices, expenses, and payroll efficiently. Regularly review your financial statements to stay informed about your business's financial health.

3. Separate Personal and Business Finances

• Open a separate business bank account and avoid mixing personal and business expenses. This separation simplifies accounting and protects your personal assets. 

4. Seek Professional Advice

• Consider hiring a CPA or financial advisor who understands the unique challenges small business owners face. The National Association of Black Accountants (NABA) is a great resource for finding a qualified accountant. I was a member of NABA for many years. Feel free to schedule your complimentary 20-minute new client consultation with me, I am always ready to help fellow entrepreneurs excel at their business finance goals. 

5. Access Funding Opportunities

• Many organizations and programs offer grants, loans, and investment opportunities specifically designed to support Black-owned businesses. Resources like the National Minority Supplier Development Council (NMSDC), and IFundWomen of Color Funding Platform for Diverse Entrepreneurs provide valuable funding opportunities.

Get familiar with Morgan DeBaun a visionary leader in media and technology, Founder, and CEO of Blavity Inc. This is a digital media company that creates content for Black millennials. 

Blavity has since expanded into multiple platforms, including AfroTech and 21Ninety, providing a voice and community for young Black professionals. 

Let's toast to Morgan DeBaun's innovative vision and dedication to empowering Black voices have not only built a thriving media empire but also fostered a supportive and dynamic community for Black entrepreneurs and professionals.

Have you heard of these resources?

1. Black Business Directory

The Black Business Directory provides a platform for Black-owned businesses to gain visibility and connect with customers. 

2. U.S. Black Chambers, Inc. (USBC)

USBC offers resources, advocacy, and networking opportunities to support Black-owned businesses. 

3. Minority Business Development Agency (MBDA)

MBDA, a part of the U.S. Department of Commerce, focuses on promoting the growth of minority-owned businesses. They offer a variety of programs, including business consulting, access to capital, and market development assistance.

Conclusion

Black Business Month is a celebration of the resilience, innovation, and success that empowers entrepreneurs across the nation. 

By sharing these stories and providing financial tips and resources, we support the continued growth and prosperity of all businesses. 

Together, let’s build a more inclusive and vibrant economic landscape for everyone.