Why It’s Important to Support Black-owned Businesses on Juneteenth and Every Day After
Juneteenth is a day of celebration and remembrance in the United States. It marks the end of slavery and the beginning of a new era for Black Americans. While we reflect on the progress made, there is still much to be done. Supporting Black-owned businesses is one way to continue to uplift and empower the Black community.
Investing in Black-owned businesses provides an opportunity to support economic empowerment while also diversifying your investment portfolio. As a young adult, you may have limited resources, but there are still ways you can invest that align with your values and budget.
Before diving into how to invest in Black-owned businesses, it’s important to recognize why it matters. Black entrepreneurs face systemic barriers to access to capital and resources, which makes it more difficult for them to start and grow their businesses. This lack of access to resources disproportionately affects Black communities, limiting economic opportunities and contributing to wealth disparities.
Investing in Black-owned businesses is a way to support economic empowerment and promote wealth creation in Black communities. It not only benefits the Black business owner but also the surrounding community. When these businesses are successful, they create jobs and provide valuable goods and services. It also serves as a role model and inspiration for other Black entrepreneurs.
So, how can you invest in Black-owned businesses? Here are four ways to get started:
1. Seek out Black-owned businesses in your community
One of the easiest ways to support Black-owned businesses is to shop at them. Seek them out in your community and make a conscious effort to support. This could include everything from buying products and services to recommending the business to others. There are many online stores that highlight black-owned businesses such as We Buy Black.
You could also consider starting a recurring donation or subscription to a Black-owned business that aligns with your interests. For example, if you’re passionate about natural hair care, you could sign up for a monthly subscription box from a Black-owned hair care brand.
2. Invest through crowdfunding
Crowdfunding is another way to invest in Black-owned businesses. Platforms like iFundWomen and Kickstarter allow entrepreneurs to raise capital from a large group of people, often by offering rewards or equity in the business.
One example of a successful crowdfunding campaign is The Honey Pot Company. The Honey Pot Company is a Black-owned feminine care brand that raised over $1 million on iFundWomen in 2019. Their success on the platform helped them secure a deal with Target and expand their business.
3. Invest in Black-owned businesses through mutual funds
If you’re looking to diversify your investment portfolio, consider investing in mutual funds that support Black-owned businesses. One example is the Impact Shares NAACP Minority Empowerment ETF (NACP), which invests in companies that promote racial and social justice.
4. Invest through direct investment
Finally, if you have the resources and expertise, you could consider making a direct investment in a Black-owned business. This could mean investing in a startup in its early stages or providing funding to an established business looking to grow.
Before making a direct investment, it’s important to do your due diligence. Consider factors like the business’s financials, management team, and market potential. It may also be beneficial to seek out advice from a financial advisor or mentor with experience in investing in Black-owned businesses.
In conclusion, investing in Black-owned businesses is a way to support economic empowerment and promote wealth creation in Black communities. Whether you’re shopping, investing in a crowdfunding campaign, buying mutual funds, or making a direct investment, every contribution counts. By showing support on Juneteenth and beyond, we can continue to make progress toward a more equitable future.
Writer, rhymer, gamer: the easiest way to define the man known as Kenneth Medford. I’m a simple man who loves to learn and loves to help and I wander the digital world trying to find ways to sate my hunger for both. Basically, I’m Galactus but helpful.
Check out my other work here or reach out to me on LinkedIn.
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