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The Growth of Black Owned Small Businesses: 3 Ways We Can Take Back Our Village

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The Annual Survey of Entrepreneurs projected that minorities owned more than 949,000 businesses in 2015. That means that we accounted for approximately $1.1 trillion in receipts in 2015. Can you imagine what we are about to do in 2018? Hold onto your seats. With Black buying power reaching roughly $1.8 trillion dollars in 2017, the question is how can we take back our village.  We definitely have enough money and businesses to make it happen.  So what mark are we missing? Are the proper resources in place in order to make our services or businesses available to others? Every year, LoveLustFood, LLC hosts, The Appreciation Dinner, a special dinner party that recognizes the Black Owned Small Business Owners in Jacksonville, Florida.  In this, its third year,  30 Black Small Business Owners gathered to partake in good food and good conversation.  This three course dinner provided an opportunity for these business owners to meet and greet with each other outside of social media. At the conclusion of the event, I came up with 3 ways we can take our village back.

1.  Never Stop Supporting Us

Every item that was in the gift bag for the participants was from a Black owned company.  Representation is absolutely important and helps to recycle the dollar in our community. Lifestyle entrepreneurs are known to grow their businesses by 2% annually.  Because they have a lower overhead and can operate virtually, it allows their growth to occur more rapidly. Now, you might deal with a business and feel that you didn’t get your money’s worth. Don’t tell the world, discuss it with that Business Owner.  Find out what went wrong and continue doing business with them until they get it right.

2. Share and Share Alike

Oftentimes, we need more than dollars to help us grow. We need information. If you have some – share it! I understand that we all must make money, however, sharing advice with your fellow small business owner about something that could help them greatly in the future has never hurt anyone. We can’t attend every seminar but and old adage is true,  “if you see something say something.”

3. Celebrate Each Other

All we have is each other. In 2018, it’s not a fight anymore, it’s a courageous win together. Call and check on your fellow business owners. Become each other’s accountability partner. Start a small investment group within your small circle and do whatever you can to grow because we only get stronger together.      ]]>

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