Six hurdles black businesses face and how to leap over them?
The road to entrepreneurial success is paved with challenges, and Black business owners often face unique hurdles.
Here are six common obstacles and strategies to overcome them:
1. Access to capital: Securing funding is a major challenge. Banks often have stricter lending requirements for Black-owned businesses.
- How to leap over it: Focus on alternative funding sources like grants, crowdfunding platforms designed for diverse founders, and investors focused on social impact. Develop a strong financial plan and focus on building strong business credit
2. Lack of networks: Many successful businesses are built through connections. Black entrepreneurs may have limited access to established business networks
- How to leap over it: Network and social capital is key . Attending industry events focused on , areas that broaden your network. You can also leerage online communities for support and connections. Build relationships with potential customers and mentors within your community
3. Stereotypes and unconscious bias: Racial bias can creep into financial decisions and customer interactions. Especially in areas such as testimonials and public feedback
- How to leap over it: Emphasise your qualifications and the unique value proposition of your business. Build a strong brand identity that resonates with your target audience. Gather testimonials from satisfied customers
4. Limited Mentorship: Mentorship is crucial for navigating business challenges. Black entrepreneurs may have difficulty finding mentors who understand their specific experiences.
- How to leap over it: Seek out mentorship programs specifically designed for Black business owners. Look for mentors in your industry who understand the broader landscape. Consider joining a peer-to-peer mentorship group
5. Lack of Resources: Business resources like marketing assistance or incubator programs may be less accessible to Black-owned businesses. But there a growing number of these emerging
- How to leap over it: Utilise government programs designed to support businesses. Take advantage of free or low-cost online resources for marketing, accounting, and legal guidance. Look for business development centers in your area that offer targeted support
6. Inaccurate media representation: The media often overlooks or portrays Black-owned businesses in stereotypical ways.
- How to leap over it: Increase your share of voice and create, manage your own narrative. Reach out to journalists who cover your business sector, build a relationship, and share your story. Partner with other businesses for cross-promotion
We empower business owners to take control of their narratives and build their empires.
Recently, British GQ Magazine featured Ian Wright, highlighting his transition from Match of the Day to a new chapter in his life. While the article was compelling, the imagery and style choices were particularly striking. However, I found the choice perplexing; he wasn't making a bold statement like Caitlyn Jenner, nor was there any specific acknowledgment of Scottish lineage. So, what was the rationale behind the clothes?
In contrast, last August, we proposed an idea showcasing Black male excellence in academia, specifically highlighting men with locks. We envisioned this as a powerful, inspirational image that would resonate deeply through the stories it told. We’re still awaiting a response.
So, I ask you: which vision resonates more powerfully with you and future generations – Ian Wright in a skirt or a celebration of Black Academics with locks? Our choices shape the narratives we pass down and the legacy we create.
An essential part of our sector is to reclaim narratives that support our growth audaciously.