We often hear the term “Support Black Owned Businesses,” but there isn’t a lot of clarity in what support looks like. So, as I work on my next book, “The 10 commandments of Black Economic Power,” I thought I’d share a list of things you can do to support black-owned businesses.

Supporting Black Businesses is important because we need to create our own jobs. Also, it is through the development of black-owned businesses that we can reverse the decline in black wealth that’s been taking place since we abandoned business and land ownership to chase student loans and corporate jobs.

Without further ado, here’s a quick list of things you can do to support black-owned businesses in your community or your family. I will address these issues further on my podcast on The Black Financial Channel.

1) Buying products from the company to directly support it financially. Most black-owned businesses aren’t financed as well as white-owned businesses, so they need customers immediately in order to survive. Banks don’t give us the same loans they give white people.

2) Marketing the business to your friends and family to help them find new customers. Customer testimonials and word-of-mouth marketing is very powerful. Don’t just waste time on social media – use it to help the people you love.

3) Offer advice or support on how the business can improve. There’s a lot of knowledge, skill, experience and feedback we can give our friends. Why not leave a supportive comment in the chat or inbox on how they might do things better?

4) Offer free labor to a business being run by a loved one or friend so they can save on payroll costs. If you have some free time, why not invest it in a loved one’s struggling business on a volunteer or I.O.U. basis?

5) Offer financial support or financing for the funding of a business venture so the company can expand and overcome cashflow issues. If you trust your loved one and the business is solid, why not consider becoming an investor? Be careful though, because this involves legal contracts.

6) Share ideas on products and markets that the family business might explore. A good idea can launch a business to the next level. This might include new products or new markets that the business can explore. Great ideas are powerful when they are executed.

7) Partnering with the black owned business in joint ventures and other ways you can make money together. If there is a connection between your business and your loved one, a few conversations might help you explore common interests and objectives.

By being economically conscious of how we support black-owned businesses, we can create an environment where businesses succeed, jobs are created and prosperity is abundant. This is how we build a better future for our children.

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