There is a boon happening, from the employment perspective, that we’ve never seen before. It is a great fit for well positioned Black Owned Businesses. A recent article in the Wall Street Journal highlighted the fact that our unemployment rate has fell to 4.7% which is the first time that it has been below 5% since tracking began in 1972. We are now over 10% (11.4%) of the professional workforce. Those workers earn an average of $40/hour (vs. $33 for other private sector work). Given that $7 difference, a worker would be earning an additional $1,000 per month! Employment is up in the financial industry (insurance, banking) where average earnings are $43/hr. There was also a slight uptick (1.2 bps) compared to 2019 for Blacks in construction.
Additionally, consider that many “good paying” jobs have dropped college degree requirements, the “gig” industry has allowed for “earning and learning” flexibility, and there are lots of job training opportunities (programs, virtual learning). I wonder if “dropping the box” has helped Black brothers and sisters get in the job market? I’m sure many of us know of examples of that being the case. A Black Owned Business could utilize a strong social media presence to tap into their upwardly mobile audience.
As a Black entrepreneur, this means our target market is:
- earning more,
- searching for and exposed to new experiences,
- open to supporting Black owned businesses.
90% of Blacks 12 and over, feel that businesses that are a part of or invest in their community deserves their loyalty1
Brand loyalty has always been a part of our culture. Consider your loyalty to your stylist, barber, accountant. There are the brands, and “names” that we are all more than loyal enough to flaunt to the world. The Black consumer is loyal. So those loyal customers, who are likely earning more with better jobs, are looking for businesses that are loyal to them – likely a Black owned business (BOB). Likely a business in their community with people that represent their community.
Black Owned Businesses can be found and featured on lookforbob.com
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1 Kantar, 2022 DEI
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