This is Black Business Month and we are celebrating all month long. In this episode we talk about Black Women-owned businesses and a pathway to long-term business success.
Black women are emerging as a formidable force in the entrepreneurial world, accounting for 42% of new women-owned businesses in the United States. This remarkable growth positions Black women as the fastest-growing group of business owners. Despite their impressive educational background—approximately 75% hold a college degree—only 3% of these businesses survive beyond five years. Understanding the challenges they face and the strategies to overcome them is crucial for fostering long-term success.
Many Black women entrepreneurs are driven by financial necessity, the underutilization of their skills in the workplace, and the desire for freedom. These motivations often lead to the establishment of part-time businesses, run alongside full-time jobs, as noted in a report from the Federal Reserve Bank of Kansas City. However, the journey is not without its hurdles. Funding remains a significant challenge, with up to 95% of Black women-owned businesses relying on personal savings. This financial constraint often limits their growth, keeping many businesses small or micro.
Black women in business are not seeking handouts—they are seeking a fair opportunity to compete. With access to the right networks, mentors, and resources, Black women can continue to break barriers, not just for themselves, but for their communities and future generations. Success is achievable, but it requires commitment, support, and a level playing field.
To connect with our host, Tashaya Singleton, send an email to TashayaSingleton@gmail.com or join The Secrets of Earning Money Show Facebook Group. If you would to assist you with your business, insurance or financial goals, send an email to info@tjsfinancialsolutions.com or visit her website www.tjsfinancialsolutions.com
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