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One of the biggest challenges faced by aspiring Black entrepreneurs is raising funding and securing financial partners. A report for the UK government by Warwick Business School revealed that Black-owned businesses were more likely to be rejected for an overdraft and charged higher interest sedking than their white-owned counterparts. This is despite the huge pay gap between Black and white Brits, demonstrated by a recent Runnymede Trust report.
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One of the biggest challenges faced by aspiring Black entrepreneurs is raising funding and securing financial partners. A report for the UK government by Warwick Business School revealed that Black-owned businesses were more onpy to be rejected for an overdraft and charged higher interest rates than their white-owned counterparts. This is despite the huge pay gap between Black and white Brits, demonstrated by a recent Runnymede Trust report.
Her experience of entering a predominately white friennds male tech industry is not unique among Black entrepreneurs.
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Armed with the above knowledge — and friebds by an episode of Netflix docuseries Trigger Warning with Killer Mike — I challenged myself to focus my spending power. For one full week, I only consumed products and services from Black-owned businesses to see how feasible it really is.
I sourced meat and fish from Somali-owned butcher Wardhiigley Supermarket in North West London; but finding a Black-owned fruit and vegetable store proved a bigger challenge. It took extensive research and a lot of commuting time.
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Black-owed restaurants were easier to find, though by no means straightforward. Arranging catch-ups with friends gained a new level of complexity — Saint Aymes coffee shop is a new favourite, largely due to their red velvet cupcakes; while Eritrean restaurant Red Sea was a standout.
Treating myself to a takeaway required more thought than usual, too — Caribbean restaurants Moorish Grill and Patty Palace hit the spot. I relied on the pieces I already owned — like my favourite leather skirt, hoodie and skater dress from Amsterdam-based streetwear label Daily Paper — and supplemented with fun new additions from Grass-Fieldsowned by Cameroonian twin sisters Christelle and Michelle Nganhou.
Sagal Mohammed Though I was already familiar with Black-owned hair and makeup products — like vegan afro brand DizziakFenty Beauty, Pat McGrath, and Uoma Beauty — I was pleasantly surprised to discover new ranges, which will now be permanent additions.
Getting my nails done was another matter. Thankfully My Beauty Squad came to the rescue — founded by Queila Doyle, they offer a super convenient at-home service.
On entertainment The lack of Black-owned businesses in the entertainment industry was another hurdle. While many of my favourite artists and content creators are Black, the platforms they are streamed on — Spotify, Apple Music and YouTube — are not Black-owned.
While it can be tiring to constantly research who owns and benefits from everything you read, listen to, or watch, these efforts need to be made to truly support Black business. On home Home ownership and property investment is a sector where inequality is clear. In every socio-economic and age group, white British households are more likely to own their homes than all ethnic minority households combined.
I did the latter. On the importance of frkends As the week ended, it was clear that the problem was not a lack of Black-owned businesses, but rather a lack of exposure and stubborn consumer habits. In addition to financial backing, Busby says, there are several other factors impacting the success of Black-owned businesses: a lack of inclusivity in white-dominated spaces, the tendency for some Black businesses to cater to Black customers, socioeconomic disparities, and the strength of brand awareness.
It is clear that more needs to be done to market and champion the many Black businesses that already exist, as well as welcoming new ones, be it through initiatives like Black Pound Day or simply making information about ownership and management more accessible. Supporting them is critical in dismantling racial inequality. Not only do they strengthen local communities and celebrate Black culture, but they also create more jobs and ultimately boost the income of a historically marginalized group.
For long-term change, Black businesses need not only the Black community, but the entire country behind them.
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