African-American Women-Owned Businesses Thrive
BLACK PR WIRE) Today, having a small business is big business for many African American women. It’s hard to believe that Black women owned enterprises were almost non-existent many years ago. Times sure have changed. Now the African American small business segment is growing at nearly four times the rate of the small business market as a whole and making a significant contribution to the growth of the US economy.
According to the Center for Women’s Business Research, there are an estimated 414,472 majority-owned, privately-held firms owned by African American women in the U.S., employing nearly 254,000 people and generating $19.5 billion in sales.
Obviously, many women have done what it takes to enter the corporate market and build a strong revenue base.
Given that sharing is caring, successful strategies most often cited by women business enterprises and corporate purchasing professionals are listed below:
” Cultivate relationships – network with industry movers and shakers and maintain connections to a diverse group to increase your chances of receiving good referrals.
” Increase your visibility – use marketing to promote you, your products, and your services.
” Expand opportunities through subcontracting – align your business with contractors as a way of participating in the corporate marketplace.
” Get certified – let certification validate your firm as a major woman owned firm and operated company.
” Be Responsive – remember that change is inevitable. Business owners must always be ready to adapt to a changing business climate and environment.
” Use cost effective strategies – always strive to cut operational costs whenever possible.
” Let your creativity flow – strive to be creative and think out of the box to develop winning strategies.
” Persevere until the end– hold steadfast to your dreams and have faith in your talents and abilities.
These are just a few strategies that have helped women owned businesses to survive and thrive! With such record growth over the past years, African American women-owned firms are likely to continue to prosper and soar to new heights.