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.

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