Black business ownership is on the rise. According to a report by the U.S. Census Bureau, the number of black-owned tech firms grew by 60% between 2007 and 2012, from 1.9 million to 2.6 million in 2012. What is the top industry for black-owned businesses? Read on to discover more.
Despite the lack of access to helpful resources and capital, technology is among the top industries for black businesses. In the United States, there are over 50 black-owned technology companies. A few of the black-owned tech companies that are really doing well include PopCom, and Calendly.
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In the technology world, automation is among the key players. CEO Dawn Dickson founded PopCom in 2017 to enhance the future of retail. PopCom is a point-of-sale online platform that does more than accept payments for merchandise. Dawn Dickson built PopCom with tomorrow’s tech to provide the data you need today for your retail business.
Business people often have busy lives. Salesman Tope Awotona created Calendly to help entrepreneurs and individuals get organized.
With Calendly, you can automate automates external business meetings. It allows participants to choose their preferred time slots and integrate them with their calendars.
Calendly has experienced rapid growth since Tope Awotona launched it in 2013. The company was valued at $3 billion in 2021.
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Beauty and Fashion
The beauty and fashion industry is another top industry for black businesses. The industry has been a hotbed for black-owned businesses, from streetwear and sneakers to haircare products and skincare lines.
Besides thriving in this business line, black people also spend very well in the beauty and fashion industry because they care a lot about their looks. Below are two black-owned beauty and fashion brands to support.
Her brand offers tinted moisturizer, concealer, and lip oil.
The lip oil gives a sheer, juicy shine for a “glass lip” effect. You can find it in four shades, each infused with nourishing ingredients like baobab seed oil and camelia seed oil.
If you’re looking for quality and nice-looking jeans, you should consider checking out Good American collections. Within a few years of launching, the brand has become one of the top black-owned fashion brands in the United States.
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Food and Beverage
Over the years, there has been a rise in black-owned restaurants, catering services, and food product companies. In every state you enter in the United States of America, you’ll find a good number of these businesses. Each offers a unique culinary experience and flavor.
The black-owned food and beverage businesses also help contribute to diversity in the industry. According to a report from the U.S. Census Bureau, black people own over 2.6 million businesses in the U.S. Almost 100,000 of these businesses are in the food and beverage industry. Below are two black-owned food and beverage businesses to support:
In 2010, Jackie Summers, CEO of Sorel Liqueur, left his corporate career after surviving cancer. He decided to leave every other thing and focus on preserving Caribbean culture by creating an alcoholic, shelf-stable version of a traditional hibiscus-based beverage.
In 2012, Jackie Summers established a micro-distillery. Sorel Liqueur is produced with Moroccan hibiscus and blended with Brazilian clove, Nigerian ginger, Indonesian cassia and nutmeg.
Iya Foods Pancake and Waffle Mix
Toyin Kolawole, CEO and founder of Iya Foods, grew up in Nigeria and often helped her mom in the kitchen. She combined her educational knowledge, entrepreneurial skills, and family recipes to establish Iya Foods.
Iya Foods’ Waffle Mix and Pancake contain cassava, tapioca, sugar, vanilla, baking soda, salt, brown rice, rice and fonio flour.
You can find Iya Foods Pancake and Waffle Mix on Amazon, meaning with a few clicks, you can order it.
Art and Creative Industry
Over the years, black artists have flourished and expressed their unique perspectives. In the visual art world, black artists make their mark through their paintings, sculptures, and mixed media creations. Black-owned art galleries are also gaining popularity.
Besides art, black entrepreneurs are also making waves in the film industry. Black film producers and directors produce award-winning movies that resonate with a global audience.
The music industry is also enjoying the creativity of black musicians. Currently, black-owned music labels are doing extremely well in the industry. From hip-hop and pop to jazz, black entrepreneurs and creatives are well represented.
In the US, African Americans own over three million businesses and employ nearly 1.2 million people. The four industries covered here address the question, “What is the top industry for black-owned businesses?”
Do you want to start your own black-owned business but don’t know how? Check out these entrepreneurship guides on Amazon.
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