Photo by: Luis Alvarez/Getty

In the United States, August is recognized as the month to highlight, honor and encourage Black-owned companies.

In the Black community, the value of entrepreneurship has always had a significant impact, making it a vital economic driver for the country.

National Black Business Month offers entrepreneurs and consumers a chance to not only support Black-owned companies, but also provides a platform to expand their operations and create wealth for current and future generations.

John William Templeton co-founded National Black Business Month in 2004 to increase the visibility and viability of Black-owned businesses around the country.

Black company owners make up around 10% of all American enterprises and 30% of all minority-owned businesses, according to the U.S. Census Bureau. That amounts to around two million businesses owned by African Americans nationwide.

To celebrate Black Business Month, here are some ways you can support this annual initiative.

1. Show Support

The best way to show your full support for Black-owned businesses this month and throughout the year is to go shop, Black. Period. To truly help Black businesses thrive, it starts with your dollars. Use online directories to find black-owned businesses for your needs, and or need of services met. To find more Black-owned businesses, search on social media using hashtags.

2. Use Social Media to Highlight Black-Owned Businesses

Even if you are unable to make a financial contribution, spreading the information is still crucial!

By sharing your positive experiences with others, you can help local Black-owned businesses get visibility online and attract more clients.

You can share material to urge others to support black-owned businesses on websites and apps like Instagram, TikTok, and Facebook, which are all crucial avenues for small businesses.

3. Read about Black Business Owners and Black Entrepreneurship

Another way to support Black businesses and their owners is by listening to Black entrepreneurs  directly!

There are a variety of books that successful Black entrepreneurs wrote during their careers. “The Color of Money” by Mehrsa Baradaran, “The Little Black Book of Success” by Elaine Meryl Brown, and “How to Win Friends and Influence People” by Dale Carnegie are some of the most popular books.

So, grab any book and begin your happy reading!

4. Write Reviews

Have you discovered a company that offered superior services or goods and is Black-owned?

Write reviews for it! Reviews are often used by consumers to decide what to buy, and each review is beneficial.

Writing thorough, encouraging reviews on websites like Google, Yelp, or their Etsy store can increase their visibility to potential customers/clients, which in return turns into more clients!

5. Create a Shopping Budget Strictly for Black Owned Businesses

Try to set aside some money each month for small businesses if you are seeking for strategies to continuously support them.

For instance, if you frequently spend money dining out, attempt to buy at least one of your meals from a local small Black-owned restaurant.

In this manner, you may support entrepreneurship consistently while also getting to experience something new.