Every five years in the United States, data is collected by a Survey of Business Owners: Black Owned Businesses. The last survey was released early this 2011 and included the five year period between 2002 and 2007. During this time the growth in black-owned businesses increased by 60%. This number is more than 3 times the amount of new businesses starting across the country during the same time frame.
But are black business owners creating a successful small business?
The government defines black-owned businesses as a business that is at least 51% owned by an African American. During the years between 2002 and 2007 black business owners brought in over $130 billion through sales!
Although black successful small business owners, brought in these record breaking numbers, their companies continue to remain relatively small. Many African American business owners, around 87%, earn approximately $50,000 per year.
What businesses are black business owners creating?
According to the survey, approximately 19% of black-owned businesses created successful small business in health care, social assistance, repair, maintenance, laundry services, and personal services. Support, administrative, waste management, and remediation industries made up 11% of the businesses. The states of New York, Florida and Georgia had the most businesses start by African Americans.
What happens next for black business owners?
Black-owned businesses to the extent that is seen today, is a relatively new occurrence. Due to the state of the country?s current economic situation, focusing some attention on black-owned businesses will be key in creating a sustainable future. Helping black business owners create jobs, growth, and a successful small business, will continue to put America back on track!
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