We say there are no black businesses for us to support, that statement is not true. As a nation of people within this larger nation, we have made a concerted effort to spend our money with everyone outside of our own community. Imagine the power we would have if we spent the over one trillion dollars we spend each year with our own, or even a part if it?
Spending our money outside our own community makes it difficult to near impossible for Black businesses to grow, much less survive. Those of us who do support Black businesses outside the traditional Barbershops and Hair salons, hold those small business owners to exponentially higher standards than we do everyone else.
No matter how long those Black businesses have been serving our needs professionally and faithfully, one mishap elicits outrage and a comment of, “that is why I don’t support Black people’s business”.
As if we are looking for a reason to spend our money elsewhere.
The fact of the matter is that the white dollar circulates in the white community innumerable amounts of times, and I am not speaking hyperbolically.
Hispanics, the group closest to African-Americas at the bottom, see their dollar circulate about 5 times before it leaves, and it is getting better as they coalesce and build new businesses.
Asians keep a dollar in their community 120 times longer than African Americans, according to (moneyman.io.) In fact, lots of businesses and consumers keep their dollars circulating in their cultural communities.
The average lifespan of a dollar in the Asian community is 28 days, in the Jewish community it’s 19 days, and in the African-American community it’s six hours. (source victoriaadvocate.com)
Had it not been for barbershops and hair salons, the dollar would have been out of the black community in seconds. In the AA community, it is incredibly difficult for black businesses to grow, and survive for some of the reasons I articulated and others as well. When we do not support our own it becomes impossible for our businesses to compete, provide quality goods and services, or to hire and retain employees.
Ironically, we are quick to argue that prices are too high, quality is substandard, and we are not given discounts, without realizing that our own actions have created the issues we complain about, yet the very same issues exist in other businesses not owned or operated by us, yet we have no problem spending our hard-earned money with those companies. In many cases, those communities are openly hostile and disrespectful to us but we spend anyway.
The AA community spends somewhere between 1.2 7 1.5 trillion dollars each year.
In fact, last year the AA community spent a whopping 1.4 trillion dollars.
|Share of US Population (2019)||Buying Power (US$) (2019)|
|American Indian||1.3%||$126.8 billion|
IT is difficult to tell where that money goes. One thing is certain it is not circulating in the AA community and it is damn sure not circulating in AA businesses.
At the risk of sounding disrespectful, it seems to me that far too many within the AA community does not understand that Black people are capable of having businesses outside Barbershops and Hair salons.
The sight of a Barbershop or a Hair salon elicits a weird excitement, yet a black-owned tech or other business struggles to gain a second look from members of the AA community.
It seems almost as if there are psychological forces at work, causing our people not to believe, not to dream, not to dare imagine any business outside the traditional.….… well, you know, barbershops & hair shops.
Could the events of Black Wall Street be still at play?
Black spending power is greater than that of many large nation’s gross domestic products.
If Black people are afraid to support and grow Black businesses out of fear that the KKK and the American Government are going to band together to destroy them once again, then we are living exactly how they would like to see us live, in fear.
If we accept that the government will once again aid racist whites to destroy businesses and take hundreds of lives then we are already defeated.
Mike Beckles is a former police Detective corporal, businessman, freelance writer,
he is a black achiever honoree, and publisher of the blog chatt-a-box.com.
He’s also a contributor to several websites.
You may subscribe to his blogs free of charge, or subscribe to his Youtube channel @chatt-a-box, for the latest podcast all free to you of course.