6 Reasons Why African Americans Have 6 Black Owned Businesses
Every foodie will love the opportunity to visit a restaurant owned and operated by an African-American owned and operated business. If you’re not familiar with this concept, it’s actually pretty simple. A business owner decides one day that he or she wants to start a business of their own, but needs guidance on how to get started. In order to do this, the business owner should approach local black leaders in their community. These leaders might be former teachers, doctors, accountants or lawyers… but more often than not, they are the local leaders who have developed contacts and trusted wealth.
The business owner goes to them and says: “I would like to purchase your restaurant. What would you charge for a dinner or lunch?” The answer could be anything. From flat fee or a percentage of sales to a flat fee or commission, the transaction is negotiated according to the needs of both parties.
Once the transaction is finalized, the business owner thanks the African American “minority” leader and announces a grand opening celebration. Then they hold a grand re-opening service and serve their first menu items. The restaurant will be named in honor of the most outstanding and successful black restaurant that has opened its doors before.
This concept is becoming more common as a way to thank and acknowledge the hard work of our black-owned business owners. It’s an outlet for appreciation and an acknowledgment of the success of their enterprises. People see these leaders as role models – people who strive to better the community. And because of that, many businesses welcome these new black-owned business entrepreneurs.
The impact on the African American community is immeasurable. This type of philanthropy is not done very often. The business community does it every day. When you have a restaurant that was founded by someone who wanted to improve their life and for whom the business was founded, you are being inspired. When you have a college student who wants to go to a four-year university, you are being inspired. When you have a young person who wants to go into the medical field, you are being inspired.
African American business ownership creates opportunities for more people. When someone succeeds, it helps lift up the entire community. When someone succeeds, the whole community benefits. And when everyone succeeds, then all the money goes back to the black owned business.