Black business is back. Black entrepreneurs have survived the pandemic, somehow weathered the storm and now Black Wall Street is open for business. From nail salons to restaurants, retail stores to business service firms, Black entrepreneurs are determined to build a legacy and more than ever, Black consumers are invited to be a part of it.
The good news is that Black businesses are back, the bad news is that the costs of doing business have gone up. The nail salons are back but they have to spend a considerable bit more per customer. Personal protection equipment, thermometers, professional sanitizing treatments and increased marketing costs are just a sampling of the new obligations that businesses have to take on. In addition, many of these businesses are behind on other bills that they simply couldn’t pay over the last few months; businesses are paying more to operate while also trying to pay down outstanding obligations.
While challenges abound, there is an undeniable excitement in the air. Black businesses are the core of the community and their return signals a move towards normalcy and neighborhood stability. Black consumers have absolutely missed their stylists, restaurateurs and other businesses. To have them back again is a big deal. Further, having Black businesses open again means that the Black dollar can begin to more easily circulate within the community. This is an exciting time, a moment in which Black entrepreneurs and the community can start the work of charting a new course.
Black entrepreneurs are especially resilient and they’ll need to be moving forward. Costs are up, foot traffic is down and the future is still uncertain. In this moment, Black consumers must focus on the one thing that they can control and that is where they choose to spend their dollar. Black entrepreneurs need support more than ever as they continue to reopen and Black consumers must answer the call.