The Top 100 Black Owned Companies Generate $30 Billion

According to the inaugural FitSmallBusiness study, Black entrepreneurs have a lot to celebrate. In 2018, the top 100 Black owned companies generated $30 billion. From 2007 to 2012, the number of Black owned firms increased 34 percent, there are now over 2.6 million in the country. The message is clear: Black entrepreneurs and Black people are beginning to see the need for strong Black firms. There is one small problem, however, and that is Black consumers haven’t caught up to the entrepreneurs in the community.

The U.S. economy is expected to reach $22.32 trillion in 2020. $30 billion– even $300 billion– isn’t all that much, frankly, in the grand scheme of things. Black owned businesses must generate more and to do so, it will require Black consumers to adopt a more militant approach to spending. That “militancy” doesn’t require dramatic actions or deprivation, as our 2020 Blueprint campaign demonstrates (click here for this month’s installment). Black consumers must take small actions, collectively and daily, in order to begin shifting dollars from “them” to “us.” Black people are spending the money, it’s just a matter of where and with whom.

Walmart, the largest employer in the country, is expected to take in $344 billion in revenue in the U.S. alone, this year. Walmart’s customer base is over ten percent Black so presumably, Black people are spending billions of dollars in Walmart. For every ten products Black consumers are buying at Walmart, the goal should be to find at least one that can be purchased from a Black owned company. Will it be convenient? No. Will it always be cheaper or easier? No and no. The question that must be answered, however, is when has freedom ever been free or convenient? Nothing in the history of Black people would suggest that progress is convenient or easy. Based on that history, then, Black people shouldn’t expect things to come easy in the future.

The top 100 Black owned firms are generating $30 billion annually and that’s certainly a great distance from chattel slavery. Still, there is so much more potential for growth and progress. That progress, however, will largely depend on the discipline of Black consumers. $1 trillion, $2 trillion, Black consumers will decide how high we climb and how far we will go.

10 comments
  1. Frederick Bernard Bradley
    Frederick Bernard Bradley
    February 27, 2020 at 2:09 am

    WE MUST KEEP OUR PRECIOUS MONEY CIRCULATING AMONGST EACH OTHER ONLY. OUR OPEN ENEMIES DESERVES ABSOLUTELY NOTHING. STOP MAKING EXCUSES FOR NOT SUPPORTING EACH OTHER BECAUSE NOBODY ELSE NEVER WILL.

    Reply
    • Charles
      Charles
      February 29, 2020 at 8:19 am

      Facts we must keep our money circulation strong we buy black.com has started something amazing!

      Reply
  2. Angela Bent
    Angela Bent
    February 28, 2020 at 5:24 pm

    Yes we has black consumers must ensure our money supports and stays within the Black business community that is the only way we are going to achieve true Black wealth

    Reply
    • Cody Brooks
      Cody Brooks
      February 29, 2020 at 10:45 pm

      Yet another great piercing literature. We the black consumer must be for ours first. Dig, web search, ask others for info on black companies that we may have not heard of. Not sure everyone is coming along for the ride, but, the ones that are doing something about our economic conditions, stand talk and don’t give up hope. Let’s continue the movrment, for the Marathon has only just begun

      Reply
  3. Rachelle
    Rachelle
    February 29, 2020 at 12:38 am

    We spent 1.3 trillion dollars last year., that is about 5.8 % of the market that is significant. When black women began to go natural the beauty market lost 25% of its revenue and that is just a small % of us . We have the ability to be heard, and make an impact. We just have to overcome some of the conditions we have that have been passed down from generation to generation.

    Reply
  4. Malaika
    Malaika
    February 29, 2020 at 1:44 am

    We as Black Afrikans should ONLY support each other and NOT be shaking each other for profit. Stop doing business like beasts and have REASONABLE prices and DISCOUNTS for our people. Also, we were born free and righteous as EVERYTHING Divine was already given to us by the Divine Holy Black Ones.

    Reply
    • Cris McRae
      Cris McRae
      February 29, 2020 at 6:03 am

      How about instead of asking a black business to provide discounts, black consumers agree to pay a little be more so they can stay in business. I don’t think the consumers will go for that. So how about as business owners we just practice being competitive with our pricing as everyone else, and as consumers, we increase our earning potential so that we can comfortably afford the occasions where the price is a bit higher. Or this, if the black business is charging more they should deliver higher quality in service and/or product. I completely understand how you’re feeling and it sounds like you support black businesses but you have had your negative experiences with them. I know I’ve had my share. But Malaika, take your bad experience and turn it into something positive, like giving that business some constructive criticism to help them improve. Or if the opportunity is there, become their competition. Write your business plan, find some backers, use your own money or get a loan and do is as it should be done. If they aren’t doing it right, step in and threaten their market share. You would be surprised how some competition can make someone clean up their act and step up their game. I think that is one of the shortfalls we have in the black community is the lack of black businesses in general and the lack of competition because there is often only one. Competitors can become allies, and join forces to create something bigger, smarter and stronger. Competition breeds excellence. Even if someone is doing something successfully, there is always room for a competitor. Coke and Pepsi both do ok and the public likes to have a choice.

      Reply
  5. John
    John
    February 29, 2020 at 4:09 am

    I disagree that Black businesses should have discounts for Black customers. That is a very backwards way of thinking. We should pay full price. If anything, we should offer to pay above the full price to show extra support & solidarity. Peace.

    Reply
  6. Malik Saleem
    Malik Saleem
    March 1, 2020 at 1:24 am

    I agree we need to circulate our dollars in our community. In order for us to circulate the money we need to produce all the products that we as a community and we can start now. The products I am talking about is everyday used products such as toothbrush, toothpaste, tissue and paper towels, detergent, trash bags, bed sheets underwear, hair care products and many other products and if anyone is interest in a list of products that we as a community need please contact me and I will send the list to you also I have someone who can assist in manufacturing these products. If we say we need to circulate the dollars we have what the community need.
    [email protected]

    Reply
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