We hear a lot about awareness months and awareness weeks and days – where everyone pays a lot of attention to a specific group or cause. Then what? We want to talk about how we move beyond awareness to action.
Supporting businesses owned by people of color is essential for building a more equitable and prosperous future for all. Here are five reasons why we should all be paying attention to who we do business with.
1. BIPOC-owned businesses boost local economies and create local jobs
In this Democracy Journal article, Minority Report: Expanding Opportunity for All they show how this helps impoverished communities specifically:
“By helping minority businesses to achieve greater scale, jobs and income are created in communities that have the greatest need. Our research has shown that 31 percent of minority businesses are located in high-poverty areas, as opposed to 24 percent of nonminority-owned businesses.”
2. BIPOC-owned businesses help bridge the wealth gap
According to the Brookings Institution article, Black wealth is increasing, but so is the racial wealth gap:
“Business equity is another vital wealth-building component for Black families, representing 21% of wealth accumulation for Black households. The proportion of business equity in overall growth was much lower for Latino or Hispanic households (4%) but similar for white households (22%) and other non-Latino or Hispanic racial groups (21%). An increase in Black businesses can play a critical role in increasing wealth, and not just for business owners. In 2020, Black businesses employed 1.3 million people and created over 48,000 new jobs.”
By supporting BIPOC-owned businesses, we help to close this gap and create a more level playing field for all. This empowers BIPOC communities and fosters financial stability for generations to come.
3. BIPOC-owned businesses inspire the next generation
Representation matters - and not just in Hollywood or in classrooms, but absolutely everywhere. When young people of color see successful business owners who look like them and their families, who they can relate to culturally, it provides powerful inspiration and realistic role models. This fuels their dreams and encourages them to pursue their own entrepreneurial aspirations. And it is not just for youth, it is for other people of color entering the workforce.
Anoushka Khandwala describes it well in her article Why Role Models Matter: Celebrating Women of Color in Design.
“When you exist as a minority within a structure that favors the majority, your mere existence becomes activism. This often involves having to adapt behaviours (see: code-switching) simply to be accepted.The result is an ongoing sense of fatigue; surrounded by people who don’t look like you or come from a similar background can lead to micro-aggressions building up, a niggling feeling of imposter syndrome, and an overwhelming sense that you don’t belong.”
Supporting BIPOC-owned businesses helps us build cultures of belonging for people of color.
4. BIPOC-owned businesses celebrate culture
BIPOC-owned businesses often infuse their cultural heritage, identity, and traditions into their products and services. This adds vibrancy to the marketplace, enriching our communities, preserving cultural legacies and providing opportunities for others to share in and learn about different traditions.
5. BIPOC-owned businesses create a diverse marketplace
For example, lumpia is a staple in San Diego, thanks to a thriving Filipino community who share this signature dish and many others in restaurants and catering businesses across the county.
I lived in Denver for 25 years. You can’t find lumpia in Denver. Trust me I have tried.
6. BIPOC-owned businesses champion community investment
84% of BIPOC-owned businesses listed at least one community partnership or impact tied to their business. Common responses for community partnerships and impacts included charitable giving, volunteerism, and community service days.
McKinsey & Company polled 1,000 small business to research how the pandemic impacted BIPOC-owned businesses and they found “during COVID-19, 40% of minority-owned small businesses added new services to support their communities and employees, compared with 27% of non-minority business owners.”
TIDAL PAGES makes it easy to shop BIPOC
By choosing to support BIPOC-owned businesses, we are not just making a purchase, we are investing in a brighter future. We are investing in stronger communities, a more equitable economy, and a richer cultural tapestry for all. Next time you’re looking for a new restaurant, a unique product, or a reliable service, seek out a BIPOC-owned business on TIDALPAGES.com. Every choice can make a difference.
Revekka Balancier
Revekka Balancier is the founder of Axiom of Purpose, a purpose-driven marketing agency focused on projects that make a positive environmental or social impact. She is a partner in TIDAL PAGES, San Diego’s BIPOC-owned business directory, created to make it easy to find and do business with people of color across the county.