According to Entrepreneur and Forbes Magazine, Black women are the fastest-growing group of entrepreneurs in the United States. Black women are leading the way in number and revenue growth.
Interestingly enough, there is a sub-segment within this group: the Black female millennial parent.
Why are Black women becoming entrepreneurs at such a rapid rate? What challenges do they face?
“Women, especially women of color, are constantly fighting to break through barriers–in the workplace and in entrepreneurship. From the gender pay gap, which is even bigger for minority women, to the “maternal wall,” to not receiving equal leadership opportunities or promotions, these hurdles are pushing more and more women of color into entrepreneurship so they can create their own playing field. However, even when launching their own businesses, women are the underdogs (theriveter.co).”
One of the primary challenges women face is finding funding. Roughly 56% of black women were able to secure funding, which totaled, on average, $36,000 compared to white male counterparts, which average at an astounding $1.3M. Knowing these challenges lie ahead for women-owned businesses, we work tirelessly to find grant sources, pitch contests, and other potential funding sources to realize their dream.
Another challenge for Black female founders is the lack of available resources and vital networks. Because there aren’t enough women of color in leadership positions to serve as mentors, and leaders aren’t reaching out to those that are different than them to mentor or partner. Businesses that we have served in the past have stated time, and again they weren’t sure where to get support or how to reach out to people to help them reach their goals.
Knowing this can play a huge role in businesses failing, we utilize our network and have developed a resource directory to help business owners and entrepreneurs reach the next level of their business. Whether you are a side hustler looking to incorporate, or business that is looking to secure Series A Funding, we can support you in reaching your goals.
So how can Black female entrepreneurs overcome these challenges?
By seeking out others that have had experience that can best support them in reaching the next level in business. One way to do that is, to hire consultants that have expert knowledge and the networks needed to grow a business, find valuable resources, and raise capital.
As a business strategist, my team’s entire goal is to assist entrepreneurs in turning their big idea into reality. Mompreneurs have a special place in our practice, and our goal is to leverage our expertise in scaling businesses and pitching them to various funding sources.
If you would like to learn more about our processes and how we can help, reach out to schedule a complimentary consultation.