The entrepreneurial aspirations of black women in the UK is at one of the highest levels we’ve ever seen. I’ve attended countless networking events for aspiring entrepreneurs and without fail, black women come out to these events in droves. I love to see this! I have and continue to meet young black women in their 20s deciding to pursue passion in lieu of traditional corporate careers. I applaud these young women, because I know the bravery, courage and vision required to start a black-owned business. It is incredibly difficult but the rewards are so fulfilling.
It is unfortunate that despite our high aspirations, ethnic minorities still struggle to turn their entrepreneurial passion into reality. There are a number of barriers faced by women in the black community, primarily lack of access to financial resources. Evidence shows that Black Africans and Black Caribbeans are more likely to have loan applications rejected than Indian and White businesses. If one manages to get a business off the ground, we see that a black-owned business does not do as well. Data published in 2011 showed that the median average annual turnover for BME led SME employers was £207,000, compared to £345,000 for all SMEs.
Because the road to entrepreneurship is laced with so many challenges, I make it a point to patron and support black-owned businesses when I can. Black Africans and Black Caribbeans have massive buying power and I think where and how we choose to yield this power matters greatly. Only a tiny portion of our money is actually funneled back to our community. Although the primary aim of Melariche is stock products that are suitable for women of colour no matter the race of the owner, an important part of our mission is to become a major retail platform for black-owned beauty brands that care about the community and are creating high quality products. By supporting these brands, you are helping to generate wealth and jobs within black community.
If you know a great black-owned business or are the creator of a black-owned business, leave a comment and include link to your product or service.
“Be the change you want to see in the world”