Download the Inaugural State of Black Women-Owned Businesses 2022 Report
We’re excited to announce the release of our Inaugural State of Black Women-Owned Businesses Report! The first edition of this report explores the stories and struggles of Black women entrepreneurs in the United States who are often marginalized within the margins.
Blaze Group LLC started preparing and raising capital for this particular study in 2021 in order to better contextualize the special experiences of Black women business owners, given that footnote references lack the context to drive quicker progress. The study was facilitated internally by Blaze Fellows who are college students and received academic scholarships for their significant contributions.
Key Findings
Black women are the most educated demographic in the United States. Formal education alone has done little to aid in some of their most significant challenges in business.
Most Black women-owned businesses have an online-only presence (vs. brick-and-mortar). Business-to-consumer targeting is most common as well (vs. business-to-business)
Inaccessibility to banking and investor capital is a common challenge for Black women. Heightened perception of risk disproportionately inhibits funding for this demographic.
Fulfilment and flexibility were top motivations for Black women who have stepped into entrepreneurship. Escaping poor work environments was a strong catalyst for most.
Between 2019-2021, Black women-owned businesses saw increases in revenue generation year-over-year. Trends underscore the inherent benefit of sustained experience.
Black women business owners are particularly partial toward online learning and business coaching. Legal, accounting, and insurance support are somewhat common.
For all this and more, click the download button above (or below!). Thank you for reading!