“Black Wall Street” describes Tulsa, Oklahoma’s early 20th-century Greenwood area. There was a thriving, prosperous African American community there that was well-known for its entrepreneurship, successful companies, and cultural accomplishments. Its strong sense of community and economic success were represented in the term “Black Wall Street.”

Continue reading to see the history of the Black Wall Street.

What is the Black Wall Street?

Black Wall Street is a thriving and active network of black-owned companies, cultural institutions, and social groups. African American business owners established various industries, including newspapers, pharmacies, retail companies, restaurants, clubs, theaters, and music venues.

An article by Investopedia, a financial media website, says, “Black Wall Street became an enclave for Black entrepreneurs and a gateway for economic prosperity. As a self-sustaining district, it became a beacon of wealth for business owners while establishing independent school systems and public services.” Black Wall Street in Harlem was a hub for intellectual and social exchange, providing African Americans with access to the economy.

Opportunities

The Greenwood neighborhood was a vibrant African American community in the early 20th century, and was known for its economic success and wealth.

An article by Harlem World Magazine, a website that is a catalyst for change and fosters inclusivity, says, “In the heartland of America there once was a Black Community Paradise more than 600 businesses strong.” This neighborhood was the home of a large number of black-owned companies. The community was among the wealthiest African American communities in the country due to its robust cultural and economic environment.

The Tulsa Race Massacre

Greenwood was severely impacted by a devastating act of racial violence on May 31 and June 1, 1921. White citizens, with police assistance, invaded the area, setting fire to shops and homes and killing nearly 300 Black individuals. The community suffered the destruction of its economic infrastructure, leading to thousands of people becoming homeless. The Tulsa Race Massacre significantly impacted Greenwood and the entire city of Tulsa. Despite efforts to reconstruct, the neighborhood never fully returned to its pre-massacre affluence.

Black Wall Street’s history showcases African American communities’ resilience, creativity, and bravery amidst adversity. The history of Greenwood in Tulsa, Oklahoma, spans decades and encompasses both the peaks of Black American triumph and the darkest moments of sorrow. Initially established as a segregated neighborhood, Greenwood has developed into a bustling center of arts and commerce.

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Smaller businesses can have difficulty managing finances to jumpstart a brand or may not be aware of their possible entitled benefits. Minority business owners may have other disadvantages that add to their financial troubles, such as unavailable or high transportation or internet costs. Fortunately, minority businesses are entitled to local or state grants accessible to them, leading to new opportunities and a reliable foundation. Finding these resources takes some time and effort, but it can help a minority-led business flourish.

The following are a few financial tips for minority business owners to boost their business.

Certifications & Local Programs

One certification minority business owners should research is the Minority & Women Owned Business Certification, or MWBE. According to ZenBusiness, a business advice website, an MBE (Minority Business Enterprise) or similar certifications can provide a business with grants and loans from its programs. They add that training workshops and technical guidance are also provided and even entitled specifically to minority business owners.

They list programs like the Small Business Administration’s (SBA) 8(a) Business Development Program. The SBA states minority business owners “receive training and technical assistance designed to strengthen their ability to compete effectively in the American economy.” Often, minority business owners may be met with preexisting disadvantages, but they are also qualified to make their businesses successful.

Calculating Costs

All businesses deal with costs; however, costs for smaller minority-owned businesses can be critical for survival. For instance, marketing and maintaining a website can be prominent assets to a smaller company but may need to be continually maintained. In addition, NerdWallet, a financial advice company, advises small companies should spend 10% of their budget on marketing outside of social media.

Moreover, websites can cost as little as 40 dollars per month from reputable website builders, according to NerdWallet. Overall, costs should be monitored and stabilized, especially for smaller companies leading to other necessary ventures. Another aspect a smaller business should consider establishing is a local customer base.

Creating a Local Customer Base

Lastly, a customer base can be essential for a business to operate, persevere, and grow. Business owners can turn to social media to grow their customer base and company awareness. For example, Instagram stories allow users to share their location of a restaurant or endorse a brand to their followers.

Online-dependent businesses may prioritize one or two online commerce websites. Likewise, the local government or other businesses may need contractors, caterers, or shirts printed but it depends on circumstances. Minority business owners should have an opportune mindset in order to break into their specific market at any moment. 

Whatever the case, a local and loyal customer base can lead to free marketing and potential expansion in a local business market. Ultimately, small minority-owned businesses can thrive with simple, convenient tools.

Conclusion

Small minority-owned businesses are entitled to several advantages that can help their company thrive. Moreover, smaller businesses often have to work with what they have, which can be a blessing in disguise. Minority business owners may seek only the opportune chances which can help that business be the best it can be.

For more information on black and Latino-owned businesses and the business world, visit FerryGodmother.Biz.

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A grocery or online store can offer thousands of products that have a faceless or unknown identity. One may feel prevented from supporting non-black-owned businesses because it can detract from a community’s leader. Continuing to support a community’s leader can possibly take away from innovative individuals starting from the ground up. Supporting black-owned businesses can help black entrepreneurs break into a market, possibly leading to community change and growth. Ultimately it starts with individuals supporting those businesses through labels, social media, or online reviews.

Below are 3 ways to support a black-owned business.

Check Labels

Unique packaging can attract new customers, but a specific black-owned label can secure a purchase for some. Many companies have recently provided a label that pridefully shows black ownership. This is a great way to look out for brands to support when shopping online or in person. Additionally, some storefronts will also include a sign on their window or door.

Target, the retail corporation, has introduced a special logo for brands to utilize within their store to distinguish black-owned businesses. This label is a great way to find brands with black CEOs and based staff. Target’s badge is also on its website, making finding black-owned brands to support easier.

Social Media Support

One challenge that black-owned businesses may face is insufficient exposure, which can be amplified through social media. Public social media business accounts often follow guidelines set by the business but personal anecdotes can persuade others to support a business. For example, Instagram’s stories feature allows one to share their positive experience with a brand with their personal followers. 

A personal tale often does not feel like a business sponsorship but an approval of a friend or family member. Besides social media, individuals can often voice their approval through online reviews.

Online Reviews

Likewise, sites like Yelp can help boost a black-owned business’s reputation, trust, and recognition to a wider audience. Although Yelp may be associated with restaurant reviews, it provides reviews for home and auto services, salons, and more. A positive review affects a business by appearing professional and legitimate, which can greatly help it.

In addition, Google offers its own public reviews for local businesses in the Google knowledge graph that appears in search results. Again, a positive review results in the same exposure and confident belief, which also appears in Google Maps. Unlike a Yelp review, a positive Google review can also help a business rank higher in a search engine and Google page. This can impact a business in a groundbreaking way.

Conclusion

Sometimes a little extra time when searching through products at the supermarket or online can make a difference. Supporting black-owned businesses benefits the local community and helps establish diverse leaders in the corporate world. However, it all starts with individuals willing to support their favorite black-owned businesses.

For more insight into black and Latino businesses and the rest of the business world, check out the rest of FerryGodmother.Biz.