27th June 2020 saw the launch of Black Pound Day in the UK. Picked up by a receptive audience on the back of #BlackLivesMatter news coverage, Black Pound Day created many talking points about black businesses in the UK. One of the talking points which resonated with me centered on black entrepreneurs and the perceived lack of support for black-owned businesses.
So, one month on from Black Pound Day, where are you with your startup? For those who seized the opportunity and took the first steps to launch their own business, they could probably give chapter and verse on their startup journey. For many who got behind the movement in spirit but not in reality, this is probably a tough question so let’s look at why the time to act is now.
1. In the middle of difficulty lies opportunity
With talks of a global recession, most businesses are preparing for the worse. But at the same time, savvy entrepreneurs are looking for opportunities those businesses are leaving on the table. Large businesses cannot adapt as fast as smaller nimble companies. In the middle of difficulty lies opportunity; what are you waiting for?
2. Black Pound Day is just the start
Black Pound Day, the brainchild of Swiss is described as a solution-based approach to support the growth of the UK black economy. There are five principles that are fundamental to the cause;
- Buy from black-owned businesses
- Promote your purchase or the business in question
- Use the Black Pound Day hashtag on social media #BlackPoundDay
- Showcase your experience on your social media stories
- Recommend the business to a friend.
3. The internet is a leveler
There is no arguing that the internet is a great leveler. In 2020, anyone with a smartphone and a basic understanding of how to use it can set up a business in a day. Making that business profitable is a different story but many barriers that existed in the past are gone thanks to the internet.
4. You are not alone
If the internet was good for one thing, that would be connecting people. From websites to Facebook groups to blogs like this, there are many people who want to succeed just like you and with that, do business with you. Build on movements like Black Pound Day and join groups like UK Black Business Help Group and Support UK Black Owned Businesses.