Black-owned businesses are on the rise. Government data shows that the number of black-owned businesses grew by more than 14%. Despite this growth, the proportion of black-owned businesses to their population numbers is lower. It is lower than that of other ethnic groups like Hispanics and Asian Americans.
Blacks make up a little over 14% of the population, and only 2.7% of this population owns businesses. This figure is low compared to other ethnic groups like Whites or Asians. Looking at the bright side, black-owned companies had the most revenue, employees, and payroll increase. Another interesting statistic shows that black women-owned businesses increased by more than 20%, which was higher than any other group. All these are encouraging numbers. Let us see 20 thriving Black-owned firms.
Black-Owned Brands and Businesses
1. World Wide Technology Incorporated
With more than $14 billion in revenue, World Wide Technology is number one on the list of top black-owned businesses. It has more than 8000 employees. It offers technology solutions to Fortune 600 companies around the world. It provides services like cybersecurity, data encryption and cloud-related services.
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2. RLJ Lodging Trust
This company invests in real estate and hotels, to be more specific. They have premium hotels with world-class service facilities and smaller ones. It has a revenue of $1.6 billion. Their first quarter results show a 3.4% increase in revenue, and the company is trying to raise money for future ventures through the sale of equity.
3. Vista Equity Partners
This company is in the finance domain. It is a private equity firm. With a revenue of $1.6 billion and in charge of investments of $73 billion, it is one of the top black-owned businesses. The company invests in companies that are technology-focused, such as software or data. It has over 450 employees.
4. Bridgewater Interiors
This company has been around for a little less than two decades, but it has an impressive reputation for being one of the top suppliers of automobile seating to big car manufacturers like Ford and Honda, amongst others. It generates revenue of $2.4 billion and has an upward of 2000 employees. One of the best black-owned businesses.
5. Urban One
Urban One has a Black woman founder, Cathy Hughes, who started this way back in the 80s. It is a media broadcasting company and the largest Black-owned media company. Urban One, formerly Radio One, owns more than 50 radio stations, as well as Cable One. Recently, the company has entered TV production and digital media. It has earned a revenue of $365 million and has an upward of 1000 employees.
6. The Honey Pot Company
A company founded by a Black woman that offers natural feminine hygiene products. Bea Dixon launched this business with a whole range of natural products for women, ranging from intimate washes and wipes to sexual wellness products. Today, the company earns a revenue of $20 million and employs more than 50 people.
7. Walker & Company Brands
This company, founded by Tristan Walker, is now under P&G, but Tristan Walker operates it independently. This company makes personal care and grooming products which are specially made for people of colour. The company’s main brand is Bevel, which offers grooming products for black men. It generates a revenue of $30 million and employs more than 100 people.
8. Harlem Capital Partners
This is a venture capital firm founded by Henri-Pierre Jacques and Jarrid Tingle. It is no ordinary venture capital firm as it focuses on investing in companies with women entrepreneurs or minorities. They want to support people from different sections of society to be successful entrepreneurs. They currently manage assets worth $1.2 billion and have over 10 employees.
9. Blavity, Incorporated
This is a digital media company that focuses on making content for Black people. The founder of this company is Morgan DeBaun. The company owns several brands in the digital space, such as Travel Noire Shadow and Act. It earned revenues of over $10 million and employs more than 150 people. This company has become a leading media outlet for black voices to be heard and represented.
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10. Coca Cola Beverages, Florida
This is one of the biggest Black-owned businesses. This company, founded by Troy Taylor, bottles beverages for Coca-Cola. It employs more than 4500 people all over the country, and its revenues are well over $ 250 million. One of the older black-owned businesses.
11. Mickissak & Mickisssak
The origin of this company dates back to 1905. It is one of the oldest and most reputed architecture and construction firms. It has helped build the National Museum of African-American History and Culture. Based in Washington, this black-owned business generates a revenue of $50 million and employs more than 150 people.
12. Essence Ventures
Essence Ventures owns one of the most celebrated publications in Black media. It also hosts the annual festival Essence, which is a major cultural event. The company was founded by Richelieu Dennis after taking over this publication from Time Incorporated. The company is involved with media as well as events. It has a revenue of $100 million and employs more than 250 people.
13. Carver Federal Bank
This is one of the oldest and most reputable banking and finance institutions run by the black community. In 1948, it was founded to serve the community, and it does it to this day. It offers a full range of banking and finance services, such as savings accounts, mortgages, and loans. It strives to offer these services to this day. It earns a revenue of $30 million and employs more than 130 people.
14. Brother Vellies
Brother Vellies is a luxury footwear and accessories brand. Aurora James is the founder of this business. The company works with craftspeople in Africa to create beautiful handmade products. The company is dedicated to building a brand that values sustainability, ethical sourcing, and product creation. The founder is also the initiator of the 15 per cent pledge, in which shopkeepers pledge to keep 15% of their shelves for black-owned company products. It employs over 25 people and has generated revenue of $5 million.
15. CurlMix
CurlMix is a company that offers hair care products for curly hair. Initially, the founders Kim and Tim Lewis started the company using the do-it-yourself subscription box model. Once they received positive traction from that model, they moved on to making the products. The products are being received well by curly hair buyers. The company has a revenue of $6 million and employs over 35 people.
16. The Lip Bar
This beauty and cosmetic company has been garnering positive reviews for its products. The beauty products of The Lip Bar are vegan and cruelty-free, which appeals to a lot of its buyers. The products also have shades that suit most skin colours and types. Melissa Butler’s company makes over $10 million in revenue and employs more than 30 people.
17. Capitol City
Capitol City is the company that makes the famous Mambo sauce. Charles and Arsha founded this company in Washington, D.C., and this family-owned business has expanded nationally. The famous Mambo sauce is now available in stores all over the country. The company made a revenue of $ 5 million and employs around 15 people.
18. Partake Foods
Partake Foods is a food and beverage company that makes allergen-free snacks. Denise Woodard, the founder, was inspired to start the company when her daughter developed food allergies, and she could not find many ready-to-eat snack options available on store shelves. The company has grown rapidly, and today, its snacks are found on the shelves of most retailers. The company has a revenue of $10 million and employs more than 20 people.
19. Pinky Cole’s Slutty Vegan
Pinky Cole’s Slutty Vegan is a masterclass in branding. Pinky Cole is the founder of this restaurant brand, which offers vegan fast food options. The brand has many outlets in Atlanta, and Pinky Cole has a winner with this one. The company makes a revenue of $10 million and employs over 100 people.
20. Patchwork City Farms
Jamila Normans Patwork City Farms is located in Atlanta. It is an urban farm which grows organic produce. The produce is sold to local restaurants and shops. The farm also hosts farming workshops and sustainable agriculture. It is committed to involving the community in agriculture, as food security and accessibility are important issues for any community. The Patchwork City Farms has a revenue of $500,000 and employs more than 10 people.
Conclusion
This list contains a mix of black-owned businesses, some old and some new. Some deal with traditional businesses like banking and architecture, whilst others are exploring newer avenues like vegan food, urban farming, digital media, and technology. The aim is to showcase the vibrant entrepreneurship thriving within the Black community.
Recent statistics also show that more and more black people are looking to own businesses, and black women-owned businesses are increasing at a faster pace. This article hopes to shine a light on those who are showing the way to the entire community. They are thriving in different business fields and we are here for it.