MEMPHIS, Tenn. – Homer Cole could not contain his excitement after opening up his first brick-and-mortar shop on Park Avenue.
“It was huge,” said the owner of H&K Prints. “It solidified that I was more serious about what I was doing and to take that bigger leap into pushing my business forward.”
The second-generation business owner acquired the property with his family’s help. With one son at home and another on the way, he hopes to create generational wealth for generations to come.
“It’s important because it gives my child a lot of opportunities,” he said.
During Black Business Month, the Black Business Association hosted a conversation about building Black wealth.
“Memphis is at a crossroads,” said Ernest Strickland, the president of the association. “Quite frankly, we’re going to either grow up and be the great city that we all want or we’re going to stay stagnant.”
According to the U.S. Census Bureau’s Annual Business Survey, there were about 141,000 African American-owned businesses in the United States in 2020.
Those businesses bring in annual sales of $141 billion and employ 1.3 million people.
However, just 2% of businesses are owned by African Americans in the country, according to the Alliance for Entrepreneurial Equity. Black households make up 16% of the population.
“It’s shocking information,” said Jerry Luellen, the co-owner of Smackers. “I don’t know if it’s what type of barrier is preventing people from stepping out and taking the initiative to try to. It may be failure. A lot of people are scared of failure.”
In his hometown, he hopes to inspire young people to pursue their dreams.
“If you’re willing to do the work, you can make it happen,” he said.
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