Black women entrepreneurs dominate the business climate. According to a 2024 Wells Fargo study, they represent around 2.1 million businesses and 52.1% of all black-owned businesses. ADOBE SHARE
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August is National Black Business Month, and research shows that despite ongoing infrastructure challenges, black women-owned businesses are celebrating this month with an increase in their presence, revenue and development opportunities.
Black women entrepreneurs dominate the business climate. According to a 2024 Wells Fargo study, they represent approximately 2.1 million businesses and 52.1% of all black-owned businesses. As the fastest-growing entrepreneur group, Black women have worked to shape the culture and create spaces where diversity can thrive. Their business practices are based on increased representation, better access to capital, education, and reducing the racial wealth gap.
Black women-owned businesses experienced a resurgence with the COVID-19 pandemic, reporting an average revenue increase of 32.7% between 2019 and 2023, compared to 11.2% growth for all women-owned businesses, according to a 2024 Wells Fargo study. Many of these self-starters used the lockdown to refocus or launch new ventures, allowing them to pursue more passions or earn a stable income.
Black women-owned businesses have seen a surge in growth and development, with initiatives like the BLACKBONE Project and the Howard University and PNC National Center for Entrepreneurship aimed at providing resources, support and education for B.There is a lack of female entrepreneurs.
For Dr. Lakeysha Hallmon, CEO and founder of Village Market, the economic shock of the pandemic prompted her to take a deeper look at the systemic challenges facing Black entrepreneurs. Last April, in an episode of her podcast “Pivot with Purpose,” Meghan Houle shared her forward-thinking vision to drive economic growth and explore how to “make dreams happen” within the community.
“I think it’s more than being an entrepreneur, I’m deeply passionate about proactively solving problems. My goal and vision was to create a very vibrant ecosystem,” Hallmon explained. “(I want) Black entrepreneurs to have the resources, the mentorship and ultimately the relationship with the customers.”
The former educator began her social work in 2016 with the Village Market, an Atlanta-based hub for Black businesses to increase sales through e-commerce, seasonal marketplaces, strategic alliances, retail and commercial perspectives. Since then, she has built a self-designed, multi-pronged business model, founding Our Village United and most recently Elevate, a free 12-week incubator program that offers professional insight into scaling businesses and competing within the industry.
In total, Hallmon has spent $8.3 million on darkct sales to black businesses.
This article first appeared in the Washington Informer.
