Why Black Business Owners Are Going Green
Why Black Business Owners Are Going Green
According to the United States Census Bureau, only 134,567 of all businesses identify as black-owned. This is a small fraction of the total number of businesses in the U.S., but if you’re an aspiring black business owner, you can do your part to raise this figure. Many entrepreneurs like you have been drawn to green business concepts, and indeed, sustainability is one of the key qualities consumers are looking for. This article by Foundational Black American Daily News will show you how black entrepreneurs can capitalize on this trend and start a green business.
The Benefits of a Green Business Framework
There are many benefits to looking at your business through a green lens. In addition to the obvious emphasis on sustainability, a green approach to entrepreneurship can help you view expenses in terms of an investment. Starting a restaurant, for example, may have an initial setup cost of $375,000 — but a green restaurant may be even more expensive. The additional cost may eventually pay off, however, in the form of loyal clientele.
If you happen to be drawn to the culinary world, you can draw inspiration from top green chefs such as Dan Barber, Ani Phyo, and Bun Lai — all of whom have successfully used their skills to open a sustainable restaurant concept. You can do the same using your culinary expertise — or whatever other skill set you have.
There may also be funding opportunities available for sustainable businesses and black-owned businesses. There are several grants that are tailored specifically to African-American startups. Organizations such as the National Association for the Self-Employed, the Coalition to Back Black Businesses, and the Minority Business Development Agency all offer grant opportunities.
In addition to determining what type of business is for you and securing funding, it’s important to check off a few boxes early on. This includes forming your business structure. Many entrepreneurs consider Limited Liability Companies (LLCs) a great option, as they provide legal separation between your personal and business assets. LLCs also come with tax advantages, and less paperwork is required for upfront registration and ongoing filing with the state. Also, by using a formation service you save a lot of time and money by avoiding using an expensive attorney to complete the process.
Sticking to the Principles of Sustainability
Once you’ve decided to establish a green business, how can you stick to the principles of sustainability? You should, of course, minimize waste at every available opportunity — and one of the best ways to do this is by digitizing paper documents. You can do this by scanning them and converting them to PDFs. They can then be stored on your computer or in the cloud.
You can also apply principles of sustainability to your marketing. You should center your marketing campaign around a logo that’s engaging and creative. Rather than paying a ton of money to have a graphic designer make one, you can use an online logo-making tool to customize yours.
Once you’ve designed an attractive logo, you should consider how to launch an eco-friendly marketing campaign. Paper flyers and other physical forms of media are likely to contribute to waste and pollution, so this probably isn’t a good idea. Instead, Business News Daily notes that you can opt for an online campaign that uses fewer resources.
Grow Your Green Business as a Black Entrepreneur
Black entrepreneurship is one of the most promising movements in the business world today — and the rise of sustainable businesses is a close second. If you’re a black business owner, you can leverage both of these trends to achieve success and garner a faithful clientele. Be sure to apply for any grants that you may be eligible for, choose a business structure that makes sense for you, and minimize waste by digitizing your physical documents. These steps will help you position your sustainable business for sustainable success.
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