Perfect Timing: Starting a Business during a Crisis

Businesses seem to have taken a pause in the wake of the sweeping pandemic COV-19. We have seen an increase in the number of confirmed cases and deaths daily across the United States. Many states have ordered residents to “shelter-in-place” to try to decrease the spread of the virus. Local businesses deemed non-essential have had to temporarily close their doors leaving owners and employees uncertain about their future. But in the past decade, the number of businesses owned by women of color has increased. African American women entrepreneurs are the fastest growing group of entrepreneurs in the United States. According to the National Association of Women Business Owners, more than 11.6 million firms were owned by women in the United States. Out of those firms, 5.4 million were owned by women of color. Many minority women business owners have found success in various industries including beauty, health, and real estate. In Georgia, 20.4 % of businesses are black-owned businesses according to the U.S. Census. Working remotely from home is also a popular option for women of color to cater to a specific demographic of consumers. YouTube has a variety of channels of black women who do makeup and hair tutorials, demonstrate cooking recipes, and who offer relationship advice. Almost any type of business can be created from a YouTube page. The advantage of an online business on this type of platform is the low cost of start up and the flexibility to film and post from anywhere. For minority women seeking financial assistance to start a business, the Minority Business Development Agency is a useful source. The agency offers loan programs and grant opportunities to minority women who want to start enterprises that support their communities. This government agency also offers access to business experts in their multiple MBDA Business Centers. Starting a business can be risky in any financial climate. The highs and lows of being an entrepreneur are inevitable, but there is still opportunity to join the fastest growing group of entrepreneurs. Minority women-owned businesses continue to grow as more women seek to control their destiny and financial future.