Is Doing Business With A Minority Owned Business More Of A Risk?

Blog Post - I've heard that it's hard getting Black folk to work together.  All my life I have had to hear from people how you should be cautious when dealing with Black people in business.  Or, Black folks are always late, etc, etc.    The fact of the matter is, Black people are no different from anyone else.  There are problems that can be present in a business and it doesn't matter what ethnicity you are,  if those problems aren't fixed, your business is toast.

Turn on the news and you'll see all sorts of news stories of business owners of ALL ethnicities in trouble due to a bad business deal of some sort.  Or, you may see stories of businesses shutting their doors because they can no longer stay in business.  Being a business owner is tough, PERIOD.  No ethnicity has cornered the market on bad business practices.

The reality is, that African American business owners may find themselves falling into bad business practices easier than others due to their circumstances.  For example, you may find that a business owner is dodging your calls or not delivering on their promises.  There are many reasons that may be happening.  The owner could be on the verge of going bankrupt, or is overworked due to over promising on goods or services.  This happens to a lot of business people.  Statistically speaking, White business owners, are able to get loans or other financial products to help keep their businesses afloat more often than minority business owners.  White business owners often have more access to consultants, planners, and other professionals that can give expert guidance to the owner.  It's not that the Black or minority owner is more susceptible to being shady, it's more about their structure from the beginning and their ongoing access to professionals that can help them stay afloat. 

Most Black or minority business owners want to offer great products and services to their clients and customers.  There are MANY examples of minority owned businesses that are thriving and doing well.  So don't fear doing business with a minority owned firm.  If a problem arises, just be upfront and let them know that they can be honest with you about whatever challenges they may be facing.  They probably have something that is preventing them from being able to provide good service.  If you can, simply offer them feedback and let them know that you will appreciate a quick solution to the problem or you'll have to take your business elsewhere.  No one can be upset with a client or customer like that.  It may be your act of kindness that can be a big difference to the struggling entrepreneur.

What are YOUR thoughts about this topic?  Share them in the comments!

​Stephen Wicks
Founder
​BlackBusinessList.Com