The U.S. Census Bureau’s most recent survey of business owners, there are 2.6 million black-owned businesses in this country. While the growth is encouraging there is still a lot of work to do to increase the profit of these black businesses. Gross receipts for all minority-owned firms are still well below the average gross receipts for non-minority-owned firms. A huge problem is that despite a collective buying power of $1.3 Trillion dollars, very little of that money stays in Black communities or is spent on Black-owned businesses.
According to the NAACP, a dollar circulates in Asian communities for 30 days, in Jewish communities approximately 20 days, white communities 17 days, but in contrast a dollar circulates in the Black community only six hours. Just 2 cents of every dollar an African American spends in this country goes to Black-owned businesses. If higher income Black consumers spent at least $1 out of every $10 with Black-owned businesses, it would generate one million jobs for African Americans, researcher found.
A recent Wall Street Journal article cites the Economic Policy Institute’s latest report, released this month.
“Their [data shows] that while unemployment rates have fallen across much of the country and the national unemployment rate is now half of its recession-era peak, only a handful of states have seen meaningful improvement in the labor market for African-American and Latino workers. And conditions vary greatly from state to state. In January, black workers faced a seasonally adjusted unemployment rate of 8.8%, compared with 4.3% for whites and 4.9% overall. The worst state for black Americans looking for work? That was Illinois, where the jobless rate was 13.1% in the fourth quarter.”
The WhereU app was launched during Black History Month, to make it easier to “buy black.” This mobile business directory features everything from house cleaning, plumbing, catering, lawyers, doctors, graphic designers, restaurants, beauty salons and more. The app’s referral and location-based system helps you start your search among the most trusted Black professionals and businesses.
According to their web-site, WhereYouCameFrom.Biz, the app can locate more than 10,000 Black-owned businesses around the U.S., but that number will certainly grow as entrepreneurs add in their busineses through the company’s website. The free app finds your location and lets you browse categories or search keywords, will give you step-by-step directions on how to get there, save a list of your favorite spots and give you the option of sharing your discoveries through social media. The app can also help majority, non-black corporations meet their diversity objectives by finding minority businesses to support.
The app’s distinction is protection from unreliable reviews. The WhereU app believes that a referral is a more solid and proactive way to recommend businesses, so there is no “review” feature that’s subject to misinterpretation and potentially damaging to businesses. The app’s aim is to amplify and take care of a businesses mobile presence by ranking information based on referrals which are a more solid and proactive way to recommend businesses.
WhereU which can be found on the Apple Store or Google Play.