According to the Small Business Administration (SBA), Black business ownership is growing at the fastest pace in 30 years. That’s an amazing headline, but let’s do the numbers: Black Americans make up about 12.4% of the U.S. population, but we only represent 2.4% of all business owners, per USA TODAY. We’re making progress, but there’s so much wide open space for us to claim as entrepreneurs.
I believe that Black Americans have been so underserved by product and services companies that there are no saturated markets. Imagine creating a product that fills the gap for a Black consumer and scaling that product to Black consumers throughout the US, then the Caribbean — and don’t get me started thinking about the possibilities on the continent of Africa. I dream big, but I’m not the only one.
In fact, we’re in the midst of what’s being called the Black Business Boom, where 77% of Black professionals are dreaming of starting their own business. This surge isn’t just a trend; it’s a movement.
With over 70% of Black-owned businesses concentrated in urban areas east of the Mississippi, there’s a powerful entrepreneurial spirit driving us. And now, with the job market feeling tight and many companies not hiring as robustly, people are putting together their 1-2 year exit strategies and taking their careers into their own hands — devising a plan to make their dreams a reality.
Recent LinkedIn data shows a multitude of factors fueling this movement — from people wanting to turn their passion into profit (49%) and the need for more flexibility (47%) to Black folks simply wanting more fulfillment at work (44%). Just as motivations are different, the journey to entrepreneurship is also unique. Some of us are taking on a side hustle, some are leaving the 9-5 grind behind completely, and others are investing and advising which is another, more hybrid, approach.
LinkedIn Resources For Entrepreneurs And Small Business Owners
With 35+ million active small businesses on the platform and a thriving community of Black professionals and entrepreneurs on LinkedIn, there are endless opportunities for small business owners, solopreneurs and entrepreneurs to grow their networks and share resources as well.
For example, former pro-athlete turned entrepreneur, Malcolm Lemmons uses his LinkedIn Profile and Company Page to share sport industry news, trends, and updates as a leader in the industry. And Erin Ashley Simon, co-owner of entertainment and gaming company XSET, shares her experience as a content creator, professional wins and advice for others on an ongoing basis.
My advice: leverage the free tools and communities available on LinkedIn to build connections and gain visibility, and if you can, sign up for LinkedIn Premium for an added boost to support your business growth, which recently got a major upgrade to specifically help small businesses.
A few of my top tips:
🤜🏿 🤛🏿 Build Your Community. Community is key! Let’s be honest, if no one knows you, how will anyone know your business? LinkedIn Premium Business offers companies features like unlimited search to find leads and decision-makers to expand and diversify your network. Subscribers also have access to AI-powered messaging designed to help you get a conversation started to grow and sustain valuable relationships.
📣Highlight Your Services. For the millions of service providers on LinkedIn, we’ve built new ways to grow side hustles or freelance gigs into successful businesses. With a new dedicated Services section directly on your Profile, Premium Business subscribers can prominently showcase services with rich media and key testimonials to stand out and attract more potential clients.
👋🏿 Gain Leads. With a Custom Button directly on your Premium Company Page or Profile, your preferred call-to-action will appear across LinkedIn on Profile, Feed posts, messages and search results, driving up to 2.4x more clicks than a link. You can also grow potential prospects by auto-inviting anyone who engages with your company page content and add testimonials and certifications.
✨ Learn AI Skills. Globally, the skills required to do our jobs are expected to change by 68% by 2030. Learning AI skills can give you an advantage others might not have. LinkedIn Premium subscribers have access to over 22,000 LinkedIn Learning courses to stay ahead. Remember: skills give you options and options give you agency!
Remember, the market isn’t saturated—it’s filled with untapped opportunities just waiting for you to seize them. Where there is a gap, there is always someone who was designed to fill it!
Your LinkedIn Career Coach (and work-life hypeman),
Andrew McCaskill
