Blog

Mar
28
118% increase in businesses but a 22% decrease in average revenue

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When I started PRIMUS Business Management in 2002, approximately 1.19 Million Black-owned small businesses were averaging gross receipts of $74,043. In 2012, roughly 2.6 Million Black-owned businesses were averaging gross receipts of $57,692. So while statistics show that Black-owned businesses are opening at a historically high rate, they also indicate that Black-owned businesses, as a collective, are financially doing worse. In ten years we have seen a . So the increase in new businesses did not increase the pool of revenue rather it diluted it.

While the premise of Millions of new Black entrepreneurs is exciting, it is also nerve-racking to think that many of them will fail or continue to dilute the pool of potential revenue. We need Black business owners to look internally and adopt business tactics that will help them grow. Understand that even the best product will fail without sound strategic business vision. It is time for a new vision of success for Black businesses. Their success is the success of our community.