by Angela McShan for Urban Mindz
The growth of African American businesses over the past 5 years contributes greatly to the significant amount of revenue generated in the United States. Which businesses are experiencing growth and creating footprints for other African American business owners to follow? How can entrepreneurs position themselves to be listed among the 10%?
Potential African American business owners, entrepreneurs and startups - the time is now to join millions of others like yourself and become one of the fastest growing black-owned businesses in the United States. According to Census Bureau reports, more than 2 million businesses are African-American owned. That equates to 10% African-American ownership of the more than 25 million businesses in the United States. What are YOU waiting for?
Which Businesses are Among the Fastest Growing?
Examining business growth prospects for 2019 leads us to a list of revenue generating industries to watch. The phenomenal factor about this list is that it is compiled of established, budding, and diminishing industries, but they all have the potential to produce a positive ROI. Here are the top 5:
5. Professional Advisory Services
Offering calculated advisory and proficient services to government, private and public agencies is among the top 5 fastest growing businesses of 2019. Generating revenue amounts of more than $3,000,000 annually, the franchise Capitol Bridge, a professional Black-led advisory service continues to grow at a phenomenal rate.
4. IT Consulting
IT consultants provide unique technical support services to government, private, and public clients. One of the fastest growing IT companies is Y-Tech of Baltimore. It identifies among the top government IT service providers in the country.
3. Health Care and Technology Consulting
Consulting agencies providing professional consulting services for those in the health care and technology industry rank third among the fastest growing businesses in 2019. Businesses in this industry have experienced a phenomenal growth over the past 5 years.
2. Real Estate
African Americans are dominating the real estate industry as brokers, agents, app developers and property acquirers. The rapid growth of the industry is partially due to technological advancements on a global spectrum.
1. Professional Security Services
Entrepreneurs and companies provide security services such as personal protection, digital security, and locksmith services. It is ranked as the fastest growing business among African Americans today and is trending to hold this position for 2019 through 2020.
Here’s How You Can Get Started as a Successful Entrepreneur
Entrepreneurship is a major accomplishment. Just as many businesses experience the most difficulties or fail their first year, entrepreneurs are destined to face a similar fate. In fact, it’s almost twice as hard for entrepreneurs to start and succeed in their business journey.
Tips that every African American entrepreneur should follow to start and succeed in business:
. Create a concrete and persuasive business plan
· Expect and prepare to encounter financial hardships
· Be economical
· Seek and accept help (the right help)
· Attach yourself to a mentor
· Establish a strong, yet budget-friendly marketing plan
· Surround yourself with like-minded business people
African Americans are not only choosing to become entrepreneurs, but are succeeding at doing so. The possibility to create generational wealth and establish thriving businesses in our communities is at our fingertips and the time is NOW!