Memphis black owned businesses

New Report Details Strategies for Development of Memphis’ Black-Owned Businesses

A new report released by Heartland Forward says that 12,571 Black residents in the city of Memphis earn their income through self-employment.

“Focusing on Shelby County alone, there are 10,613 Black business owners, 3,174 of which own an incorporated business,” the report said.

However, the city also has a disproportionate number of Black businesses without employees.

This makes Memphis “one of the densest concentrations of Black business ownership in the United States.”

The report titled, “Black Business Opportunity Strategy: The Journey of Black Business Owners in Memphis,” examines data to “provide key insights regarding Black business ownership.”

“The report examines the unique data and characteristics of the Memphis entrepreneurship ecosystem with the goal of identifying the key areas to focus on for developing programming and policies supporting and growing Black businesses across the country,” said the company in a statement.

Memphis was chosen as the city to focus on, not only because of the number of Black residents but also because the company felt that the city can “no longer afford to material invest in strategies that do not address the core issues facing Black businesses.”

Heartland Forward states that business ownership can be a positive tool for generational wealth. However, they also explain that the path to entrepreneurship is “complex and nonlinear.” There are also systemic inequities that can make this journey harder for Black business owners, compared to their white counterparts.

“For underrepresented populations, entrepreneurship is exponentially hard,” the report says. “While white entrepreneurs have numerous examples of successful business owners from their community, access to startup capital via friends, family, and personal savings …underrepresented populations do not have comparable access to these resources.”

The pandemic also brought to light the inability for Black business owners to pivot as easily as white business owners. According to research from the U.S. Small Business Administration Office of Advocacy, Black business owners suffered the largest loss during the pandemic.

“Black business owners still experienced a disproportionate negative impact on business earnings of 12 to 14 percent higher relative to White business owners,” said the study.

Heartland Forward said that this was likely due to systemic inequities such as access to innovative tools, as well as internet and digital literacy.

The report also explains that a major issue for Black business owners is “a lack of understanding the innovation process and having little exposure to alternate business models.”

While the report goes on to list a number of issues that contribute to the struggles the Black business owners face, it also contains solutions dealing with technical assistance, material resources, and increasing the percent of contracts awarded to minority-owned businesses.

It also heavily emphasizes the importance of support and promotion in the success of Black-owned businesses.

“Promotion of contemporary and successful Black business owners is critical for the next generation to visualize what their businesses could become,” the report says. “Memphis needs to both promote and celebrate their Black business owners. This also provides exposure to opportunity entrepreneurship and cultivates ideas for business growth and development among necessity entrepreneurs.”

The Black Dollar Market is returning for its fifth installment on April 23rd at the Living Room located at 495 Hollywood Street from 3 p.m. to 9 p.m. Admission is $10.

The event will feature up-and-coming Black business owners from more than 20 cities. According to Christopher Craig, owner of Living Room, he had been doing pop-ups since 2020. However, he noticed that the spaces were not only predominantly white, but Black people seemed to be missing from the hosting aspect as well. He said there were never any events geared towards Black people.

The Black Dollar Market was the result of a drunken thought that Craig had after leaving a pop-up, he said.

A business owner himself, Craig has always hosted events in his space because he not only wanted to be a “bridge point” where people can be themselves, but he also wanted to provide a way for his own items to be showcased. He describes the Living Room as a “Black Ikea,” where everything is made by him, and is for sale.

“I feel like it’s hard for up-and-coming businesses to get the ball rolling and to keep it going,” said Craig. “The first year or two is going to be an uphill battle.”

According to a February 2023 report published by Pew Research Center, 58 percent of Black adults said “supporting Black businesses, or “buying Black,” is an extremely or very effective strategy for moving Black people toward equality in the United States.

Craig is currently still accepting vendors, but here are a few who will be featured at the event.

Love King Clothing

Larry Kelly is a Memphis native, and the head designer for Love King Clothing. The fashion designer runs an online boutique, and occasionally sells at pop-up events in areas like Nashville and Little Rock since he currently does not have a storefront.

According to Kelly, Love King Clothing is known for its unique designs. The brand was started back in 2013, but Kelly said he was recently inspired by other vendors to take his business more seriously, and to put his “best foot forward.”

Kelly said he has always had a “passion for fashion,” and that he’s a sneakerhead at heart.

“I most definitely try to keep up with the latest trends, and I start the trends,” Kelly said.

Customers can expect to see new releases such as t-shirts, swimwear, and other special surprises alongside “good vibes.”

Olajide Ibitoye

Olajide Ibitoye is a Memphis-based abstract contouring artist who mainly focuses on jewelry and alchemical fashion.

“Essentially, the fact that a lot of my jewelry doubles as other pieces is like a focal point in the creation process,” said Ibitoye. “The fact that it can be two, three, four, or five other things; that’s a really important thing that people who patronize my business know that it is really up to them, what they want their jewelry to be perceived of.”

Ibitoye has been in business for almost two years, and said that he actually began making jewelry after a friend sent him a TikTok of someone making a “really shitty” nose cuff. He said they went to Walmart and got pliers and wires, and he took it from there, making jewelry for every body part.

It’s a labor of love and curiosity, as he is always looking for ways to “remix” pieces. He operates atelier-style, making “one-of-one” pieces. “That informs my process,” said Ibitoye. “Everything is literally touched by my hand, so I feel like I infuse a different energy in my pieces as well.”

Sage Roses

Sage Roses is “a holistic experience curated for the gworls,” said co-founder Destiny Janee.

The brand has been around since June of 2022, and is run by Janee and her business partner Dominique Berner. Janee explained they are a holistic lifestyle brand that specializes in making organic products.

They primarily focus on herbal health, selling bath teas, drinking teas, and herbal smoking blends.

“Herbal health isn’t talked about,” said Janee. “We started out as a CBD/THC business, and we don’t feel like women aren’t represented in that industry. Our tagline is ‘for the gworls, by the gworls,’ because everything we create is targeted for women. Especially women of color, and Black women like ourselves.”

Janee said they don’t believe in “putting stuff out just to put it out.” She added they can’t be a holistic lifestyle brand if they don’t know the benefits of their own product, and they pride themselves on knowing what every herb in their product does.