Number of Black-Owned Businesses Increased by 61%

The number of black-owned businesses increased by almost 61% between 2002 and 2007, according to a report released Tuesday by the Census Bureau.

Nonemployer firms, in which the entrepreneur is the only paid employee, numbered 1.8 million. They generated $38.6 billion in receipts, which was an increase of 69.0% from 2002. In addition, they accounted for 94.4% of the total number of black firms.

In other words, in the last 8 years, a lot of Black people are starting businesses where they are the only employee. These 2 million businesses have combined to earn over $38 billion.

Therefore, based on my calculator, the average Black business is earning $19,000 a year.  Is that enough?

Click HERE to read the entire Black Enterprise report