Black Americans have over $1 trillion of annual spending power, but 41% of Black-owned businesses closed during the pandemic. That makes it especially important to support small businesses like Sade Tyler's Studio 125 and Omo Sade Skincare this Black History Month.

Black Americans have over $1 trillion of annual spending power, but 41 percent of Black-owned businesses closed during the pandemic. That makes it especially important to support small businesses like Sade Tyler's Studio 125 and Omo Sade Skincare this Black History Month.

Wake Up With Cheddar

Why Supporting Black-Owned Businesses Is So Crucial

It's the first day of black history month and to kick off the month and highlight independent black businesses is our very own Shannon Lanier, he's in Harlem Good morning Shannon fancy with all these flowers, smell the roses this morning, Shannon. Oh yes, smelling, smelling the love in the air. I'm here in studio 1 25 right here in the heart of Harlem to talk all about small businesses and black owned businesses and today we're not only gonna be at this space, we're gonna be talking to a lot of people about the importance of keeping the black dollar in the black community or all dollars in that fact. Alright, so it's been said that about, you know that the black dollar spends about an average six hours in the black community before it's gone and spent somewhere else. But a nonpartisan group from Howard University found that there's really no evidence to support those numbers. However, what we do know is that During the pandemic, 41% of black-owned businesses, they sadly shut down. So it's more important than ever to support black-owned business now. So take a look at these numbers right here. According to McKinsey, the spending power of the Black Americans was over $1 trillion $1.7 trillion 2030, but companies aren't meeting the black community's demands, the unknown. The needs of the black community are worth $300 billion 70% said that finding the right products was more important than the price for those things that they would spend it. They were supported. So right now I want to bring in a black owned business owner. Mrs you are the owner of this amazing space studio 1 25 here. So why our cameraman chris, he's gonna give us a little tour, especially you gotta show him the patio is beautiful while he shows us that. Tell us more about this space. Okay, chris, go show on the patio. What is so special about Studio 1 25? Um Yes, what we, my partner and I Cilicia Renee thomas wanted to have an event space right in the heart of Harlem, right on the east side, we want to bring more businesses to the east side. Um it's the only event space that we have on the east side and we just love it. And want to basically, with the space support um pop up shops. Uh if a new artist wants to show their wares, they can come into the studio, we really want to be part and parcel parcel of the community. And so, and show some love to our community who has showed us so much and with this beautiful space in the back that lends us so much and inside and here you can have dinners and like you said, are galleries. So I love the space you provide. What's your advice to other entrepreneurs, especially those who want to start a business. Maybe right here in Harlem my advice because I've been at this for a while and bit long in the tooth. Um I would say not to doubt yourself and just go for it. Always start um You can go ahead and go to university or you want to study business, but getting to the practical, start your business and um reach out to the community and you'll find that they will support you. All right, well you're gonna have to definitely support you and stick around because coming up, we're gonna be talking again to shade in our next hour and we're gonna get some history on Black Wall Street. Wanna keep these dollars in the black community and talk about the importance of doing that. So stick with us. We'll see you guys back out here live at eight o'clock