Ask Ola: Black Business Month

I came across some disturbing news.

According to an article in The Network Journal, the rate of failure for Black-owned businesses is at an all-time high.

Black entrepreneurs launch thousands of new businesses every year, yet they are failing at very high rates. Overall, 20 percent of small businesses generally fail within the first year. About 50 percent make it to the 5-year mark, and 62 percent survive to be a decade old. For African-Americans, the statistics can be even grimmer. Eight out of 10 Black-owned businesses fail within the first 18 months.

So for today only, you can post your business question (one per person) below, and I will do my best to attempt to answer them.

Also, please consider joining us for our 6-week business session on creating your business plan. Email me for more details at ola@onyxwoman.com. Remember, you won’t have a brand until you create a successful plan.

About the author

Marketing and media content development for diverse markets that enhances the image of women of color. To present women of diverse backgrounds and cultures in a positive and more realistic light.

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