How to succeed as a Black-owned business

Black people comprise more than 14 percent of the nation’s population but only 2.3 percent of businesses are Black-owned, according to recent U.S. Census Bureau figures. The most recent American Communities Survey shows that while Black businesses make up approximately 11 percent of all businesses in Illinois, they comprise only two percent of the state’s businesses that employ more than one person. Data from the Bureau of Labor Statistics shows that 20 percent of new businesses fail during the first two years of operation, 45 percent in the first five years, and 65 percent in the first 10 years. Only one-quarter of new businesses make it to 15 years or more. The numbers indicate that it’s tough for new businesses to succeed, and it’s even tougher if those new businesses are Black-owned. Those odds don’t seem to deter many Black business owners in Springfield, who are boldly forging ahead with open eyes and positive outlooks as they navigate a capitalist playing field that is decidedly uneven. “They expect different things from Black businesses.” Replay Lounge, downtown Springfield You immediately realize that Replay Lounge is unique the moment you set foot in the downtown Springfield establishment. That’s because the barstools are...