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Black women, of course, are not a monolith. We can build a life and a lucrative career in everything from the oil industry (Nigerian billionaire Folorunsho Alakija) to agriculture (Kenyan millionaire Martha Otieno). But there are several sectors of our economy that are now more lucrative to Black women then ever. Now is your chance to take advantage of these open-door opportunities; invest and land on Forbes’ next “rich list.”
Check out the industries that are just begging for the entrepreneurial genius of a boss Black business woman.
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Natural Hair Sector
You snooze, you lose! Black hair care bigwigs such as Dark & Lovely and Dr. Miracles were just too slow to meet the demands of the natural hair movement. Black women flocked to regain ground in the black hair care industry — a sector that lures in gobs of Black female buyers, but not many owners. Women of color such as Jane Carter (of Jane Carter Solutions), Rochelle Graham (of Alikay Naturals) , and Shelley Davis (of Kinky Curly) capitalized big by launching their natural hair lines in the mid-2000s. As Huffington Post points out, quoting research firm Mintel, the Black hair care industry is projected to become a $761 million market by 2017. What are you waiting for? Get up and get a piece of that pie!
The Black Doll Industry
Black women all over the net are gushing over photo posts of fabulous Black dolls created by even more fabulous Black owners. Look at the Doc McMuffins doll, a toy based on an African-American cartoon. According to The New York Times, Doc McMuffins is the “the best-selling toy line based on an African-American character” with $500 million in sales last year. There’s clearly a niche here and black toy-makers are already scrambling to shove Disney Junior — the brains behind the Doc McMuffins doll — out of the way. Take Karyn Byrd, creator of Natural Hair United, for example. Her line sells stylish, kinky-haired Black dolls from $47.99 to $169.99. Can you say, cha-ching? Toymaker Taofick Okoya and his “Queens of Africa” doll line has even outsold Barbie in Nigeria. I say it’s time we capitalize off the Black doll industry.
Skin Care Line
Black don’t crack, haven’t you heard? And if there’s any skin product out there in the market, I think I’d be more inclined to purchase from a black-owned company. Without giving away our best kept secret to how we keep our skin so supple and smooth, Black women can make a fortune off a skin care line. There are, for instance, many skin conditions that are more common among darker skin tones (e.g. keloids, hyperpigmentation, melasma). Where are the Black-owned businesses that cater to such conditions?
Divine 9 Sorority & Fraternity Merchandise
The Alpha Kappa Alpha sorority alone has a quarter of a million members worldwide. So you can imagine that the Divine 9 membership must have unfathomable numbers! Should a woman of color win over the Divine 9 consumer base, she might find herself touring around the nation giving inspirational speeches to her fellow sorors about her success with a pocket full of self-made fortunes.
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Film & TV Producing/Directing
Black film and TV creators have made some praiseworthy strides in 2014 when it comes to quality motion pictures and dramas. Dear White People, Beyond the Lights, Belle, Fruitvale Station, Think Like a Man Too, Selma, 12 Years a Slaves are Black-directed films — whether you liked them or not — that had the social media scene talking. And let’s not forget the primetime TV queen Shonda Rhimes who stays having the world tuned in to Scandal and How to Get Away With Murder. These Black creators are widening the doors for fledgling Black directors of color to make their mark, too. For the love of God, knock Tyler Perry out the way and create art with more dynamic Black characters.
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Holistic Remedies
Did you know that homeopathic medicines have roots in ancient Africa? While there’s nothing wrong with grabbing the Tylenol once in a while, there is a niche consumer base who are averse to popping pills. Immerse your mind with traditional African knowledge about botany, herbalism, essential oils, and other healing agents that can combat mild conditions such as headaches, sore throat, mosquito bites, and upset stomachs. You just might be the next Black female version of Dr. Oz!
Fitness for Curves
“Squats no shots!” is a phrase commonly used by gym buffs all over the “fitspo” social media scene. Plastic surgery, as we all can see, is becoming a growing trend among women who want a plumper rump. But many fitness gurus are advocating for a less risky, more natural way of attaining a fit, curvy body: just work out! Black women, according to the Center for Disease Control, have the highest rates of obesity, which can lead to stroke, heart disease, and Type 2 diabetes. And that’s why, co-founders Ashley Hicks and Toni Carey of Black Girls Run!, started their efforts to combat the obesity epidemic. Starting a fitness business to attract Black clientele is much needed.
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High-Brow Black Press
Because the top dogs of the news industry serve certain interests, Black audiences often feel like their stories aren’t often told. Black press is notorious for its grasp on the latest celebrity scoop and juicy, salacious rumors, but what about a New York Times-esque publication that is rigid about journalistic integrity, principles, and ethics? This void in the news sector can be filled by a Black woman ready to disseminate quality information to Black press consumers.
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Black-Owned Television Channel
“There are now zero Black-owned and operated full-power TV stations in our country,” District Chronicles wrote. Yes, you read right. Zero! In 2006, we had 18 Black-owned TV stations. By 2012, that number shriveled down to five. By 2014, zilch.
But there is hope. The Black Television News Channel (BTNC), a station created by African Americans for African Americans, is on the horizon. Using a price-per-subscriber business model, BTNC’s valuation is expected to reach $2 billion at launch. Don’t let BTNC monopolize this niche — consider investing in this sector. But, of course, it won’t be cheap; BTNC requires $15 million in start-up costs. Whew!
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Socially-Conscious Merchandise
Race tensions are high in this country and people, Blacks specifically, want to express their dissatisfaction more than ever. Superimposing gripping slogans on T-shirts, bags, or other merchandise will appeal to many buyers. Turn hashtags into dollar signs!
