The Black Business Boom: LinkedIn Data Reveals Key Drivers Behind Surge in Black Entrepreneurship
Black professionals are gravitating toward entrepreneurship at incredible rates, whether by launching a side hustle or leaving the traditional workforce altogether to start their own ventures. Today, LinkedIn released a new report that found 77% of Black professionals aspire to be an entrepreneur or start their own business in the next year.
Other key highlights from LinkedIn’s new report on the Black Business Boom include:
85% of Black professionals note having multiple streams of income is a must
69% of Black professionals say that seeing layoffs in the news has made them think more about freelancing
56% of Black professionals believe they would earn more as a freelancer than they would in a full time role
57% of Black professionals plan to freelance/consult within the next year
The recent surge in entrepreneurial spirit showcases a significant shift, signaling that Black professionals are increasingly looking to entrepreneurship as a viable and attractive career path. This surge isn’t just a trend; the data shows it's a movement motivated by a multitude of factors:
To focus on something they’re passionate about (49%)
Need for flexibility / work life balance (47%)
To be more fulfilled at work (44%)
To advance my career (38%)
More remote work options (34%)
Burnout in a corporate setting (24%)
The report also shows that while the majority of Black professionals are interested in a path toward entrepreneurship, nearly 2 in 3 (63%) are unsure how to get started. The good news is that with 35+ million active small businesses on platform, LinkedIn has built a suite of Premium tools to support entrepreneurs at every step along the journey from getting started to scaling. And with a thriving community of Black professionals and entrepreneurs on LinkedIn, there are endless opportunities for small business owners to grow their networks and share resources as well.
Some ways small business owners, freelancers and entrepreneurs can make the most out of LinkedIn Premium Tools:
🤜🏿 🤛🏿 Build your Community. LinkedIn Premium Business offers companies features like unlimited search to find leads and decision-makers to expand and diversify your network. Subscribers also have access to AI-powered messaging designed to help you get a conversation started to grow and sustain valuable relationships.
👉🏿 Showcase Your Business. Think of your Premium Company Page as your own in-house marketing department. You can showcase your credibility by highlighting recent awards, certifications, and press mentions along with custom client testimonials and reviews.
👋🏿 Gain Leads. Premium Company Pages help business owners attract and convert more clients via a custom call-to-action button directly on your page. You can also grow potential prospects by auto-inviting individuals who engage with your company pages’ content, build credibility with custom testimonials and certifications, and more.
✨ Learn AI Skills. Globally, the skills required to do our jobs are expected to change by 68% by 2030. Learning AI skills can give you an advantage others might not have. LinkedIn Premium subscribers have access to over 22,000 LinkedIn Learning courses to stay ahead. Remember: skills give you options and options give you agency!
Throughout Black Business Month, LinkedIn will be sharing resources and tips to help current and aspiring Black entrepreneurs grow their careers and businesses. Stay tuned for more advice in Andrew McCaskill’s upcoming newsletter.