At Tuel we stand firmly behind the belief that beauty and those that deliver it every day in the skincare industry comes in all shapes, sizes and colors. Today and every day we stand with our Black colleagues, partners and the community because we believe with diversity we build economic vitality, uplift our local communities and create resilience within our industry as a whole. There are some legitimate reasons that go beyond the normal struggles of owning a salon, that make now an important time to support Black-owned businesses and salons. So as an ally here are four reasons why supporting Black-owned salons is important right now.
1. Perceived Value
The perceived value of Black-owned businesses among investors is something that many struggle to overcome. Often small Black-owned businesses are perceived as catering only to a niche market, which can often keep financial institutions from providing small business loans. In fact, studies show that banks were twice as likely to provide loans to white small business applicants than to Black ones, which means Black business owners are more likely to rely on credit cards or personal savings rather than business loans to keep their businesses going.
2. Global Pandemic Impact
In the wake of COVID-19, a report from the National Bureau of Economic Research says the number of Black-owned businesses decreased from February 2020 to April 2020 by 41% due to the impact of the global pandemic. Make no mistake, COVID-19 has hit all salon owners hard, but the reality is many Black-owned salons have more trouble getting the financial support they need when times are tough.
3. Supports the Community
Strengthening Black-owned salons can have a direct impact on helping to strengthen Black communities. Studies show Black-owned businesses are more likely to hire from the local community, so supporting Black-owned salons can create job opportunities, which can help grow the skincare industry as a whole.
4. It’s a Simple Thing to Do
It’s time to be intentional in our support and understand the impact that support has on the bigger picture. The benefits of supporting a black-owned salon as being a form of allyship is all about making conscious decisions of where to spend your money. It’s about being better members of the community as a whole. And remember, don’t just one and done this…supporting black-owned salons needs to continue beyond the time of trending topics.