According to Nielsen, African-Americans currently hold a buying power of $1.3 trillion in 2017 and growing. And we are spending a lot of those dollars on cosmetics, spending nine times more on ethnic-targeted beauty and grooming products than the general market. Black women, in particular, spend an estimated $7.5 billion annually on beauty products, shelling out 80% more on cosmetics and twice as much on skin care as their non-Black counterparts.
According to the 2012-2013 Industry Statistics published by Nails Magazine, 48% of nail professionals in the $7.47 billion American nail industry are Vietnamese Americans. The number skyrockets to 80% in California. This facts is something that we as a community must turn the corner on and begin to create and support Black owned businesses where we spend such large amounts of money.
For many years our community was red lined which reduced the amount of capital that was able to flow into our community from banks in the form of home or small business loans. This systematic denial of access to capital has had a long lasting negative impact on our communities business development and the creation of Black wealth. Many of our communities across the country don’t have sufficient numbers and access to retail products and services and where these retail products and services do exist the are not owned by Black small business owners.
Black people spend significant amounts of money on retail goods and services, but we are underrepresented in business ownership for two major reasons lack of business knowledge and a lack of access to capital. Enter Buy The Block the first Black-owned crowd-investing portal that focuses real estate development and business creation. Lynn P a serial entrepreneur and visionary has created a training program on how to create and operate a nail spa in the Black community.
This program will take you step -by-step through the process of learning how to pick the right property in a high traffic area and then how to become a Block Developer. Pooling investor capital with Buy The Block through crowd-investing allows for “group buying” in shares of real assets and real estate, including residential and commercial properties.
At Buy The Block you can buy shares in an apartment complex, office building, and retail buildings, instead of purchasing entire buildings and properties, directly dealing with tenant issues. For Black Developers, the Buy the Block platform provides a great opportunity to obtain the once so elusive access to capital for Black owned businesses. Black developers have a new tool in crowd investing that allows community members to pool our resources together to fund businesses, develop our communities and build Black wealth. Join the movement by starting a nail spa or investing in a nail spa. https://buytheblock.com/nail-spas