On the heels of the first 31 days of the new year, we eagerly await the next Black-owned business launch in the U.S. Today, Black-owned businesses are realizing success to the tune of $10 billion in annual revenue, and counting. The U.S. Black Chamber of Commerce’s Black-owned business statistics reports that “there are nearly 2.6 million African-American-owned businesses in the U.S.” And while that statistic is only a fraction of the approximately 8 million minority-owned businesses in our country, per the Census Bureau, we are excited to watch Black-owned businesses continue to chart their own paths across diverse industries, from real estate to oil and gas in 2019 (and beyond)!
If you are a leader or entrepreneur representing the enclave of minority businesses in the U.S., we encourage you to explore our list of Black-owned businesses, to see how your venture compares. Then, delve deeper and uncover how you can scale your business, and more, in this new year of possibilities.
Here’s our list of the Top 5 Black-owned Businesses ranked by revenue generated over the past few years.
1.World Wide Technology, Inc.
If you’re searching for an innovative technology firm, World Wide Technology, Inc., is your IT solution. At the conclusion of 2017, this Missouri-based IT products and services firm generated $10 billion in revenue under Chairman and Founder David Steward. As one of the top Black-owned businesses in the U.S., Steward founded the IT products and services firm in 1990. Today, his firm continues to offer the highest standards for technology and customer support.
2. ACT-1 Group, Inc.
Founded by Janice Bryant Howroyd in 1978, this California-based, woman-owned global firm assists businesses with talent acquisition, among other employment services. In 2017, ACT-1 Group, Inc., generated $2.8 billion in revenue. Since launching the employment services firm over two decades ago, CEO Janice is a source of inspiration for aspiring entrepreneurs, particularly women of color, to launch Black-owned businesses.
CEO, Founder, and Chairman Vinnie Johnson is the driving force behind the Piston Group, a Michigan-based firm that provides robust manufacturing solutions for diverse automotive brands. The Piston Group portfolio of brands includes Piston Automotive, Irvin Automotive, Detroit Thermal Systems, and AIREA. In 2017, this Black-owned business had a revenue of $1.7 billion.
4.Coca-Cola Beverages Florida, LLC
One of the most iconic brands in the U.S. is none other than Coca-Cola. Chairman Troy Taylor heads the Coca-Cola Beverages Florida, LLC, division of the multibillion-dollar soft drink brand. As of 2017, the Florida bottling company has a revenue of $1.2 billion. With approximately 600 distinct product offerings, this is one Black-owned business that leaders and entrepreneurs should watch in 2019.
Founder and CEO Robert Reffkin is transforming the way in which potential buyers discover real estate listings. Since 2012, Compass, a real estate listing app, has assisted countless buyers in locating properties in sought-after locales, including New York, Chicago, and Aspen. In 2017, this Black-owned business generated an impressive revenue of more than $370 million.
As we celebrate Black History Month and the myriad of Black-owned businesses, we encourage you to challenge yourself and your peers to explore emerging Black-owned businesses in your communities. To this end, saluting Black-owned businesses should not be relegated to the month of February, as we should seek opportunities to support these businesses throughout the year. For those of you who are minority leaders or entrepreneurs, attending the International Pastors and Leadership (IP&L) Conference will help you devise a robust blueprint to elevate your Black- or minority-owned business in this evolving entrepreneurial ecosystem. Visit pastorsandleaders.org to secure your seat for this highly anticipated leadership conference in Tampa Bay, Florida!