Lack of belief holding black business owners back, says March firm
Figures show more than 80% of black business owners suffered setbacks because of a lack of support
A black business owner in March says more faith from investors would give more people like her a chance to be successful.
Figures by Research without Barriers earlier this year show more than 80% of black businesses have suffered a setback because they lacked the right connections, advice or support.
That's compared to 51% of non-black business owners.
"We've been turned down once, twice, but you just keep going," Janet Theodore, who runs JBN Beverages, said.
"The business is growing slowly; had we had investors in, it would grow much quicker.
Research has found 60% of black business owners are owed at least £1,000 in overdue invoices, more than double the rate for non-black entrepreneurs.
Issue shouldn't be pushed under carpet, says business owner
Janet has been running JBN Beverages - which sells non-alcoholic drinks - in Cambridgeshire for around four years after starting out in 2018.
And with a background in food safety, spanning around two decades, Janet is still unsure why investors do not always want to commit to black businesses.
"Their initial view was 'yeah, I love what the business is doing' and then they find out there's a black person behind that," she said.
"I think that's one of the worst (concerns) for us in terms of trying to get things moving quicker.
"The perspective is maybe black businesses don't do well, but they do well; I know sometimes people want to push it under the carpet and say there are no issues, but there are."
'Breaking down barriers'
Data from the Black Report shows 88% of black business founders fund their start-ups.
While a report by The Future Governance Forum (FGF) has found £75 billion could be generated from more businesses being led by ethnic minority entrepreneurs.
The FGF also found £310bn could come from more women starting up their own business, and say the upcoming Autumn Budget must offer "more support for female, disabled and ethnic minority entrepreneurs and founders".
In a statement to Parliament last month, Women and Equalities minister Bridget Phillipson said the Government plans to open a new class unit as part of reforms to tackle "class and socio-economic disadvantage.
"By shifting energy and resources from oversight to direct delivery, we are breaking down the barriers to opportunity, returning power to local communities, and ensuring that a person’s background no longer determines what they can achieve," Ms Phillipson added.
For Janet, a change in approach from investors is needed if black business owners are to thrive.
"I've heard people say you don't particularly invest in the business, you invest in the entrepreneur because they have that drive and able to run the business," she said.
"If we do get to that stage, I think we would have investment straight away."