Gentrification be damned. Washington, D.C. is still Chocolate City. Black residents comprise almost 50% of the population, making D.C. one of the Blackest cities in the country. There are perks living amongst your own, chief among these is recycling Black dollars. Black entrepreneurs have owned and operated businesses for decades — think of your barber, braider, cleaners, lawyer, favorite soul food restaurant, shared co-work space, or contractor.
Even with setbacks due to the COVID-19 pandemic, Black-owned businesses rallied, and the number of Black businesses is 30% higher than pre-pandemic levels. There is lots of money to be made, and being your own boss is possible in the nation’s capitol, which is the best city for Black entrepreneurs.
As the old adage goes: location, location, location. Why not take that sage advice and start your business in Washington, D.C. today.
Business Incentives and Resources created by the Deputy Mayor for Planning and Economic Development Department offers resources, grants and other services for new business, and entrepreneurs who are relocating their business to Washington, D.C. and those wishing to expand their existing business.
2Cost of living
According to Best Places, the overall cost of living index is 152.10, making Washington, D.C. 18% cheaper to live in than New York City. Residents are able to afford to raise a family, purchase groceries, utilize transportation, vacation and start a business in the city where they live.
3Forming an LLC
Before hanging “We’re Open” on your online or brick and mortar business, do your research. It cost money to run a business and there are many agencies like IncFile waiting to assist aspiring business owners with this important first step. While you could do complete and submit state and local business registration paperwork yourself, using a professional may help business owners avoid tax issues later.
4Consumers’ Median Income
Black people in D.C. have means. The average annual income of person in the city is $69,235, which makes for a customer base well able to afford your product or service.
5Black-Owned Business Revenue
Additionally, Black businesses earn an average of $95,230 per year, according to IncFile. It’s a smart place for entrepreneurs to put up a business.