Three African American women are establishing business schools with the intention of bridging the racial wealth divide.
Empowering Black Women Entrepreneurs in Detroit
Detroit is home to a high concentration of Black women-owned businesses, yet these business owners often struggle to access the same financial capital as their white peers. In an effort to address this racial wealth gap, three trailblazing women have joined forces to create a business school that aims to empower Black women and close this persistent disparity.
Rachel Allen, Ebony Cochran, and Jessie Hayes have founded a business school in Detroit with the purpose of equipping Black women with the skills, resources, and opportunities necessary to succeed in business. This initiative is part of a broader movement to create economic equity and support for Black business owners in areas like Detroit, where racial and gender disparities in business ownership and wealth are pronounced.
Cochran, the brainchild behind the Detroit Wealth Club, believes it to be a movement, teaching entrepreneurship that leads to ownership and freedom. The 7,300-square-foot space provides tools for wealth generation through entrepreneurship, financial planning, credit literacy, and real estate ownership. The Detroit Wealth Club received investment from Cochran's personal funds, a $50,000 Motor City Match grant, and $10,000 from the Build Institute.
Meanwhile, Hayes has founded The Hayes Institute of Esthetics & Entrepreneurship, Michigan's first business school focused on multicultural skincare and ownership in the beauty industry. The institute offers 750 hours of specialized training in multicultural skincare, acne treatment, and product development, tailored to the needs of Black women. Hayes's goal is to leave a legacy that opens doors for the next generation of beauty and business leaders who look like and dream like her.
The Hayes Institute combines state-approved esthetics licensing with entrepreneurial training, aiming to license estheticians and shape beauty CEOs. Hayes stands on the shoulders of her family's entrepreneurial and leadership spirit, and her efforts have been recognised with the Small Business Support Hubs Grant from the Michigan Economic Development Corporation. Allen, who used $200,000 of her own money before securing this $2.8 million grant, is the only Black woman recipient among 27 grantees statewide.
Allen's nonprofit, Operations School (OSchool), has helped 2,000 entrepreneurs and nonprofit leaders with legal registration, operations, and marketing. Her dedication to supporting Black women entrepreneurs is evident in her work, as she seeks to create a more equitable business landscape in Detroit and beyond.
Ebony Cochran's journey started blocks away from the Detroit Wealth Club, where she became the first Black woman to own a Little Caesars Pizza franchise in Michigan. Her success story serves as an inspiration to many, demonstrating that with the right resources and support, Black women can break barriers and achieve greatness.
In conclusion, the business school founded by Allen, Cochran, and Hayes represents a significant step towards closing the racial wealth gap by supporting Black female entrepreneurs through education and empowerment. Their efforts are part of a broader movement to create economic equity and support for Black business owners, and they serve as a beacon of hope for future generations of Black women entrepreneurs in Detroit and beyond.
[1] Source: Detroit Free Press, "Detroit Wealth Club aims to empower Black women entrepreneurs," 15 June 2021. [3] Source: Crain's Detroit Business, "Detroit Wealth Club opens to help Black women entrepreneurs," 15 June 2021.
- The business school founded by Rachel Allen, Ebony Cochran, and Jessie Hayes in Detroit is aimed at empowering Black women, equipping them with the necessary skills, resources, and opportunities for success in business.
- Ebony Cochran, founder of the Detroit Wealth Club, views the movement as teaching entrepreneurship that results in ownership and freedom, offering tools for wealth generation through entrepreneurship, financial planning, credit literacy, and real estate ownership.
- Jessie Hayes's institute, The Hayes Institute of Esthetics & Entrepreneurship, focuses on multicultural skincare and ownership in the beauty industry, offering specialized training and aiming to license estheticians and shape beauty CEOs.
- Rachel Allen's nonprofit, Operations School (OSchool), has supported over 2,000 entrepreneurs and nonprofit leaders, focusing on legal registration, operations, and marketing, with Allen's dedication being evident in her pursuit of a more equitable business landscape for Black women entrepreneurs.
