5 Unique Opportunities Available to Minority-Owned Businesses
Businesses owned by minorities have unique resources available to them, giving underrepresented groups the opportunity to make the most of their entrepreneurial spirits. In order to be considered a minority-owned business, at least 51% of your workers and stock owners must belong to a racial, gender, or ability minority. If you qualify for this sort of business, take the time to consider the opportunities that are available to you.
Access to State and Federal Funds
Some state and federal funds are set aside to support minority business owners. There are many city-based assistance programs in every major city, but you can even find some in your local county. You can also get federal funding through the Small Business Administration, which has specialized programs such as the 8(a) Business Development Program to fund underserved groups. The SBA is all about providing increased opportunities for entrepreneurs, so look into the various programs available to you.
Support From Nonprofit Groups
There are many nonprofit groups that cater to minority-owned businesses, both on the local and national scale. The larger groups include SCORE and the Minority Chamber of Commerce, but you can find smaller affinity groups that have various resources depending on your industry. These types of groups can give you access to funding, networking, and growth opportunities.
More and more, customers are seeking out businesses that embody diversity and inclusion. If your business is a minority-owned business, you have an inherent allure to those types of customers. Being able to practice what you preach can essentially serve as a free marketing tactic, and you can plan future marketing strategies around your foundation as a minority-owned business.
Customers aren’t the only people looking for minority-owned companies. Corporations like to invest in disadvantaged entrepreneurs as part of a diversity program, so you might get the chance to be a highly sought-after business.
Whether you’re an experienced entrepreneur or new to the business world, you can always learn more about the industry. Luckily, for minority-owned businesses, there are extra resources at your disposal. The 8(a) Mentor-Protege Program, for example, gives such businesses unique access to training workshops and mentors that can help you make the most of your business. You could learn new technical terms, financial habits, and even network with other minority-owned companies. The more people you have available to support you, the more successful your business will be.