6 Tips for Minority-Owned Businesses

Research shows that nearly 30% of the US population comprises minority groups, yet only 18% of American companies are owned by them. This proves that even though discussions on diversity have been going on for a long time, minority-owned businesses still find it hard to get loans and stay afloat. Nevertheless, there is still hope. In this article, we will talk about 6 tips for minority-owned businesses can take advantage of to flourish.

An Official Certification for Minority-Owned Businesses

Official certification of MBE – a minority business enterprise can open many doors for you and may give you access to various advantageous resources like partnership opportunities, networking events, training and management workshops, client databases, and much more. The US Chamber of Commerce recommends the following three ways to acquire certification.

NMSDC Certification – It stands for the National Minority Supplier Development Council. Their certification process is straightforward. Once they verify your eligibility, you can gather the necessary documents, fill up the online application, pay the fee and wait for the approval. 

Federal Certification – Their Business Development Program caters to all those socially and economically disadvantaged people who either want to or already have established a business enterprise. It is a nine-year program where participants are trained, technically assisted, provided with contractual help, and much more.

State/city Certification – Many regions approve grants to assist minority-owned businesses. You can efficiently perform a Google search to find such opportunities in your city.

Apply For Minority-Owned Businesses Grants

If you wish to start your own business, you must have a steady funding source. Otherwise, it becomes challenging, especially during the initial days of your business. However, there are several grants and loans exclusively for minority businesses. Once you qualify for the initial eligibility criteria, you can go ahead with the application process.

Embrace Your Identity

You may belong to any race, ethnicity, or sexual orientation, but it is essential to acknowledge and embrace your identity. You can also incorporate your identity into the branding of your business. One of the prime examples of this is Rihanna. She is often found containing and celebrating her Caribbean roots in her work. She is not only an icon for embracing her minority status but also a champion of diversity and inclusion.

Expand Into Different Languages

While the US is comprised chiefly of English-speaking people, it may help your business if you are linguistically diverse. As the world is coming closer, people from various linguistic backgrounds are being targeted by large multinational corporations. This not only helps in expanding the audience but by supporting minority communities, you are making it easier for them to discover, know and access your business.

Follow Minority Influencers

If you are looking for inspirational quotes or practical tips, you can follow several minority business influencers. From the founders of The Glow Up, Shannae Ingleton-Smith and Tania Cascilla, to lifestyle guru Nabela Noor, there are several minority influencers who you can look up to. Irrespective of the industry you are involved in or the kind of goals you have, it is always wise to learn from others. You can learn from the success stories of other people to grow as a business owner.

Utilize the Business Resources Available for Minority-Owned Businesses

As a minority business owner, there are several resources out there that you can use. Here are a few of them.

US Black Chambers, Inc - They provide training programs, seminars, and other tools for educating and strengthening black entrepreneurs in their business pursuits.

Black Business Association (BBA) - the Black Business Association hosts several seminars, events, panels, and leadership activities to develop creativity and support among black business owners.

United States Hispanic Chamber of Commerce (USHCC) - Although this organization is created for the Latinx community, they make sure to equip the Hispanic business owners with training, management, and leadership to help them make their business successful.

First National Development Institute (FNDI) - This institute is created for Native American entrepreneurs and offers several programs, knowledge-based information, and personal assistance for strengthening the Native American business community.

Meda for BIPOC Entrepreneurs - Meda offers different kinds of resources for BIPOC (black, indigenous, and people of color) entrepreneurs like business consulting and contract opportunities which can help in taking their business forward.

Minority Business Development Agency (MBDA) - MBDA provides various community-based opportunities like projects, events, and initiatives to help individuals from minority groups strengthen their business skills.

Holding the title of a minority entrepreneur is unique and bound to make you feel proud of yourself. There may be challenges, but the support is also available in the form of counseling, training, funding, and partnerships. Hence you must embrace the minority identity with pride and prove your capabilities to the world.