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- May 17, 2023
Your Path to a Minority-Owned Business
Like any other, starting a minority-owned business is a challenge. And as a minority, you might face additional hurdles. But as hard as it can be, there is much more help available to you than there once was. For example, there are funds, grants, and loans set aside for minority business owners. So, here are a few tips to get you started on your path to your own company.
Partner with Reputable Services
There are many partners you need when you start a business. This doesn’t refer to business partners that work with you running the company. But instead, services that make your life so much easier. Even as a home-based business, you need these. These include payment services, such as payment processing with automated onboarding, to make signing up and verification simpler. But also logistics and shipping services, human resources, and fulfillment.
Get Certified as a Minority-Owned Business
According to the US Chamber of Commerce, there are over 12,000 certified black-owned businesses in the states. Becoming certified as a black or minority-owned business has numerous benefits. And one is that you have instant access to over 1,400 business connections. The National Minority Supplier Development Council (NMSDC) is the main organization you need to look up. And you need this if you are to apply for any benefits.
Apply for a Minority Loan
In the past, it was hard for minority business owners to get a loan because of systemic racism within the financial sector. And even then, you would be forced into unfair interests and terms. Today, the outlook is much more positive. And you can apply for a minority business loan such as Accompany Capital for refugees and immigrants. Or the Business Consortium Fund for NMSDC-certified companies. Which is one of the reasons you should consider certification.
See What Help is Available
Further to getting a business loan as a black person or minority, there are other opportunities available to help get you started. There are many business grants you can apply for depending on your business and your own personal history. Here are just a few examples you can try:
- The First Nation’s Development Institute for Native Americans.
- The Coalition to Back Black Business Fund for African Americans.
- Rebuild the Block is a grant for helping black business owners after COVID.
- The Asian Women Giving Circle helps Asian American Women start businesses.
- SoGal offers grants for African American non-binary business people.
It is wise to look into what’s available to you. Only a few years ago, it was much harder to start a successful minority business. Today, you can access funds for starting a business or supporting your business through hard times, something you may need during these trying times.
Check for Startup Programs
Having the will and passion for starting a business is an excellent starting point. But you may not have had the same educational opportunities as non-minorities. Or you could come from somewhere education is a privilege for the few. Fortunately, there are many programs you can access to help you on your way. Some of the best include 1863, which provides training and investment advice for minorities such as African Americans, immigrants, and LGBTQs.
Learn from Other Minority-Owned Business Owners
Training and education are great. But inspiration is much more powerful. And there are many inspirational stories in business. There are many minority business owners, just like you, that have started their own success stories. And there is no reason you can’t too. Some people of note include Nhon Ma of Numerade, Ronnie Kwesi Coleman of Meaningful Gigs, and Leel Bhatia Newman from DistrictlyLocal. Read, learn, and become inspired to succeed as yourself.
Stamp Your Cultural Identity on Your Company
Branding is a huge factor in modern business. And as a brand, you need to stand out from the competition. With today’s changing attitudes and much more support, you no longer need to worry about being ethnic in your approach to business branding. In fact, stamping your personal cultural identity in your brand can help you. You can embrace your personal identity, whether it’s black, Asian, or even sexual orientation, and use it to redefine branding in your chosen niche.
Summary
The time to start a minority-owned business is now. There is much more help available than just a few years ago. And the public is much more receptive. But first, make sure you partner with reliable services. Then get any help, such as grants and loans, and use your cultural identity.
