Minority Entrepreneurs are faced with unique challenges. Whether you have a new or existing business, the hurdles will continue. With the right strategy, you can have a positive impact on many areas in your business, and gain advantages in your market. With the proper resources, you can have the confidence to execute and achieve your goals.
Business Strategies of Minority Entrepreneurs
You need money to start and operate your business. Although access to financing has improved over the years, there can still be challenges. The great news for ethnic minority entrepreneurship is that there are organizations specifically focused on helping minority businesses access capital and resources. The Minority Business Development Agency is an agency that has helped many people. Grants are often an overlooked funding source. Grants can be available to new businesses as well as established companies.
Discriminatory practices can make it difficult. Minority Entrepreneurs face unique hurdles that cannot always be clearly defined. If you are a startup, knowing that you may meet additional challenges, but you can add buffer time and potential contingency plans. Your resiliency may be tested; staying focused on your plan will help you stay in command. Established businesses may also face challenges. Be the strong and professional person and grow your business despite any non-ideal circumstances. Each interaction will be different; build on the successes.
Certified Minority-Owned Business
You can give yourself an advantage. Many governmental agencies and large companies require that a certain percentage of their purchases come from minority-owned businesses. You can open yourself up to this market by becoming certified as minority-owned. If you become established in this market, it can lead to a great referral and reference base.
Spend Time on Your Business Growth
Business owners often think they have to do it all themselves. Don’t fall into that trap. If you want to grow your business, spend your time on the areas that will impact revenue growth. You can choose professionals to complete operational tasks such as: cleaning, payroll, bookkeeping, employee background checks and website management. Specialized professionals bring efficiencies to the job, which allows you to dedicate your time to the core business area.
Create a chart with your competitors listed. Identify what services they provide. Rank each one, including your own. Create plans to fill product or service gaps. You can be better than your competition.
Choose the Right Network
Networking should be a part of ethnic minority entrepreneurship. A common goal of networking is to gain contacts and business in an informal environment complimented by a structured format. Your networking plan should include the geographic area you service. Many local networking groups are specialized for minorities as well as business areas. Expand your networking to virtual groups. National networking sites, such as The Minority Business Network, can connect you with other professionals and minority-focused businesses. Take this opportunity to learn from your peers. The U.S. Black Chamber of Commerce is also a resource.
Minority business ownership can be challenging. It can take more of your time to achieve the goals you want. Fusion CPA is an organization that provides professional services, such as taxes, bookkeeping, and professional advisory. We have experience in multiple industries to provide financial services that are accurate, timely, and accessible.
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