Making the most of minority-owned businesses means fully utilizing resources designed for people of color and women-owned companies. You can gain valuable support from agencies set up to foster minority business development. Gain knowledge about minority business grants, community networks for minority entrepreneurs and inspirational stories about minority enterprises.

Take minority-owned businesses to a higher level by working with organizations established to support black-owned businesses, Asian-owned businesses and other companies led by both ethnic minorities and women. Expand your minority-owned business through the expertise and support of others.

1. Partner with former minority-owned executives for advice about business operations and financing.

2. Harness support from companies that empower minority-owned businesses through national networks and marketing.

3. Build minority-owned business with federal programs and private funding.

Action Steps
The best contacts and resources to help you get it done

Pair up with entrepreneurs experienced in business ownership or operating a minority-owned business

Join forces with executive-level volunteers who share their wisdom with aspiring business owners. Gain knowledge about management, marketing, financing and other issues to run a business successfully. Ask the tough questions and learn best practices that have brought the executives success.

I recommend: Study the comprehensive list of resources for minority-owned companies compiled by SCORE, a nonprofit organization that educates entrepreneurs through advice from retired executives and business owners. Read through strategies featured by the EthnicMajority.com, to learn about minority-owned business grants and other funding opportunities.

Reap the benefits of national networks and councils that facilitate minority business development

Work with organizations that team minority-owned companies with national businesses. Use these connections as opportunities to market your company's products or services. Become a member of a networking group to expand your business exposure and to meet others who might help you reach your goals.

I recommend: Contact the National Minority Supplier Development Council, Inc., a company that connects corporate America with minority-owned businesses through its national office in New York and through its regional offices across the country. Join The Minority Business Network, a community group that provides business-related information including marketing opportunities to enhance business development.

Leverage minority business grants and operational support from federal and private sources

Learn about government programs that help minority business owners start and grow their companies. Acquire funding information and resources for women and ethnic minorities trying to make their way in the business world.

I recommend: Access Business.gov to review federal resources in their guide for women-owned businesses. Communicate with Operation Hope, a nonprofit organization that disburses minority-owned business loans and tackles tough issues including financial enterprise and diversity.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Attend yearly conferences such as the National Minority Enterprise Development Week Conference, a federally funded conference that supports minority-owned companies and business enterprises. The conference strives to help minority-owned businesses create and keep jobs, grow local economies and help owners compete in a global marketplace.

There's a multibillion-dollar pie that comes from government and corporate contracts targeted to minority-owned businesses. A variety of federal, state and local government agencies offer minority business certification programs in an effort to help businesses qualify. Before going through certification, investigate:

1. Criteria to qualify
2. Documentation requirements
3. Consider whether it's worth it

Action Steps
The best contacts and resources to help you get it done

Decide if certification is for you

The process does take some time and effort, can cost up to $350, and periodic renewal fees may be required, which is why so many small businesses never take advantage of the opportunities brought by being designated a minority business. You should decide which certifications are the best for you.

I recommend: Find more on certification from the National Minority Business Council and the Women's Business Enterprise National Council.

Discover the Minority Business Development Agency (MBDA)

It's part of the U.S. Department of Commerce and it has a Web portal that can plug you into a vast pool of minority business development knowledge and opportunity.

I recommend: MBDA online tools are all free to use. The MBDA Community Exchange is a place where minority-owned businesses can meet online and exchange ideas and information by categories and topics.

Register with the MBDA's Phoenix Database

The MBDA Phoenix Database is a free online bid matching system that allows you to register your minority company. By using the Phoenix tools, you can locate and access contract opportunities and other information. You can also post opportunities and seek business partners.

I recommend: Register with the Phoenix Database at the MBDA Web site.

Know what counts for certification

Each certifying entity will have its own criteria. But generally, you will need proof that you exist as a small business and show that 51 percent of the business is owned, controlled and actively managed by minority group members.

I recommend: Plug into the federal certification process via the U.S. Small Business Administration. The online publication Ethnic Majority has information on state-sponsored and local programs, and for corporate supplier diversity programs.

Prepare your documents

Anticipate being asked about your business' history, legal and financial structure. You could be asked for customer and bank references, details about loan activity, financial statements, balance sheets, tax returns, professional or business licenses, real estate leases, a list of employees, your driver's license and more.

I recommend: For more on the certification process, review this information from Key Bank. The National Association for the Self Employed maintains a women's resource center with other valuable tips. Proper forms are available from the SBA.

Register your business wherever you can

Government programs aren't the only place to plug into potential contracts.

I recommend: DiversityBusiness.com maintains a directory of suppliers and serves as a kind of online matchmaking service between big corporate or government buyers and small business suppliers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The SBA's factors for evaluating 'potential for success' include the firm's financial capacity, ability to access credit and capital, and the technical and managerial expertise of the firm's managers.
• •  The SBA will want to see that you have been in business for at least two years, with income verified by income tax returns for each of the previous two years.
• •  The certification process may include a site visit from the certifying body, so be prepared.

Training for minority-owned businesses is essential to help develop companies run by women and people of color. Technical assistance, entrepreneurial support and capacity building are critical to sustain and grow companies owned by minorities. Additionally, education about accessing minority business grants and minority-owned business loans helps facilitate businesses' success.

Resources exist for minority-owned companies, such as black-owned businesses. Knowing where to find these assets is one way to obtain support. Other ways include investing in educational opportunities, applying for grants or loans and reading publications about minority business development.

1. Attend training programs aimed at entrepreneurs such as minority business owners.

2. Expand finances through grants and loans aimed at minority business development.

3. Study articles focused on improving management skills of minority-owned businesses.

Action Steps
The best contacts and resources to help you get it done

Pursue post-secondary education and other forms of training for minority-owned businesses

Explore curricula for courses on management, operations, finance, minority-run companies and other entrepreneurial disciplines. Look for programs with a history of successfully training individuals for business ownership. Inquire about online courses to attend classes virtually anywhere.

I recommend: Register for classes at SMU Cox School of Business. Sign up for their Master of Science in Entrepreneurship program. This 16-month curriculum offers weekend and evening courses. Maximize your business knowledge through training at Indiana University. Learn how to gain minority business certification and other resources to support minority-owned companies.

Review newsletters with information supporting minority-owned businesses

Read articles about the challenges and successes of individuals who operate a minority-owned business. Sign up for newsletters to receive regular updates on issues affecting management. Study periodicals designed for women and ethnic minority business owners.

I recommend: Peruse articles and archives at All Business to gain a current and historical perspective of education and training efforts for women, African Americans, Hispanics and other minority business owners. Learn how to finance your minority-owned business and access an array of other articles for operating a business at Entrepreneur.com.

Pinpoint funding sources for minority-owned business grants

Work with companies who provide grants for minority-owned businesses or who connect you with funding sources to apply for business loans or grants. Look for businesses that accommodate business owners through regional or local offices and through online support.

I recommend: Contact the Small Business Investment Company (SBIC), a program run by the U.S. Small Business Administration that supports small business owners who often operate minority-owned companies. The SBIC helps facilitate the flow of capital and loans to individuals who run small businesses. Communicate with the Minority Business Development Agency, a U.S. Department of Commerce program, for a comprehensive overview of financing issues related to minority and small business owners.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Use caution with companies that advertise free grant funds for minority business owners. These companies often ask consumers to buy products such as software or publications prior to giving information about free funds.

Minority-owned businesses are multiplying faster than any other kind of individual and joint business ventures in the United States today. Like any emerging market, minority-owned businesses encounter unique challenges, such as how to attract equity investors and how to find cost-effective advertising solutions. Whether you're starting a minority-owned business or you're contemplating an investment, you'll benefit from learning key facts and terms related to this dynamic new market.

Action Steps
The best contacts and resources to help you get it done

Angel Capital Electronic Network (ACE-Net)

Angel Capital Electronic Network (ACE-Net) is an organization formed in 1995 by the Federal government to help minority-owned businesses and other entrepreneurs find sources of funding.

I recommend: Active Capital provides a history of ACE-Net, and can help you decide whether you need this type of organization to help you attract investors to your business.

Angel investors

Angel Investors are individuals or groups who invest in minority-owned businesses and other new businesses that they believe have potential for growth.

I recommend: Check out Diverse Strategies for an explanation of why Angel investors are especially critical to new minority-owned businesses.

Minority Business Network

The Minority Business Network is an internet-based, independently run agency whose purpose is to help minority-owned businesses grow.

I recommend: Read the mission statement on the Minority Business Network website and find out the strategies used to advertise and promote minority-owned businesses.

Empowerment services

Empowerment services are various strategies used by minority business owners to create opportunities for investment in largely minority communities.

I recommend: Operation Hope identifies sources of empowerment services in minority communities.

Minority, Women and Disabled Participation Loan Program

Many states have created minority, women, and disabled participation loan programs that provide financial assistance and other personalized services to start up businesses owned by minorities.

I recommend: The Department of Commerce and Economic Opportunity of Illinois details a sample participation loan program available in many states. Find out if your business qualifies to participate in this loan program and how interest rates for these loans are calculated.

Capital Access Contract Loan Program

The Capital Access Contract Loan Program was created by the Federal Small Business Act so that businesses with fewer opportunities for equity investments can receive government grants to fund start-up costs.

I recommend: The Mississippi Development Authority provides more information on the Capital Access Contract Loan Program.