Making the Most of Minority-Owned Businesses

Elevate minority-owned business through associations, networks, federal programs and other useful resources

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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

• 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.

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