25 Valuable Resources for Minority-Owned Small Businesses and Entrepreneurs
Welcome back to Small Business Straight Talk, a weekly newsletter covering small business topics and highlighting the best small business resources. I am the editor of CO— from the U.S. Chamber of Commerce. You can sign up for CO—’s newsletter here and follow us on LinkedIn here.
This week I’ve been thinking a lot about small business and entrepreneurship and its amazing power to create opportunity and access for everyone, but especially for the millions of minority entrepreneurs who have built successful businesses that have created jobs and given back to their communities.
With that in mind, this seems like the right time to put together a list of resources for minority business owners and those hoping to start their own businesses soon. (And no, this isn’t a crazy time to start your own business as this article in the New York Times points out.)
Get started
If you’re just starting out and looking for advice, mentorship and resources, consider these resources for assistance: SCORE, Minority Small Business Development Centers, Minority Business Development Agencies, and state offices for minority business enterprises. You can find a list of those here.
Get funded
It’s no secret that access to funding and investors is challenging for minority business owners. The good news is that investors are waking up to the vast potential of minority-owned businesses. This list of VC’s focusing on minority-owned businesses will inspire you to get your pitch ready. Inc. has also put together this article on funding sources for minority-owned businesses. There are also grants available to minority-owned businesses from a number of sources, including those listed here and here. There are also many minority small business loan programs — some backed by the SBA. You can find a list here. If your business is located in an economically distressed community, you may also be able to access funding from a Community Development Financial Institution (CDFI) Fund.
Get certified
There are advantages to being certified as a minority-owned business. For one, it will allow you to apply for both funding and government contracts specifically set aside for businesses like yours. You can get a number of certifications including those on this list. The application process can be onerous but there are companies and services that can help you get it done including SCORE, which will offer its services free of charge.
Get hiring
Data shows that all businesses benefit from hiring a diverse workforce. There are many reasons to hire a pool of workers who bring different backgrounds and unique perspectives to work. Minority-owned businesses likely already know this but knowing it doesn’t make it easy to attract a diverse and talented workforce. Luckily, you don’t have to rely on word of mouth to attract employees. There are lots of tech tools to help you use data to attract the right talent. You can find some reviews of the best ones here.
Get together
Networking is important for all business owners but especially for those struggling with issues specific to minority business ownership. Find a local group of business owners to join. You can connect with your local Chamber of Commerce. There are also a number of business organizations focused specifically on serving minority business owners. You can find a list here.
Get noticed
Promoting your business means using a combination of tools — including content, social media, advertising — to connect with your customers. This Black Enterprise article gives some good ideas on how to get started. Another great way to promote your business is to promote yourself as an expert in your area of expertise. There are lots of ways to do that including hosting online events and creating Youtube videos. You can also offer your services as an expert to be interviewed for articles — especially on CO— (the publication I run for the U.S. Chamber of Commerce). You can use this form to add yourself to our list of expert sources. We’d love to consider you as a source and feature you in one of our upcoming stories.
Lastly, help us recognize a successful minority-owned small business you know by nominating them (or yourself) for the U.S. Chamber’s Dream Big Awards. The deadline is June 19 for nominations and July 17 if you’d like to apply yourself. Winners, one of whom will receive a $25,000 prize, will be notified in August. The awards are open to all small businesses and there are categories for minority-owned, women-owned, and veteran-owned businesses, green businesses, and more.
Jeanette Mulvey is passionate advocate for small businesses and the Executive Director of Content for CO— from the U.S. Chamber of Commerce.
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