While minorities represent 30% of the U.S. population, they own merely 18% of U.S. businesses. This disparity highlights the persistent challenges faced by minority entrepreneurs in starting, financing, and sustaining their ventures, despite the increased emphasis on diversity in recent years.

Minority-owned businesses encounter higher loan rejection rates. However, there’s a growing support system emerging. This post will delve into eight tips and resources designed to empower minority businesses on their path to success.

Strategies for Minority-Owned Businesses

This blend of information and inspiration is designed for minority entrepreneurs. If you’re not a minority business owner, feel free to pass this along to someone who is!

1. Secure Minority-Owned Business (MBE) Certification

Becoming a certified Minority Business Enterprise (MBE) unlocks a treasure trove of advantages: access to client databases, expanded business partnership opportunities, enriching training and management workshops, valuable networking events, and much more. As per the US Chamber of Commerce, there are several paths to certification:

• NMSDC Certification: Offered by the National Minority Supplier Development Council. Visit this link for the certification process. Once your eligibility is confirmed, simply gather the required documents, complete the online application, submit the fee, and await final approval.

• Federal Certification: The SBA’s 8(a) Business Development Program is tailored for socially and economically disadvantaged individuals who are either running or planning to start their own businesses. This comprehensive nine-year program provides participants with benefits such as training, technical assistance, contract procurement support, and much more. You can find the eligibility criteria eligibility requirements and application process steps.
• State/City Certification: Certain regions and cities offer their own dedicated assistance programs for minority-owned businesses. To unearth opportunities in your vicinity, conduct a simple Google search.

2. Explore Grants and Loans for Minority Businesses

Starting and expanding a business can strain finances, but there are grants and loans specifically designed for small and minority-owned businesses. Each grant or loan comes with its own set of eligibility requirements, often based on factors like employee count and gross annual revenue. Consider using Forbes’ full list of small business grants for minorities here. If you meet the criteria, don’t hesitate to begin the application process. Remember, every bit counts!

3. Embrace Your Unique Minority Experience

This might sound a bit like a cliché (because it is!), but its significance can’t be overstated. Irrespective of your race, ethnicity, or sexual orientation, embrace your identity and weave it into the very fabric of pride and branding for your business. Rihanna exemplifies a minority business owner who consistently showcases her authentic Caribbean heritage and remains steadfast in her message of diversity and inclusion. You don’t need to be a celebrity to embrace your minority experience.

4. Expand Your Linguistic Horizons

While English is widely spoken in the U.S., the increasing globalization of our world makes linguistic diversity a surprisingly valuable asset. For instance, if you own a LatinX business, investing in English and Spanish translation services for your website and social media platforms can be incredibly beneficial. Not only does this broaden your audience reach, but it also demonstrates support for the minority community by making your brand more accessible. The key is to ensure that every piece of marketing material you create resonates with your target audience. After all, the ultimate goal is inclusivity, not exclusivity.

5. Connect with Minority Influencers on Social Media

Whether you’re seeking motivational quotes or practical advice, a wealth of minority entrepreneur influencers are ready to provide their daily dose of inspiration. From lifestyle influencer Nabela Noor to the founders of “The Glow Up,” Shannae Ingleton-Smith and Tania Cascilla, countless minority success stories offer valuable lessons. No matter your industry or specific goals, learning from others can often be the most effective way to navigate the complexities of business and achieve your desired success. Let your social media feed become a source of daily inspiration and motivation!

Susanne Mariga is a prime example of the many minority entrepreneur influencers who can inspire.

6. Build a Diverse Team

The beauty of an MBE lies in its ability to embrace diversity within its own ranks. Surrounding yourself with a team of hardworking, dedicated individuals from diverse backgrounds, ideologies, goals, and perspectives on diversity and inclusion can be incredibly enriching. This approach not only strengthens the minority community as a whole but also enhances your brand integrity.

7. Utilize Minority-Owned Labels and Badges

Platforms like Google Shopping, Instagram, and Facebook provide avenues for minority-owned businesses to self-identify. This makes it easier for socially conscious consumers to locate and support minority and Black-owned businesses.

When managing your online listings and profiles, explore options to designate your business as minority-owned. Here are some resources to help you get started:

• How to add diversity information to your Facebook Page
• How to identify as Black-Owned on Instagram
• How to share your business identity in Google Shopping

8. Celebrate National Heritage Months

Did you know that April is National Celebrate Diversity Month and November is Latin American Heritage Month? Identify the months and days that align with your identity and weave them into your seasonal marketing campaigns. Consider celebrating other groups as well to foster unity and strength within the broader minority community.

See more heritage months here

8. Tap into Minority Business Resources

A wealth of resources awaits minority business owners. Here are some valuable tools to consider:

• US Black Chambers, Inc: Through its training programs, seminars, and more, the US Black Chambers Inc. empowers Black entrepreneurs by providing them with the tools and knowledge to thrive. Don’t miss out on their free supportive resources!
• Black Business Association (BBA): The BBA actively organizes panels, events, seminars, and leadership activities designed to cultivate creativity and support Black business owners. Explore their website for valuable tools.
• United States Hispanic Chamber of Commerce (USHCC): With a focus on the LatinX community, the USHCC ensures that Hispanic business owners are equipped with the training, management skills, and leadership development necessary for success.
• First National Development Institute ((FNDI)): The FNDI supports Native American entrepreneurs through specialized programs, knowledge-based resources, and personalized assistance, contributing to a stronger Native American business community.
• Meda for BIPOC Entrepreneurs: Meda offers a comprehensive range of resources, from contract opportunities to business consulting, specifically designed to propel the success of BIPOC business owners.
• Minority Business Development Agency (MBDA): Through its initiatives, projects, and events, the MBDA provides community-based opportunities for minorities to enhance their business acumen. For even more resources, visit Funding Circle’s list of resources for minority-owned businesses.

Success Knows No Bounds

Being a minority entrepreneur is a badge of honor, one that should fill you with pride. While challenges are inevitable, a robust support system – from counseling and training to funding and partnerships – is there to guide you. Embrace your minority identity and showcase the extraordinary business achievements it enables. To all the minority business owners out there, keep pushing forward – your hard work is making a difference!