As a minority-owned business means that you may face some challenges. Even if you have a great business plan, a mentor and focus, you may not realize that there are still biases in the world. Here are four tips to help you reach your goals.
Remember that Discrimination Exists
It’s an ugly truth that discrimination is alive and well in the United States. Whether it’s customers, investors or potential employees, you will have to deal with overt and covert discrimination. Of course, it’s not fair, and in some cases, even illegal. Just know that you may have to find additional resources to break through the barriers.
Network With Other Business Owners
Join the Chamber of Commerce in your town. Find a professional network to talk to other business owners in the same position as you. Use the SBA‘s SCORE resources to find a mentor. Peers provide perspective on some of the challenges you face. And can give you support while you deal with them.
Know That There Are Disparities in Financing Options
A minority-owned business is less likely to get a loan than similar non-minority companies. Many minorities fear rejection and don’t even apply for loans. As a minority business, you may even have to pay a higher interest rate. Don’t let this discourage you. Apply for financing and compare offers to get the best deal for you.
The SBA Knows That Minority-Owned Businesses Need Access to Resources
The Small Business Administration has multiple programs to help your business succeed. You may find federal and local grants that support underserved communities. You can find resources in your community that will help you become a business owner. Let us help you find funding options and grow your network.
Contact Avery James for information about alternative financing. We want to partner with you for success.