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How to Use Your Woman or Minority Owned Business Status to Improve and Expand Your Company

Women and minority business owners make up 10 million of American businesses, but many opportunities to expand their business may not be taken advantage of. A great way to get started would be registering your business as woman-owned or minority-owned to make yourself official and available to these options. There are several organizations that will certify you and are worth getting involved with.

Many organizations, such as WBENC, National Association of Women Business Owners, or NMSDC, provide resources and events where you can showcase your company and expand your business. Meeting and working with other companies with a similar status expands the group and ensures the continuation of these programs. Within these organizations, there may also be grant prospects available. Researching and applying for these grants may provide opportunities for your business to grow, host an event (maybe sponsoring a non-profit organization), or to push revenue back into this network of industries.

Another avenue to explore is government projects. A certain percentage government organizations are required to reach out to woman or minority owned businesses for contracts and developments. This could be a way to secure clients or spread into a market you may not have considered before. This includes public (or even privately owned) educational institutions that may be looking to support your business for their school programs. It’s a win-win for both parties as they can showcase this unique sector of this business market while you can publicize your company.

If you consider yourself a woman or minority owned business you should realize there are numerous ways to project yourself as a strong, capable organization while still taking advantage of your status. Research groups where you qualify to join, then reach out to network and market yourself. Joining together makes the cause stronger and multiplies your chances of success.

Sources:

  • http://www.bloomberg.com/news/articles/2009-12-04/how-minority-owned-businesses-can-catch-a-breakbusinessweek-business-news-stock-market-and-financial-advice
  • http://smallbusiness.chron.com/apply-women-minority-owned-business-grants-5190.html
  • http://www.thehartford.com/business-playbook/in-depth/women-minority-owned-businesses-opportunities-disadvantaged
Terry

by Terry