Do you know anyone who is involved in minority and women-owned businesses? If you don’t, there are a number of you that should. These businesses have the potential to be very successful. The reason for this is because they are usually owned by women and minorities. They are also usually run by and staffed by women.
There are a number of different types of minority and women-owned businesses, but two of the most popular ones are health care and financial services. While health care is typically what people think of when they imagine a business owned by minorities, financial services encompasses a much larger field. Some of the most common types of financial services that are certified by minorities or women are:
o Cash – Most importantly, certified cash-handlers can be of tremendous value to any business. They are valuable employees because they have many skills that can help your business succeed. Many of these types of minority-owned businesses are direct deposit businesses.
o Insurance – A great way to gain profits for your business while insuring your employees and providing great benefits to your customers, minority-owned insurance agents are also extremely beneficial. Some of the most common types of minority-owned insurance agents are auto insurance agents and life insurance agents. Because of the special needs that many minorities have, being a part of a minority group can mean providing special benefits like health insurance.
For Small Business Grants – Did you know that minority women can also apply for small business grants? This grant money comes from the minority and women-owned business development corporation. The purpose of this grant program is to stimulate the economy and help various minority groups within your community succeed. When applying for a women-owned grant you need to be very detailed about what you do, where you’re at, and how you would use the money to benefit the community. Be prepared to answer a lot of questions on this form.
In Small Business Development – Believe it or not, there are opportunities to start your own minority and women-owned businesses in your local area. You could develop a business that will sell food, clothing, or other minority related products. Another option would be to start an embroidery shop that provides quality custom designs. There are many options within the minority and women-owned businesses field. Use your imagination.
o Wholesale Clothing – Millions of people shop at wholesale clothing stores every day. You could become one of them by starting your own wholesale clothing business. You would be able to buy clothes at a much lower price and sell them for a higher profit than any other retail store. Many people are looking for unique and low cost items.
The main thing is to have an idea, put your heart into it, and then work towards creating a business plan to make it all happen. If you are feeling discouraged because you don’t know exactly what you want to do, you can always join a business development center to get advice and help. You will learn a lot in a development center. And, most importantly, you will meet some amazingly successful business owners who will become mentors to you and help you find your own success story.
For Moms – If you’re a stay at home mom or a stay at home dad, you might have a good idea on an idea for a business. Even if you never take that step, learning about the different business development opportunities available to moms can give you a good head start. You may even decide to take that first step and open up your own business after learning more about it. There are endless possibilities available to moms just like there are to minorities and women-owned businesses.
Minority and women-owned businesses face the same barriers as everyone else when it comes to making a business succeed. You have to have a good idea, dedication, work ethic, and strong leadership qualities. But, if you have all of these things, there’s no reason why you can’t have success in your own business.
Once you understand the differences between minority and women-owned businesses, then it’s easier to decide on a specific business or a line of business. There are many options out there that you can choose from. Just be sure that whatever you decide to do will give you the satisfaction that you will be successful at it and that you can do it well. The most important thing is to make sure that your business fits into the community and follows your passions.