Minority/Women Owned Businesses
Minority business owners face the same challenges as other entrepreneurs – developing a sound business plan, understanding the market and competition, and creating products and services that customers need. However, for many minority business owners, there are additional complexities, challenges … and opportunities.
Financing is certainly a key issue with entrepreneurs encountering higher interest rates, less available loans due to lower net worth, lack of collateral, credit history and possibly even job history. While resources can often be difficult to come by, there are local and federal funds available to give minority business owners a competitive advantage.
How We Serve Minority/Women Owned Businesses
As a successful minority-owned business, we know what it takes to get off the ground, identify opportunities, manage growth and expand services. We help start-ups and smaller organizations ramp up, identify a professional network, implement systems and processes, support financing initiatives, evaluate tax opportunities and put together financial reporting deliverables for banks and investors. It is critical to have a strong network of advisors, peers, colleagues, and other business owners is essential for entrepreneurs wanting to market, seek advice, and lean on others. Improving your financial profile is key by doing the following:
- Demonstrate profitable performance
- Assemble audited financial statements
- Reduce debt to present a positive net worth
- Hire a strong management team
- Show your competitive advantage in the industry
While minority business owners face very real challenges that non-minority owners do not, there are resources and opportunities available such as the U.S. Small Business Administration and Minority Business Development Agency.