About 50% of new businesses fail before their fifth year of operation according to the BLS. Sadly, the chance of short and long term success is even lower for minority and women owned businesses. Our goal on this website is to do everything possible to try to help Latino, Black, women, Asian, LGTBQ and other minority businesses succeed. To this end, we have tips and suggestions below. Learn abort everything from free mentoring services to free online tools, legal advice, website development tips and so much more.
This is an ongoing list of resources as well as tips. We will try to cover as many topics as possible, and will continue to add new tips, programs, suggestions, and information to it. Get information on everything from building out your social media and online platforms to information on raising capital as an MWBE or veteran owned business or mentoring/free tips.
Anyone who is considering starting a business and going down the path of being an entrepreneur will often have many questions. After all, there is the famous quote of “By failing to prepare you are preparing to fail.” The fact is the more research, planning, and preparation you do up front, the higher your chance of success. All of that can be done as part of formal planning, and find how to create a business plan. There is free small business help along with tips out there for females and minority owned businesses or startups.
There are a number of business books that women and minority entrepreneurs or small business owners can learn from. They touch on topics such as marketing, hiring with a focus on diversity, raising money, and planning. Some of the best business books, with life learning tips, have been put together by Asian Americans, minorities, people of color, women and even LGTBQ+ authors. Find details on the best business books for women and minority entrepreneurs.
One of the first things to decide is what business entity to use. As it impacts your legal rights, accounting, liability, and so much more. We have information on Limited Liability Companies, sole proprietorships, corporations, partnerships, and other entities. Read more, and learn the difference between Limited Liability Companies, corporations, and sole proprietorships.
Free business mentoring is available nationwide. There are a number of free non-profit organizations out there, ranging from the SBA to SCORE, local job centers, and more. Some of them, such as PCV, even focus on inner city or urban businesses as well as minority companies. There are also volunteers and groups that focus on helping women owned businesses. Read more on free business mentoring.
Minority and female owned businesses often face unique challenges. This ranges from unequal access to capital to marketing challenges, difficulties in getting customers to negative publicity, budgeting challenges and discrimination. There are a number of common small business mistakes that disadvantaged businesses may make due to the often unique challenges they may, including Black, Latino, Veteran, and female companies. We have a list of tips, suggestions, and other advice that may be able to help. Find how to avoid common business mistakes.
IDAs, or Individual Development Accounts, are both a financial as well as counseling resource for low to moderate income families that are seeking to start a business. The free program is a matched savings account which can in effect provide thousands of dollars to people to help them pay startup costs, and funding will always be allocated to minorities, black entrepreneurs, and females among others.. In addition to that free money, there is advice, tips, and other guidance from the lender or non-profit.
There are conditions that need to be met, such as the applicant needs to save some money, the applicant needs to be lower income, and the funds need to be used to pay for business costs. Regardless, it can be a great source of both (1) funding as well as (2) advice, counseling, and tips for any lower income individuals (including veterans, minority, or woman) who may want to start a company. Continue with IDA small business start up funds.
Small businesses or startup companies often need some legal support, which can be costly, in particular for minority and female owned businesses that usually have limited resources. There are simple, free steps to take to save money on legal bills. Everything from free non-profit firms or clinics to pre-paid legal type insurance plans, bulk rate plans and more. Find ways to save money on business legal expenses.
It is possible to get a free SEO review of your website from experts. Most, or all, small businesses as well as startups need to have an online presence. SEO is all about trying to increase where your website ranks in the various search engines, primarily in google which is the market leaders=. Experts can give Black owned businesses, Latinos, women owned companies and other small business owners free tips, suggestions, and even an in-depth review of your website or online store. Read more on how to get a free SEO review of your website.
There are many proven Instagram for small businesses tips as well. While there is “no magic formula” to implement to get more followers, leads, or interaction, there are some free or inexpensive things that minority and female owned businesses can do (over time) to help them hit their goals. Find a list of free pro tips for running an Instagram business.
Pinterest is an image and picture based social media platform used by almost one half of American households. In particular, it is a great, free tool for reaching women, including Black, Latinas, and others as a vast majority of Pinterest users are females. Find free tips for incorporating this social media platform in your business marketing and branding plans. Get more details on Pinterest marketing tips for women and minority businesses.
By Jon McNamara