If you run a minority-owned small business or work in a position where you help run one, then you probably find yourself looking for new ways to grow your small business. Some of the biggest corporations in the world were once small businesses. If they make the right decisions, the owners of small businesses can become more popular and more profitable than they ever thought possible. Growing your business can help you to open new locations, invest in new technologies, hire more employees, gain more customers, and create more revenue.
Apply for Grants and Low-Interest Loans
Special loans and grants for minority-owned small businesses exist. It is a good idea to apply for these grants and loans, especially if your business is fairly new. They can help you to fund employee pay, brick-and-mortar locations, and technology investments. Professional grant writers can help you to apply for grants. When applying for loans, always be sure to read the fine print and details. If the loan has a high interest rate or severe penalties, you may want to apply for a different loan instead.
Use Social Media to Advertise
Even before opening or launching your business, you can start to generate hype on social media platforms. Post countdowns and promotional posts and invite all of your friends to like pages associated with your new business. While Facebook, Instagram, and Twitter are the big three, Nextdoor is another excellent app for minority-owned business owners to advertise and network. What’s more, Nextdoor’s racism-education & prevention efforts aim to limit hate speech on the platform. This allows users to report discriminatory posts targeting minority-owned companies.
Use Crowdfunding Platforms
It’s essential to make sure that your new business is adequately funded so that you can maintain day-to-day operations adequately, even if you are not successful at first. One way to secure funding for a new business is to use crowdfunding platforms online. These platforms allow you to share your business plan on a special web page that also allows people to donate to your new business. You can even offer rewards to your supporters, based on the amount of funding that they donate. You can share your crowdfunding page on social media, with friends, with family, and even with strangers.
Network and Cross-Promote with Other Minority-Owned Businesses
Opening a minority-owned business is an extraordinary thing. Minority-owned small businesses create economic opportunities and encourage equality in communities. Networking and cross-promoting with other minority-owned companies can help you reach your target clientele quickly and easily. It can also help you foster authentic connections in the business world that will continue to benefit your business for years to come. For example, you may want to purchase advertising slots in a minority-owned magazine or newspaper to promote a new minority-owned business. Cross promotional opportunities and events can be a great way to save money on advertising also.
Use Celebrities and Influencers to Make an Impact
Even small businesses can use celebrities and influencers for advertising and making a statement. You may wish to provide free services or send free products out in exchange for social media posts. Find celebrities and influencers in the same niche as your business to gain as many customers from the collaboration as possible. Try to work with as many people of color as possible when finding collaboration opportunities. Micro-influencers can be helpful for small businesses just starting. They have fewer followers but still influence others in a valuable way.
Opening a new small business can be challenging. It can be incredibly difficult for minorities who might have to deal with generational poverty, institutional racism, or community judgment. These five tips can help any minority-owned small business grow slowly but surely. Following them will encourage financial success for your business, and an excellent reputation too.
Photo by Adeolu Eletu on Unsplash