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Overview
In today's challenging economic market, one might think starting a new business is not a good idea; however, many small businesses are often started because someone got laid off and can't find another job right away. Top minority women who once served as CEOs, managers and executives are finding that starting a small business is not only wise, but also necessary to fulfill one's life mission and make a decent living. The great thing is that for minority women, especially, many great programs and grants are available to get a small business off the ground.
Do Your Research
A good first step is to find out from the Small Business Administration what sorts of programs, education, training and grants are available. Having minority status will qualify you for a variety of funding and opportunities. Small business loans are also available to minority businesses through banks, credit unions and the Small Business Administration. Financial institutions often want to meet a quota, which includes giving loans to qualified minority women with a good business track record.
Reaching the Corporate World
Another reason why minority women should start small businesses is because of the markets they can reach. Many large corporations need to find qualified, experienced minority businesses that are dependable and can offer a variety of products and services. Besides the fact that many do this to meet regulations, many corporations find that minority business are often more loyal and flexible in meeting their needs. The corporations appreciate the diversity that minority-owned businesses bring to the workforce show their appreciation through additional work, interaction, profits and referrals.
Reaching the Minority Segment
A third reason why minority women should start small businesses is because they have a better chance to reach the minority business segment and minority residential population. Some minority business owners feel more comfortable working with other minorities or giving minority women new opportunities. The minority residential population often feels it's easier to trust minority women in small business more than a large corporation, where no personal contact can be made.
Living the Dream and Being a Role Model
One of the best reasons why minority women should start small businesses is because it fulfills a personal dream, while fulfilling a much-needed niche. No matter what you decide to do as a business, you are making an imprint in the business world with your initiative and confidence. You are also becoming a role model for other young minority women. By blazing a trail into the business world with your new endeavors, you are creating new opportunities for future generations to come.
Choosing a Business
If you know you want to start a small business but are not sure exactly what you want to do, a good way to get started is to look at your personal experience. Assess your skills, talents, past experience, hobbies and education. If you're still not sure, ask yourself these questions: If I could do any sort of work, what would it be? What are my passions? Is there a cause, movement or type of service that I firmly believe would make a difference?
Getting Additional Training and Education
After you've evaluated your dream in comparison to your experience or education, you will probably realize you need some training before starting a new business. If you have been laid off, be sure to check with your state employment division, as they offer free educational classes and training to help you. This is one way to take advantage of some free education. Look for free training given by the SBA for minority women. Also check with universities for continued education programs that might be right up your alley in terms of your new business endeavor.
Creating a Business Plan and Moving Forward
Now it's time to get to the nitty gritty of starting a business. Here is where your business plan comes in. It is a very important step in helping minority women focus in on their new venture. The business plan serves to organize, plan and implement your business. The SBA has classes and training materials to help you create a business plan. There are also programs you can download that provide business plan templates. With a business plan in hand, you can approach lending institutions for money as well as the government for grants. After you've created your business plan and have obtained funding, now you can proceed forward from A to Z in business implementation and execution.
