Minority-owned small businesses are almost certainly an important part of your community’s economy. According to the US Senate Committee on Small Business and Entrepreneurship, the United States has nearly 4 million minority-owned firms with $700 million in sales.
These enterprises accounted for half of the 2 million businesses founded in the United States over the last decade, and they created 4.7 million jobs. Look around—the success of these minority-owned small companies is likely the reason your city continues to develop.
As a consumer and as a company owner, you can support minority-owned enterprises. Take a look at these seven ways you can assist kids in their development
1. Purchase from them
Buying their goods and services is the simplest method to support a minority-owned business. You can opt to support a minority-owned business whether you’re shopping at a local coffee shop or hiring a florist for your wedding.
Supporting diverse communities strengthens neighbourhoods and advances the quest for equal prosperity. The money you spend here will not only assist to increase diversity, but it will also stay in your community and support local companies, increasing wealth.
2. Skip Services That Take Profits From Companies
When buying from minority-owned businesses, avoid using services like UberEats or Shipt, as this is a rule of thumb that applies to practically any small business. Instead, check to see if they have a local delivery service or pick up the items personally.
National businesses like DoorDash can take up to 30% of each order’s profit, implying that your assistance may not go as far as you had hoped. Purchasing locally also entails the use of shipping or delivery services.
3. Promote their products in your company
Look for ways to hire minority-owned businesses and market their products if you work with a variety of vendors to keep your firm solvent. A breakfast restaurant, for example, might serve coffee from a minority-owned roaster or pastries from a minority-owned baker. This relationship promotes their business, expands your selection, and increases wealth for both of you.
4. Write reviews for minority-owned businesses on the internet.
One of the finest ways to help a locally run minority-owned business is to provide feedback in the form of internet reviews.
Leave a nice review on Google, Yelp, Facebook, or other review sites if you had a good experience. If you have photos, please share them. This act may appear insignificant, but it can help them enhance their internet presence and develop their business—and it won’t cost you anything other than a few minutes of your time.
5. Work with the Chamber of Commerce to support a minority-owned business.
There are about 2.6 million Black-owned firms in the United States, according to the Minority Business Development Agency (part of the US Department of Commerce). They employ about 110,000 people.
96 per cent of Black-owned firms are sole proprietorships or partnerships with no employees, according to this figure. Because they can’t afford the costs associated with joining professional organizations or the local Chamber of Commerce, these small firms frequently miss out on networking opportunities.
Offer to support a minority-owned business if you are a member of any dues-paying organization. This funding allows these small company owners to sit at the same table as larger, wealthier groups in your community, reaping the same benefits.
6. Provide services on a sliding scale
Even though the value of your services as a business owner stays the same, not everyone can afford to pay for them. For nonprofits and minority-owned businesses, certain service providers, such as accountants, marketers, and web designers, offer a “pay what you can” scheme.
Minority-owned businesses can greatly benefit from this flexibility. Many small business owners, for example, take up accounting and tax-related responsibilities. They may be more profitable if they had better bookkeeping or were able to take advantage of additional tax breaks. Making your accounting services available in these situations could relieve the owner’s financial stress and allow them to concentrate on building their company.
Offering a sliding rate for your services can assist you to support minority-owned businesses who require your services but cannot afford them right now.
7. Encourage diversity throughout the workforce
It may not occur to you, but embracing diversity in the workplace can assist you in supporting minority-owned businesses in your community. Your diverse workforce can help others in the community and promote minority-owned businesses that aren’t currently on your radar. A diverse workplace can also benefit your business: when your team members come from different backgrounds, you receive new perspectives and ideas.
That said, you should never expect your employees of colour to act as ambassadors for their communities or place all of the responsibility for explaining race-related issues on their shoulders. That would be an unjust request—and a burden your white teammates would never have to bear.
In other to promote minority-owned businesses, you don’t need a major business in your town or community. You can promote hard employees and great brands in your area simply by being aware of where you spend your money and who you support through their online platforms or physical shops or offices.