In the last ten years, the presence of minority-owned businesses has grown by nearly 40%. In fact, there are now more benefits than ever if you’re looking to become officially recognized as a minority-owned business.
Read on for our top five minority-owned business benefits and incentives.
1. Better Access to Government Contracts
One of the top benefits is the access you get to government contracts that you may not have been selected for otherwise. Many state, local, and federal government entities require that a certain percentage of their funding goes to women and other minorities.
In addition to that, there are some government contracts specifically set aside for minority-owned businesses. By being officially certified, you’re greatly increasing your access to deals you may not have landed as a standard business.
2. Minority-Owned Business Benefits: Even More Contracts
In addition to government minority-owned business benefits, many Fortune 500 companies specifically aim to work with minority-owned businesses. By officially registering yourself, you may get selected for opportunities you may not have had otherwise.
Many private corporations, such as IBM, Marriott, and Microsoft, give preferential treatment to minority-owned businesses, helping you get ahead by offering exclusive contracts and other business deals. Once you’re registered, you might be surprised by how many new doors are opened for you.
3. Networking Opportunities
In today’s business climate, where more and more minority-owned businesses are entering the playing field, you’ve got a whole community of peers ready to support you and help you succeed.
Once you’re officially recognized as a minority-owned business, you might find that it opens up a ton of doors for you that may not otherwise have opened. For example, you could partner up with another minority-owned business and create a product collaboration that could help you both succeed.
4. Minority-Owned Business Benefits from the Minority Development Business Agency (MDBA)
Organized by the U.S. Department of Commerce, the Minority Development Business Agency (MDBA) is designed to aid minority-owned businesses and help them succeed. Once you’re a certified minority-owned business, there are a number of grants and loans that you can apply for to aid you in your business endeavors.
The MDBA also has centers throughout the U.S., where experts can help you create your business plan, apply for grants, and much more.
5. Marketing Opportunities
One of the major minority-owned business benefits is the potential to communicate your niche to your marketing audience. This can help you come up with the perfect brand positioning statement and marketing plan for your business.
Your culture can set your business apart from your competition. It has the potential to be a big part of your brand and how you communicate your values. By telling your unique story, you can create a better rapport with your audience through your advertising, and enjoy more success as a result.
Certify Your Minority-Owned Business Today
There are a ton of benefits to becoming officially recognized as a minority-owned business. By starting the process today, you can set your business up for success by gaining access to all the minority-owned business benefits available to you.
For more business advice, check out our other blog entries.
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