7 Types of Businesses Owned by Minorities

Green Businesses

Green businesses manufacture and/or sell eco-friendly organic products in retail outlets. Environmentally-minded individuals explore opportunities in the green niche not just to gain from the environment, but also adopt green practices in their businesses when promoting their products.

Online Businesses

Online businesses are based on the internet. The platform provides minorities a lucrative way through which they can promote and sell their products and services.

 High Growth and Startup Businesses

Startup businesses are not just new companies merely starting off, but also technology-oriented firms with the potential to grow fast. Many startups experience financial problems because investors are always out looking for the highest ROI with minimal related risks.

Franchise Businesses

A franchise business is all about licensing methods and trademarks to independent companies or entrepreneurs without the risk of establishing a firm from scratch. Also known as chains, franchises can either be a trade or product name or business format franchising.

Home-Based Businesses

These are businesses run from home. Many businesses in the U.S, more than half all businesses, are home-based. The Ford Motor Company and Mary Kay Cosmetics began as home-based businesses.

Independent Contractors & Self Employment

Self-employed minorities run their own businesses. Independent contractors, on the other hand, are hired to do certain jobs and payment made only for the work done. They include freelancers, consultants and people who are self-employed.

Buying Existing Businesses

Minorities also run businesses they bought from their original owners.

Top 7 Benefits of Certified Minority-Owned Businesses

Certified minority-owned businesses enjoy the following benefits:

Easy Access to Contracts

Since the business world is highly competitive, landing contracts is almost impossible for minority business owners. However, with certifications, minority-businesses that would have not been able to get contracts can easily apply and get a contract of choice.

A Sense of Community

Certified minority-owned businesses gain access to a new network of contacts interested in their success. They have new opportunities through large corporations, other business owners and groups of employee resources making up the new network.

New Opportunities for Marketing

Certifications open up new marketing opportunities for minority business owners, especially if their businesses are based in areas where minorities stay. For instance, African American shoppers are more likely to buy from a shop in Texas certified as African American

Access to Better Business Opportunities

Certified minority-owned businesses have increased opportunities to RFPs. Unlike uncertified minority-owned businesses, those certified access better business opportunities provided by Government Agencies and large corporations.

Increased Access to Government Contracts

Certification qualifies minority-owned enterprises for government contracts at the state, local and even federal levels. A certain percentage of government contracts are usually allotted to women and minorities in business. In addition to being qualified for any given contract, a certification gives minority business owners an added advantage.

Business Differentiation

If your business is already a strong performer in a market segment or niche, certification as a minority business owner can help set apart your firm from the rest.

Being at the Forefront of Large Organizations

Just like government agencies, Fortune 500 companies also designate a certain percentage of their contracts to minority groups and business owners. Large corporations with a commitment to work with minority-owned enterprises are more likely to choose your company for a contract if it’s minority-owned and certified.

FMSDC. All Rights Reserved. 2017 - Legal Statements - Privacy Policy