Minority-owned businesses are on the rise. A 2019 Annual Business Survey revealed that approximately 18.3% of all U.S. businesses were minority-owned. This figure rose by 38% post-covid 19 when many people left their jobs to start their businesses.
Minority-owned businesses are succeeding because of a business ecosystem that allows them to thrive. But not all are successful. If you want to be successful, here are four secrets for success from minority business owners.
1. Master Your Craft
Being excellent at what you do is a sure way to break through the noise. Pursue perfection in everything you do. Strive to go the extra mile and stand out in your own way. You’ll need to work twice as hard and remain resilient to take your business far.
For instance, if you sell used phones, mastering your craft also involves staying up-to-date with the latest trends in the industry. Offering something like an iphone diagnostic test will help you stay on the cutting edge. This means keeping an eye on new releases, software updates, and market changes that could impact your business. It also means knowing your competition and finding ways to differentiate yourself and provide a unique value proposition to your customers.
2. Know Your Value Before Entering a Partnership
Don’t be in a hurry to partner with other businesses to expand your customer base. Take time and evaluate your strengths. Know what you intend to give and how you’ll benefit. Business partnerships should offer equal benefits to all parties involved.
Don’t give potential partners any room to form an opinion about you. Be quick to show what you’re bringing to the table and how they will benefit. Avoid working hard to seek their approval and simply show them what you can deliver.
3. Develop Your Network
Networking is essential for the success of any business. It makes a business get noticed, provides access to new opportunities, helps build your confidence, and grows your career status.
Statistics show businesses that network right have a customer closing rate of up to 40%. Minority business owners must have a network of entrepreneurs with who they can share resources, get referrals, and support each other during difficult times.
4. Delegate Tasks to Avoid Microaggressions
Hire based on competence and get more done professionally and within the shortest duration. Explore ways to tame racial discrimination and create an inclusive work environment where everyone gets an equal opportunity to grow. Having a diversified workforce is a smart business move as it strengthens brand integrity and draws customers from all ethnic divides.
To avoid microaggressions, challenge people’s discriminatory attitudes and behavior and not the people. Teach your employees that impact is what matters, not intent. Ask them to help you create an inclusive and positive work environment. Provide information to challenge biases and stereotypes whenever possible.Breaking through as a minority business owner is not going to be easy. You’ll face many obstacles such as a lack of access to funding and business opportunities. Set your goals, remain focused, and stay the course. Embrace the experience and do not let naysayers distract you. Also, get a mentor as they will be of great help to your entrepreneurship journey.