Being your own boss, doing things at your own pace, and making money—these are the thrills of starting a business. Because of this, many people are planning their futures with the idea of setting up their own business. However, as good as it sounds, starting a business is risky. An idea that seems profitable may in actuality not earn you enough money to be profitable in business. Thus, business planning and market research are a must to help you determine whether your business will prosper or not. Aside from this, there’s also the problem of garnering enough money to start your business. If you don’t have savings to cover the needed money to put up your business, you have to loan from others or, better yet, appeal the government for a business grant. Getting your business its much needed money from the government is no piece of cake. You have to prove to them that your business is worthy of the investment.
If you’re planning to start a business and need help from the government, below are ways to find minority business grants:
- Local funds. You may not know it, but it’s possible to get help in starting your business from your own community. Some communities have local organizations and redevelopment organizations that offer loans to minorities to set them off in launching a profitable business. Examples of these groups are the Operation HOPE and the FAME Renaissance. Both groups are located in Southern California and have helped thousands of minorities start up their businesses. Even if you don’t live in Southern California, you might want to visit the Operation HOPE website to gain insight on successfully putting up a business and to know information about problems currently facing small business owners.
- Minority Business Development Agency. Aside from searching your community for business funding, you can also ask help from the Minority Business Development Agency (MBDA). The MBDA is a federal agency established by President Richard Nixon, which aims to help minorities start their businesses and make them prosper. Go the MBDA website (http://www.mbda.gov/) to get more information on how to get financial grant from them. Also, take the time to browse the website for tips on building a successful business.
- Minority organizations. Although you can’t get business grants directly from minority organizations, joining one will keep you up-to-date on business grants that are available to you. Minority organizations look after the welfare of minorities so you can never go wrong in asking help from them. Members of minority organizations can also give you tips on how to get your business grant appeal approved by the government. Some of organizations that you can look into are the Minority Builders Association, the Association of Black Women Entrepreneurs, and the National Indian Building Association.
Already started your business, but don’t know where to get your first
clients? When looking for clients, go to the National Minority Supply
and Diversity Council website (http://www.nmsdc.org/nmsdc/) for the list
of companies that are searching for business deals from minorities. You
can also join their list of certified minority suppliers to get
referrals from other companies. This is a sure fire way to help your