How to Set Up a Minority Business
Starting up small businesses allows you to become your own boss and sell your ideas and merchandise to the public. Starting a minority business is a challenging endeavor; however, help is available. Government and private agencies exist to help minority business men and women as they make their way in the business community. Creating a new business opens many doors for a minority and encourages others by setting an example of how to be successful.
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Instructions
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Contact the Minority Business Development Agency so that you can receive state resources that are available to minority business owners. The agency is designed to assist business owners in finding resources designed to help them. The headquarters of MBDA can direct you to the nearest regional office.
Minority Business Development Agency
1401 Constitution Avenue, N.W.
Washington, DC 20230
888-324-1551
mbda.gov
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Collect information on minority businesses at the U.S. Small Business Administration. This is a government agency that dedicates itself to businesses. It has programs designed to help teach small business owners how to run a successful business and it has offices all over the country.
US Small Business Administration
409 3rd Street, SW
Washington, DC 20416
800-827-5722
answerdesk@sba.gov
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Write a business plan for your minority-owned business. Write a business plan to determine what your business goals are and how you plan on achieving them. Having concrete business goals will give you focus and help you determine what the next steps to opening your businesses might be. Create a mission statement for your business describing the types of services that you will give.
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Research the area you would like to start a business in. Research the area that you plan on starting your business in and make sure that there is enough customer need for the product you plan on selling or for the type of business you plan on creating. Identify your target audience and how you will reach out to them.
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Select a business name and register it with goverment agencies. Select the type of business you wish to create and a business name. Register with the Internal Revenue Service and get a Employers Identification Number at IRS.gov. Register with the Social Security Administration at SSA.gov if you plan on hiring employees. This allows the federal government to keep track of your business and lets you pay taxes through your EIN number. Let the government knows that your business is a minority-owned business and the goverment may give you tax credits due to your minority-owned status.
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Register so that you can pay business taxes. Register the business with your Secretary of State and Department of Revenue. This allows you to become a recognized business entity in your state and lets you pay taxes at the state level. Reveal that you are a minority owned business. Many states have programs to help minority owned businesses.
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Find a location for your business and apply for funding via business loans and grants. This is where the Small Business Association and the Minority Business Development Agencies can also be helpful.
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Apply for state and federal business licenses if your new minority-owned company is required to do so. You can find out what type of licenses you may need at your state’s government website or at your town or county clerk’s office.
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Market your new minority-owned business. Advertise your new business on the Internet, in newspapers on the radio and via TV. Print out fliers and business cards and give them to people as they enter your business. Marketing is an important part of developing a business because it will draw customers to you.
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