Diverse-owned businesses play a significant role in the world’s economy. According to a few sources, the US Senate Committee on Small Business and Entrepreneurship claimed over 4 million diverse-owned businesses in the US, totaling $700 million. This figure, however, is increasing day by day, especially after the pandemic.
Over the last 12 years, these businesses accounted for 50% of the 2 million businesses started in the US. These businesses are vital for helping local communities flourish. When possible, we should always try to fund small companies. But it’s not always easy to figure out how or what the best ways to contribute toward diverse-owned business growth.
Today, we will tell you how to support minority-owned businesses. So please stick with us till the end!
The simplest way to support a minority-owned business is to purchase their goods and services. Whether you want to buy accessories or hire a florist for your wedding, you can choose to give your business to a diver-owned establishment.
Supporting communities of color build up diverse neighborhoods and advances the quest for equitable success. The wealth you spend here will not just help form diversity – it will also stay with local businesses, which promotes wealth within your community.
If you work with diverse vendors to keep your business afloat, look for ways to hire diverse-owned companies. Try to promote their products. For example, if your business sells apparel online of different brands on your platform, you can add a diverse-owned apparel brand. This partnership will advertise their business, grow your selection, and spread wealth across your businesses.
If you cannot support the diverse-owned business monetarily, you can help them by promoting their goods and services on social media. You can also suggest people buy from them with a positive experience of your own through classic word of mouth marketing.
Feedback in the form of virtual reviews is one of the best ways for you to support a locally run, diverse-owned business.
If you had a great experience after using their product and services, leave a positive review on Google and their social media page. You can also share photos if you have them. The act might seem small, but you can increase their visibility online. You may help grow their business – plus, it won’t cost you anything beyond a few minutes of your time.
According to the US Department of Commerce, there are almost 2.6 million Black-owned businesses in the US. About 110,000 of them have employees.
This static means that 96% of black-owned companies are individual entrepreneurs or partnerships without employees. These small enterprises often miss out on networking opportunities because they can’t afford the fees associated with joining professional organizations.
If you are tangled in any dues-based organization, offer to sponsor a diverse-owned business. This provision gives these business owners seats at the table to reap the same profits as a larger and wealthier organization in your area.
You may not realize it, but prioritizing mixed race in your office can help you support diverse-owned businesses in your area. Your diverse workers support others in the community and can promote other diverse-owned companies.
A diverse workplace can also benefit your business by gaining a fresh perspective and new ideas when team members come from different backgrounds.
You don’t need to have a large company in your town to support a diverse-owned firm. By simply being mindful of where you spend your money and who you invest, you can elevate hard workers and unique brands in your neighborhood.
If you want to support a diverse-owned business like Mixed Roots. You can help us by purchasing high-quality apparel and accessories from our online store.
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