There are several steps to starting a minority woman owned business online from scratch. Starting this type of business provides a greater chance of securing lucrative business projects. Many state and federal agencies, as well as enterprise corporations, allocate a certain portion of their projects to certified minority and woman-owned businesses. As a minority female entrepreneur, take advantage of these projects as well as various funding, counseling, and small business networking programs only offered to minority and woman-owned businesses by starting one. Read on to discover how to start a minority woman owned business online from scratch.
Determine Business Idea
Determining a business idea is an imperative first step in starting a minority woman-owned business, since it drives the rest of the process. You likely have a basic business idea already, so refine it by researching existing companies with similar missions. This way, you determine if a unique product or service can be delivered, or if you can do the same things others are doing, but cheaper. Additionally, maximize the scope of your business by defining your reasons for starting the business well to ensure they serve the marketplace as a whole instead of your personal agenda. Surely, drive the rest of the creation process and define marketplace demand by creating a business idea.
Create A Business Plan
Second, create a business plan that covers various details of how your minority woman-owned business will run. Of course, your plans vary depending on your industry, so prepare for different scenarios by writing a few versions, such as one for building teams, or for pitching to investors. Generally, your business plan should detail your business’s value proposition, history, leadership team, locations, and how the business differentiates itself from competitors. Additionally, include pricing considerations, the business’s legal structure, key executives, customer acquisition/retention plans, and various financial projections for the next 3 years. Absolutely, provide frameworks and details of how your business will run by writing a business plan.
Legally Register Your Business
Third, legally register your business to avoid future legal issues and officially begin operations. The laws regarding this process vary greatly from state to state, but registering on day one of operation is generally recommended. This way, you protect yourself from various legal liabilities and lawsuits, as the business takes the blame instead of you personally. Additionally, maximize business efficiency by determining the best business model to register as for your specific needs. Certainly, mitigate legal liabilities and find a model best for your unique business needs by legally registering your business.
Receive Minority-Woman Owned Business Certification
The fourth step is to receive your official minority woman-owned business certification to open new and unique business opportunities. Do this online by registering at sam.gov, and waiting 24 hours before registering at certify.SBA.gov. You’ll need an employer identification number and a DUNS number. Both of these can be applied for online, but you’ll need to wait 30 days for your DUNS number. Once you have these, you’ll be granted an MPIN that is also necessary for sam.gov and certify.SBA.gov registration. Alternatively, the SBA approves four organizations as third party certfiers. They are the El Paso Hispanic Chamber of Commerce, National Women Business Owners Corporation, US Women’s Chamber of Commerce, and the Women’s Business Enterprise National Council (WBENC). Definitely, provide new growth opportunities by certifying your minority woman-owned business.
Grow Your Business Using Unique Support Options
Lastly, grow and fund your minority woman-owned business by harnessing the various support options unique to your certification. There are many programs that provide minority and woman-owned businesses with funding, professional development, mentorship, networking, and more. For example, drive network growth and address discriminatory challenges using a WBENC certification. Alternatively, grow your business with venture capital and increase your professional quality with professional development from the National Association of Woman Business Owners. Of course, provide numerous robust funding and professional development opportunities by taking advantage of your minority woman-owned business certification.
Starting a minority woman-owned business online from scratch can be done in a myriad of ways. For example, start with driving the rest of the creation process and defining marketplace demand by creating a business idea. Second, provide frameworks and details of how your business will run by writing a business plan. Third, mitigate legal liabilities and find a model best for your unique business needs by legally registering your business. Next, provide new growth opportunities by certifying your minority woman-owned business. Finally, offer numerous robust funding and professional development opportunities by taking advantage of your minority woman-owned business certification. When wondering how to start a minority woman-owned business, consider the steps described above.