A Startup Resource for the Diversity Franchisee

Mar 6, 2018

While in the startup phase of any new business, minority entrepreneurs face a plethora of challenges transitioning from idea to execution. The hurdles vary in both range and height, from raising and securing capital investment to deciding whether to make your first hires to finding the right location from which to run your business.

Despite these challenges, minority entrepreneurs have and always will find ways to succeed. As a rapidly growing segment of small business owners, it is vital to the success of the overall category. Given that many of you reading this post are entrepreneurs in your own right, we’ve compiled a short list of resources that you may find useful on your journey to becoming a small business owner*.

1. Minority Business Development Agency (MBDA)

According to their website, the MBDA is an agency of the U.S. Department of Commerce that promotes the growth of minority-owned business through the mobilization and advancement of public and private sector programs, policy, and research.

What sets this organization apart is the extensive network of brick-and-mortar presence in areas with a high concentration of minorities. At these locations, entrepreneurs have access to local market experts who assist with various aspects of the startup process.

2. Fundera: Minority Business Small Loans (30 Top Options)

Securing capital is the greatest barrier to entry for minority entrepreneurs. While this topic could warrant an entire book of approaches and resources, we found this quick reference list to be a potentially useful start. The MBDA is included on this list as a financial resource; however, it also goes into a robust catalog of grants potentially available to minorities.

While we’re just scratching the surface of the overall small business owner experience we believe these resources will serve you well as you begin your journey.

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