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Why Minority Women Should Start Small Businesses

Starting a small business is always a nerve-racking endeavor for any individual but there are numerous financial and educational resources available which can make the transition to small business owner a successful one. Some of these financial and educational programs are targeted specifically at minority women small business owners and can be invaluable when tackling such a monumental challenge. Government grants and federally subsidized low-interest loans in addition to training and other resources can make a world of difference when getting a small business off the ground.

There are numerous reasons why a minority woman should start a small business but the most readily apparent is that the federal government encourages such endeavors by way of the Small Business Administration or SBA. The SBA provides various education and training programs for everything from creating a business plan to handling paperwork and filing taxes. The SBA also supplements the training by putting its money where its mouth is in terms of grants and loans. It can sometimes be difficult for minority woman to be taken seriously and receive funding from local banks or other financial institutions. This is where the Small Business Administration can be an important resource by providing grants or low-interest loans. SBA resources can prove crucial in the success of a minority business and should be seriously considered as a viable first option.

Another reason why minority women should consider starting their own small businesses is that it can be a crucial factor in influencing the younger generation by showing them what opportunities are available in their lives. It is not uncommon for minority owned businesses to be more successful than chain stores when serving underprivileged or low income neighborhoods due to the relationships and bonds they form with the community. It is sometimes easier for local residents to trust minority women who own small businesses because they feel like they are working with someone who understands their particular needs.

Never before has there been a better time to turn a particular passion into a successful small business. Minority women who may have encountered various obstacles or roadblocks in large organizations or when seeking traditional funding or financing have better opportunities to take their valuable education and experience and become successful entrepreneurs. Additional resources may be available if you have been recently laid off or downsized by going to a local or state employment office. These agencies will also provide additional training and free classes particularly suited to minority women and small business creation.

The Internet is a particularly important resource for minority women looking to start a small business due to the plethora of information available and online training provided by various agencies. The SBA and local development centers will often provide sample templates for business plans and training for basic bookkeeping which can make the prospect of starting a small business less daunting. The key for minority women in starting successful small businesses is to ask lots of questions from many people so you can be as prepared as possible to tackle a lifelong dream. Federal, local and state governments as well as various nonprofit organizations have significant resources and hands-on training for all individuals and specifically minority women. Don't let a life-changing opportunity pass you by do to fear when there are many wonderful people and organizations who want to do everything they can to help minority women start successful small businesses.