Minority Owned Businesses
Getting a minority-owned business certificate can tremendously help a business grow for a number of reasons. Depending upon the certification achieved, the business will generally be promoted by the certifying board through a directory. So members of the community and other certified minority business owners will have the ability to find the business, which helps with exposure. Many businesses which earn these certifications also prefer to work with other businesses which carry the same certification, meaning business-to-business exposure can grow overnight.
Additionally, some states and municipalities have requirements that 10%, 15%, or even 20% of all contracts be awarded to minority-owned businesses. So there is a clear competitive advantage there for any business in an industry which works with government contracts.
With that in mind, it is also important to understand what qualifies a business as minority-owned. Generally, minority groups are Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American. There are …