5 Tips for Growing a Minority-Owned Business

By Jul 28 , 20100 Comments

When it comes to expanding your business globally, minority-owned firms have a natural competitive advantage-and a new initiative may further improve their chances at success.

The minority business community has a great advantage in the global market-due in large part to language capabilities, cultural compatibility, ancestral ties and business agility.

President Obama’s National Export Initiative (or NEI) calls for doubling U.S. exports within five years. Under the NEI, there will be more credit available for exporters, more government trade promotion and a sharper focus on knocking down the barriers that prevent U.S. companies from getting free and open access to foreign markets.

The goal of the initiative is to double exports and support several million new jobs over five years. In short, it is on track, and exports in the first four months of 2010 grew almost 17 percent from the same period last year.

The goal of the NEI is to increase the number of small, medium-sized and minority-owned firms exporting to more than one market by 50 percent over the next five years. The initiative also hopes to focus attention on exporting to emerging markets, and identifying market opportunities in fast-growing sectors such as environmental goods and services, renewable energy, health care and biotechnology.

More than 95 percent of the world’s consumers live outside the U.S. and one of the easiest ways to grow American minority-owned businesses is to sell products and services to people outside the border of the United States. To assist minority-owned firms in breaking into global markets, MBDA Business Centers work with a variety of partners to help create strategies for growth.

To help grow your export business, MBDA recommends you:

  • Look at industry trends and know your position within the domestic market prior to establishing an international business strategy.
  • Research the global market for your products and services.
  • Determine the effects of exporting on your current operations.
  • Outline what resources you will need to successfully execute your export strategy.
  • Familiarize yourself with various global distribution channels.

Contact an MBDA Business Center to assist you. There are more than 45 Centers nationwide.