Title: How to Start a Minority-Owned Business - NerdWallet
Headings: How to Start a Minority-Owned Business
How to Start a Minority-Owned Business
How to start a minority-owned business in 5 steps
1. Choose your business idea.
2. Write your business plan.
3. Register your business.
4. Get certified as a minority-owned business.
Getting a minority-owned business certification
5. Find financing for your business.
How to start a minority woman-owned business
Certifications for minority woman-owned businesses
Resources for starting and managing your minority-owned business
Minority-owned business statistics
1. There are 8 million minority-owned businesses in the U.S.
2. Minority-owned businesses contribute $1.38 trillion in revenue and 7.2 million jobs to the economy.
3. Only 11% of minority-owned businesses have paid employees.
4. The combined total revenues of minority-owned businesses grew 35% over 5 years.
5. Over those same five years, the average revenue per minority-owned business decreased by 2%.
6. During the Great Recession, a net 2 million minority-owned businesses opened.
7. In a Census survey, 30% of BIPOC reported that they felt discouraged from seeking a loan.
The bottom line
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Content: Sally Lauckner Oct 22, 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Historically, BIPOC entrepreneurs have been underrepresented and underserved. This being said, however, minority-owned businesses are growing rapidly—in fact, according to Census Bureau data, the number of minority-owned businesses has doubled in the last decade. So, if you’re an entrepreneur of color looking to turn your dream into a reality, you might be wondering how to begin the process. In this guide, we’ll explain everything you need to know about how to start a minority-owned business, including how to actually get certified as a minority-owned business and how that certification can be beneficial to your operations. Plus, we’ll also explore some of the top resources for minority entrepreneurs that can help you along as you start and grow your business.