It’s no secret that the COVD-19 pandemic has severely impacted the business sector. However, businesses owned by minorities may find it more difficult to work their way towards recovery. A US Chamber of Commerce post on the pandemic’s effect on minority-owned businesses highlights how there’s a larger concentration of minority-owned businesses in industries that are more vulnerable to the disruption brought by the pandemic. For this reason, minority business owners should be more proactive in steering their establishments toward recovery and success.
Minority businesses can quickly rise above during these distressing times by making the most out of networking. Here, we outline how minority businesses can network their way out of any crisis.
Find a Community on Online Networking Platforms
The global health crisis has made it even more difficult for minority businesses to create authentic connections due to the lack of in-person conferences and events. To overcome this, minority business owners should explore available online networking platforms to find communities that can help them thrive. The HubSpot Community, for one, has plenty of features that enable professionals and business owners to easily connect with each other. With over a 100 thousand members, you can find communities that have conversations on topics such as marketing, business, finance, and entrepreneurship. Melanence is another platform where you can find other minority business owners. On this platform, you will be matched with other entrepreneurs and leaders of color who are also trying to build connections in relevant industries.
Learn How to Maximize Your Network
In order for a networking venture to be successful, minority businesses should maximize their network and learn how to better present themselves. By being more mindful when it comes to building your business image, your attempts at networking with valuable experts and other business leaders will be more fruitful. To do this, you should start by learning how to present your business. Be clear with what you do, outline your goals, and remain focused on what you want out of your networking ventures. In addition, LHH’s guide to maximizing your network highlights how it’s important to keep your connections engaged by sharing relevant and insightful content — whether it’s the value of your skill set or your thoughts on the current state of the industry. Doing so can help you engage and impress people and institutions that can help your business.
Join Minority Organizations and Agencies
Minority business owners can also benefit from joining organizations and agencies that specifically cater to their niche and industry. In these groups, they can gain resources that can help empower them — from helpful financial grants to knowledgeable business mentors. For Black-owned businesses, they can approach organizations such as Backstage Capital and Founders First Capital Partners as these institutions have programs that are specifically tailored to Black entrepreneurs. Women-owned businesses have organizations such as Ladies America and Ladies Who Launch. By joining such organizations, minority business owners can gain access to beneficial resources and create connections with industry leaders and experts.
If you’re a minority business owner who wants to take your networking skills to the next level, be sure to heed the advice we’ve discussed above.