By Michelle Loredo
Being a small business owner is a challenge but being a minority small business owner intensifies the hurdles you have to go through.
According to the Transparent Collective, a non-profit that aims to help minority business owners be successful, only 1 percent of Black owners receive venture capital funding. From the total percent, only 8 percent of venture-funded businesses are women-owned.
We have put together a list of insights to help minority business owners build a strong identity for their small businesses.
What is Brand Identity?
Brand identity is your identifier in the marketplace and what you are offering to your clients. It encompasses your company’s mission, visuals and communication with customers. These items will help your business be recognizable to the public.
Your brand strategy should tell a story to your customers that will create a loyal customer base so you can see growth in profit and market placement. To be successful, you need to create and implement a strong brand strategy.
How Can You Build Your Brand?
An effective brand strategy needs to take into account these three factors:
A Discovery Process
Form the Business Identity and Visuals
In the discovery process, you need to figure out who is your audience is going to be. You can do this by running a market research campaign. People in different age groups will want and react differently to your business approach and you must have that clearly defined in your strategy. You need to be aware of the market you are joining and how you fit into the mix.
Here are some questions to keep in mind:
What is your brand’s vision?
What is your business’s mission?
What does your business stand for and what are the core values?
What can you do differently that competition cannot do?
How does your perspective as minority small business owner help you brand identity?
How will your business bridge the gaps for your future customers? What can your business do to help you community?
Who are you planning on serving?
What is the defining characteristic of customers you plan on serving?
What is your identity you are aiming for?
When you are forming your business identity and visuals, your business needs to stand out! Your branding needs to have a consistent color scheme, set typography and be recognizable to the public. For example, when you see the golden arches, you know that it is a McDonald’s restaurant. It must be eye-catching! Make your visuals appealing, avoid overwhelming customers, make your designs have cohesiveness and keep the consistency.
Once you have come up with what your audience looks like and have a plan moving forward, you need to put your plan in motion.
How Can the SBDC Network Help?
As a minority business owner, you will face many obstacles, but their professional help to guide you in your journey. The SBDC Network is here to help you bring a strong brand identity to your small business. We have business advisors and specialists that can help you with business planning, capital access, marketing and market research.
Our services are at no cost and we also have live and on-demand webinars to help you with your business needs.