Women own 11.6 million businesses in the U.S. Minority women own 5.4 million businesses. Help your minority or woman-owned business succeed by taking advantage of available opportunities
New businesses fail at the alarming rate of 80% within the first 18 months. You can be part of the solution.
Read on for great opportunities for your minority-owned or woman-owned small business.
Taxes and Women-Owned Small Business
The tax code treats everyone the same regardless of gender or race. However, while we're all subject to the same tax laws, there are some pretty useful deductions and tax breaks out there for small business. But don't take our word for it. Get a good Certified Public Accountant (CPA).
Make sure your CPA is aware of the business tax laws and any possible deductions available to you.
The tax code is the same for everyone. But, the government has taken a few measures to help women-owned and minority-owned businesses. A set number of government contracts go to qualifying women-owned and minority-owned businesses.
The industries that qualify for government contracts follow industry codes (NAICS code). You must qualify as a Women-Owned Small Business (WOSB). Or, you are eligible as an Economically Disadvantaged Women-Owned Small Business (EDWOSB).
After meeting the guidelines, your company can compete for government contracts.
There are also federal government-sponsored loans and grants. Look at grants.gov and Access Financing - a government website. Check with your state governments as well.
There are private and non-profit companies that offer grants. Thinking about selling your product to Wal-Mart? The business has committed $40 billion to improve women's lives. If you've got a product that would be a good fit for them, now's the time to try.
Sometimes what you need for your business is a great investor. It's hard to start a business, and the capital isn't always available. Is your company a match for an outside investor? You won't know unless you look!
Women's Business Centers
The Small Business Administration (SBA) sponsors centers all over the country. Look for them at colleges and universities. They're known as SBDCs (Small Business Development Centers).
These centers offer one-on-one business consulting, and it's free. The advisors know about grants and other opportunities available. They'll also give you some general business coaching.
Economic Development Agencies
Search for your city's and state's economic development agencies. These agencies promote local economies. Sometimes they offer small business grants.
Even if your local agency doesn't offer grants, they might be able to tell you where to find one.
The government offers tax breaks to all business owners that make retirement fund contributions. Business owners and family members can contribute. You'll reduce your taxable income by adding to your retirement.
You can even contribute your earned income, which reduces your personal taxable compensation.
But again - don't take our word for it. Give your accountant a call. They know what's up.
There are grants, loans, and other opportunities for women-owned small business. There are also many available for minority business owners.
Look on the local and federal level for the many available programs. Take advantage of free business coaching and watch your business soar.
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