Business is business, whether it’s large or small, mom and pop or large chained, successful or struggling or brand new or closing shop there’s always gonna be places where people go to shop and spend their money, depending on what they’re buying or whether or not that the place they are going to is either worth it. But the one thing about businesses is what kind and who runs them. Let’s say for example that there are two types that are selling the same product,one white, one minority (whether African-American, Hispanic or Asian) and one of them is trying to get the sale. Now everyone competes but there can only be one beneficiary who gets the money while everyone else loses out.
Five times out of ten the majority business (the white ones that had the most money) at most times have the most to gain while minority businesses fell behind in the economic gaining race and couldn’t compete and either had to be pressured out or closed altogether. There are some reasons why some businesses, mostly minority had such hard time getting earnings the profits they feel they deserved.
Limited opportunity for skill development, trying (but sometimes failing) to grow a customer base, and businesses are in areas that are stricken by poverty are some of the reasons why most businesses owned by minorities fail or are forced to shut down. Trying to “keep up with the Joneses” when it came to competing with larger businesses was at times very exhausting and time plus money consuming with no end in sight and even if there was some sort of success it was short-lived, if by luck.
The important question is how CAN a small business, especially a minority-ran one, compete with a large business or any kind of corporation and go head to head with them equally and financially? Here’s how: First, establish a solid digital presence for the small business, test out the marketing trends to see which one works, build the business’s reputation, deliver the best customer service it possibly can, make improvements that will be worth it and most importantly, step up the business’s design because in the end minority companies will definitely come out on top not just business-wise but more monetarily efficient.