It’s a no-brainer; most minority-owned businesses are struggling in Palisades. The massive looting by protestors in mid-2020 agitating for justice in the murder case of George Floyd was a death knell to some minority-owned businesses. In some instances, demonstrators caused irreparable damage to business premises while others cleaned up stocks from store shelves.
The lootings further exacerbated a situation that was already bad courtesy of the Covid-19 containment measures. For various reasons, Covid-19 disproportionately affected minority-owned businesses.
But matters would go from bad to worse for business owners who decided to revamp their businesses. They had to take on the additional cost of safety upgrades in compliance with the “new normal” business environment.
Whereas some businesses appealed for donations from well-wishers to renovate and relaunch, others found refuge in minority-financing entities such as Camino Financial to bankroll their business recovery.
Minority-Owned Businesses In Palisades
Minorities, mainly consisting of Latinos, Blacks, and other people of color. run several businesses in Palisades. Their businesses range from coffee shops, hotels, restaurants, bookstores, fashion boutiques, to community gyms.
Ways We Can Support Minority-Owned Businesses in Palisades
Rebuilding businesses that were torn down by massive pilferage, fires, Covid-19, and a tattered image is no mean task. Several stores had damages that exceeded what they were insured for. Others are behind in servicing their debts hence ineligible for loans from conventional financing channels.
Here’s how you can help.
- Visit GoFundMe pages of minority-owned businesses in Palisades that are appealing for donations to revamp their operations. Reach out to struggling enterprises on these crowdfunding platforms and donate to help them recover,
- Volunteer to Rebuild. Mobilize friends and volunteer to rebuild these businesses with the skills that you possess. Such action can have an amazing impact.
- Deliberately purchasing from minority-owned businesses to boost their sales. Most of these businesses have a small capital base and are struggling to stay afloat. Additionally, market them online, especially social media, or by word-of-mouth referrals.
4 Ways Minority-Owned Business Owners Can Use to Revamp
Be MBE-Certified & Reach Out to Other Minority-Owned Businesses
Being certified as a Minority Business Enterprise (MBE) opens you up to numerous privileges. Through the National Minority Supplier Development Council, you can access training, consultation, and technology tools that will better your businesses. Moreover, you get privileged access to a rich supplier database and funding programs.
Create a strong network with other MBE’s in Palisades for support, best-practice adoption, and business cross-referencing opportunities. You’ll appreciate first-hand how others are making it in these tough times.
Make a Statement “You’re a Minority-Owned Business” as You Revamp Your Marketing
Today, some customers are interested in supporting minority-owned companies. Make it easy for them to locate you by integrating this information in your aggressive marketing strategies to rope in new customers.
Ensure your business is listed on Google-My-Business, and be sure to indicate on your profile that you run a minority-owned enterprise. Also, indicate on your store signage that you’re a minority-owned business.
Redesign your website, and optimize it for SEO to reach more customers. Make it known on the site you’re a minority-owned company.
Leverage on Available Funding Opportunities
Reach out for government-backed funding opportunities and grants that target minority-owned businesses.
Besides federal stimulus programs, there’s a host of funding initiatives from the private sector that aims to support minority-owned businesses.
Reach out to organizations such as Camino Financial that supports minority-owned businesses.
Additionally, explore popular crowdsourcing platforms such as GoFundMe, Kickstarter, IndieGogo, and so forth.
Get in touch with the Pacific Palisades Chamber of Commerce for a listing of local programs tailor-made for minority-owned businesses.
Covid-19 has had a huge impact on how customers access products and services. Diversify your services and modes of delivery to resonate with the rapidly changing customer preferences.
For instance, a restaurant that wasn’t keen on offering take-away services needs to consider adding that to their offering. Innovative thinking will provide a wider range of products to customers, and support more employees.
Reach out and support a minority-owned business today by buying, referring, or donating. Your simple gesture goes a long way in helping a struggling minority-owned business in Palisades rise again.