Take Advantage of Your Special Status

I woman I met inherited a spring and decided to start a bottled water company, selling bottled water to businesses in a large city. She couldn't compete on price, so she emphasized her water's great taste. She's not doing well...yet she is an African-American woman in an urban market that has substantial minority supplier goals for its government offices and local businesses. But she refuses to market her company as a minority-owned company! She wants people to buy it because it tastes good. Yet she could be helping dozens (hundreds?) of companies meet their minority supplier goals by becoming their exclusive bottled water supplier. Noble, perhaps, but wise?

I have always jumped on every potential advantage I might have. I am enrolled in an entrepreneurship program at a local university, so I am a student and I am entitled to a lot of student discount programs, such as half-price software. Most universities have libraries that are linked online to hundreds of other libraries, including the Library of Congress. I have obtained ALL of my market research reports from there--many of which would have cost thousands of dollars to purchase. My state and local government offer dozens of programs for women-owned companies, many of which I've used. My husband's company is in a designated "empowerment zone" which entitles him to tax advantages and all he has to do is fill out a form. I own a medical technology company, and my state offers loans for both technology companies and life science companies, and I've taken advantage of both programs.

Take a 360 degree view of your company and take advantage of all the services and programs that could help you. And keep an open mind about your true status! Building a business is hard work, and you could find the help you need by exploring these opportunties.