According to the U.S. Census Bureau, the number of minority- and women-owned businesses is on the rise. There are now nearly 10 million women-owned firms in the country, which is a 2 million firm increase in the last five years. With minority-owned businesses also on the rise, they now make up over 8 percent of the firms in the country. What many people don’t realize is that for a minority- and women-owned business to succeed, they have to overcome some common challenges.
“Savvy Travelers is proud to be a certified minority-women owned enterprise,” explains Margarita Floris, co-founder and president of Savvy Travelers. “We have certainly overcome many challenges along the way, but we have learned from them, grown, and we are determined to let that work to our advantage, rather than for it to ever hold us back.”
While there are many challenges that minority- and women-owned businesses must overcome, here are five of the most common ones: