• Peter Minkoff

5 Tips for Being a Successful LGBTQ Small Business Owner


Running a successful business isn’t easy. Did you know that over 70% of small businesses shut down within a year of being opened? This means that you’re lucky you can still call yourself a business owner. However, if you want to secure your success, you need to work on your strategy.


Even though you may think that LGBTQ businesses should be like any other, you’re partly wrong. They are an ideal ground for fighting against stigma and fighting for equal rights. On top of that, you should incorporate magnificent marketing and wise decisions that will give you the much-needed boost. So, how can you ensure success?


1. Pick the industry wisely

Choosing the industry in which you’ll develop your business depends entirely on your preferences. However, certain career paths are more associated with the LGBTQ community. Without having an intention to generalize, many people trust LGBTQ+ stylists, designers and beauty therapists more. That is due to the stereotype a lot of LGBTQ individuals adore makeup, design, fashion and more.


Therefore, you can use those stereotypes to your advantage. Such stereotypes can be used as a great marketing booster that will help your small business breakthrough in the industry. On the other hand, you can try to break the stereotypes by picking something completely opposite. After all, it all depends on your interests!


2. Utilize your strengths


One of the most important things when it comes to running a business in a modern world is being able to detect your strengths. Since society is trying to find countless ways to bring you down, especially because you're a part of a marginalized group, you need to find means of bringing yourself up!


Be realistic about your strengths. You can even ask your friends and family to help you detect your strongest features and use them when starting a business. Keep in mind that your weaknesses can be turned into strengths as well! So, change your point of view and try to get the most out of yourself.


3. Choose your weapon

Just like you have your own strengths, your business should have them too. For some, it may be well-thought-out marketing, for others fantastically done interior, while someone else may be offering a unique product or rare services. However, no matter what your business's basic strength is, you should use it as a base for marketing that will sweep your audience off their feet!


Check out marketing ideas for small LGBTQ businesses that will give you insight into how good marketing should look like. If you detect a weakness, you can ask for advice from your fellow LGBTQ friends who have a sense of aesthetic, technical knowledge or good connections.


4. Hire talented staff

Talented staff is essential for small businesses on a path towards success. They are a key component in branding and business reputation. Whether you have only one employee or around 20, you need to be able to communicate with them and give them inputs on how to improve their work. What else can you do?


The first step is usually hiring experts who can help you expand your business. After that, it’s all up to good communication and teamwork. You can find out more here about the importance of employee engagement and good connections. No matter the industry you operate in, having a platform where you can safely chat and share files with your employees is crucial.


5. Don’t forget about the social aspect

Since you’re a part of an LGBTQ+ community, you mustn't neglect the social aspect of your business. To succeed on the market and be a known part of the community, you need to acknowledge your LGBTQ peers and give them some credit. This is the ideal way of promoting the society and fighting for equal rights.


To be among the top LGBTQ owned businesses in your country or area, you need to be an active part of the community. This can be extremely beneficial to all LGBTQ folks from all over the world. Such activism can also spread awareness and fight the stigma most LGBTQ people face daily. So, be a part of the change!


Conclusion

Even though you can't be certain whether or not you'll succeed, these tips will help you be one step closer to your goal. As you're a valued member of the LGBTQ community, you need to help other folks succeed in their never-ending fight for equal rights. So, use your success to promote the importance of equality and help others reach their goals too.