5 Ways to Benefit From MED Week
As cities across the country celebrate Minority Enterprise Development Week, some smaller cities still struggle to get local business owners involved in the weekly activities. Here are some of the benefits of attending local MED Week activities in your area.
- Gather information on new opportunities in your area
Most local governments have tons of programs in place geared towards increasing the economic influence of minority business owners. However, these programs and services aren’t always widely publicized. Attending a MED Week Event in your area may uncover new opportunities for your company such as product placement, funding, or relocation services.
- Network with like-minded business owners
There is a growing number of solopreneurs in today’s marketplace. While being a solopreneur may be a good fit for the business down the street, not every business is meant to run in this fashion. Finding others who share the same vision, and perhaps similar services can help expand your business and increase your bottom line. Attending networking events opens up the door for interaction with others that may spark new ideas or partnerships.
- Discover new services
Oftentimes we launch our businesses with an intention to share a certain product or service that we deem important. But as our business interests grow, and as the marketplace evolves, these goods and services may not be enough to keep your business sustainable. Implementing Add-ons such as new retail products or consultation opportunities may help keep your business afloat while you work on improving your original arsenal of services. You may also find that the questions you had about improving certain products may be answered with a completely new product.
- Inspiration and Motivation
Being an entrepreneur is definitely not for the faint of heart. There are ups and downs, and twists and turns that you probably didn’t expect to pop up during the journey. It is especially daunting when these twists and turns end up having a negative effect on your profit margin. When things get tough, it’s easy to think about throwing in the towel. Talking with other entrepreneurs with similar stories may help convince you to stay the course. Creating a support network that allows you to encourage one another may be just the thing you need to keep your business afloat and keep the doors open.
The growing number of entrepreneurs creates a vacuum in which businesses are often lost in the crowd. No matter what your product or service may be, you have to find a way to stand out amongst your competition. For every “new” business that pops up, there are ten or twelve other businesses offering the same exact services. Networking events allow you to engage in face to face interaction with others who may not even know your business existed. It also allows you to give your Elevator Pitch and show others why your business is superior to other similar businesses. Small Business and Chamber of Commerce events often offer free or discounted marketing opportunities for businesses to showcase their individual products or partner with other companies to offer new services. Taking advantage of these services can give you an opportunity for free marketing services that you didn’t know existed.
Minority Enterprise Development doesn’t have to end during MED Week. Engagement starts in your own community, and can thrive during even the smallest of settings. Seek out opportunities in your area, or create your own networking functions. Your local Chamber of Commerce or Economic Development Commission may even offer free space to hold your events if you are willing to partner with other local businesses. Visit your local agencies today to get started on taking advantage of these new opportunities.