También puedes leer este artículo en español, 5 Consejos para Tener Éxito en los Negocios.

Starting a business can be costly, not to mention the element of risk that comes with every startup. But there are steps your business can take that improve chances for success.

Esperanza Massana-Crane is director of Minority and Women-Owned Business Enterprise at the Arkansas Economic Development Commission (AEDC). Miguel Lopez is senior vice president and minority outreach officer at Encore Bank. The two share tips for navigating and thriving in today’s business world.

1. Sourcing capital is key

A question that Massana-Crane hears from minority-owned business leaders is how they can obtain capital to start or grow their business.

The AEDC’s Minority Loan Mobilization Guaranty Program helps Arkansas state-certified minority- and women-owned businesses with loan guarantees from $10,000 to $100,000 with a guarantee up to 90%. The program is on hold because of internal restructuring, but Massana-Crane says it will resume.

Lopez says the program functions as a Small Business Association 7a loan, except it’s guaranteed by the AEDC instead of the federal reserve.

“They’ve got a couple of products that are super effective,” Lopez says.

2. Networking really is that important

The AEDC offers popular networking opportunities that connect businesses within the state through industry and trade associations, business after-hour events, conferences, matchmaking events and LinkedIn groups.

“We want to make sure we increase the networking and education opportunities for the audiences we serve and connect the businesses we serve with available resources at the Arkansas Economic Development Commission,” Massana-Crane says, “and with other agencies and organizations that are working to add value to small businesses and entrepreneurs.”

3. Hire the right people for the job

No matter what kind of business you’re in, hiring the right person is essential.

“In my opinion, hiring people with high levels of common sense, integrity, initiative and passion will create an environment of trust and empowerment, which will allow everybody to ultimately benefit from personal and business growth,” Massana-Crane says.

4. Certify your business

Though it’s not a requirement, certified minority business enterprises (CMBE) enjoy several benefits such as notification of opportunities to conduct business with state agencies, notification of training events, workshops, networking events and educational opportunities and an issuance of an official CMBE certificate.

“Certified businesses are listed in the state’s official online directory as MWOBE and receive increased opportunity to sell products and services to the State of Arkansas, thereby helping them grow,” Massana-Crane says.

5. Know that help is out there

A variety of federal and state-led programs are at your disposal to help you launch and grow your business. The AEDC’s Minority and Women-Owned Business Enterprise division can connect you with organizations that can show you how to write a business plan, obtain financing, register your business and more. The division also sponsors and supports business workshops for entrepreneurs throughout the year."