As an aspiring entrepreneur, starting an LGBTQ-friendly business benefits you financially — and it makes your local community more inclusive of others who identify as lesbian, gay, bisexual, transgender, or queer. LGBTQ employees often face stigma and discrimination in the workplace — preventing them from opening up and sharing details about their personal lives — but queer entrepreneurs can help to change that.
To put your LGBTQ-friendly business plans into action, use this quick guide from ILoveGay.net.
Start By Choosing an LGBTQ-Friendly Business Idea
Ideally, the business idea you pursue will align with your skills and passions, but also be profitable. Take the time to research potential business ideas; evaluate your customers, target audience, and competition; and join an organization for LGBTQ entrepreneurs. A few examples of these organizations include the National Gay & Lesbian Chamber of Commerce (NGLCC), LGBTQ Entrepreneurs Facebook community, Lesbians Who Tech, and Open for Business.
Turn Your Business Idea Into Action
After choosing a business idea and connecting with other LGBTQ entrepreneurs, you may be ready to put your idea into action. This process typically includes the following:
- Writing a business plan
- Choosing a business structure (e.g. limited liability company, corporation, partnership, or sole proprietorship)
- Obtaining an Employer Identification Number (EIN)
- Opening a separate bank account for your business
- Looking for funding (many funding sources are available to LGBTQ entrepreneurs)
- Choosing a location for your business (will you work from home or in the community?)
In addition to completing these startup tasks when preparing to launch your business, be sure to keep a few LGBTQ marketing and advertising best practices in mind. Remember to remain inclusive, diverse, and sensitive to the needs of other LGBTQ community members when promoting your business.
Engage in Your Local Community
Once you’ve launched your business, it’s important to engage in your local community as much as possible. This helps to increase brand awareness, build respect and reputation, and create a more inclusive community online or in the community.
As a few ideas, you could partner with other local LGBTQ-owned businesses and advocacy organizations, participate in (or organize) queer-friendly events like fundraisers or Pride events, or donate a portion of your business proceeds to organizations such as The Trevor Project or Human Rights Campaign (HRC). You could also join your local Chamber of Commerce and attend conferences such as the GayDays Expo and NYC’s LGBTQIA+ Week.
Need More Time? Take Small Strides Toward Entrepreneurship
If you’re not quite ready for entrepreneurship, there are some smaller steps you can take to prepare for life as a business owner. These include:
- Becoming a freelancer. Freelancing is a great way to experiment with entrepreneurship, and you could even freelance on the side if you’re not quite ready to quit your day job. As a few examples, you could work as a freelance writer, graphic designer, web developer, bookkeeper, video editor, or digital marketer.
- Earning your MBA. Obtaining your Master of Business Administration (MBA) allows you to develop the business and leadership skills you’ll need to succeed as a future entrepreneur. Plus, accredited online programs make it possible to earn your degree while working and juggling other obligations in your personal and professional life.
- Making a financial plan. If your finances are holding you back from starting a business at this time, work on improving your financial situation and saving money for your startup.
The World Needs More LGBTQ Entrepreneurs
The world is becoming more inclusive, but we still have a long way to go. By launching your LGBTQ-friendly business, you’ll help to create a more inclusive society where all employees and customers feel safe, understood, and comfortable in their skin. No matter how big or small your business idea is, you can help to make the world a more inclusive place for all.
ILoveGay.net is an online space for members of the LGBTQ and their allies, bringing the social element to LGBTQ life worldwide. Visit ilovegay.net to find more articles on business, tech, health, politics, and more.