Are you looking to start a business? Alan Alvarez, director of educational programs at the Miami Bayside Foundation, came to Miami High on January 19 as part of the Great American Teach-a-thon, to enlighten students on how it starts. The Miami Bayside Foundation works with minorities of all ages and provides many small business training courses in English and Spanish, loans, and scholarships to help aspiring individuals to take the leap of faith and become entrepreneurs.  

MBF, History

     The widely known Bayside Marketplace has not always been the great tourist attraction it is today. It was built in the 1980s in a very challenged area with constant police patrol and criminal activity. Fortunately, its founding was the genesis of the Miami Bayside Foundation, whose mission became to advance economic development in South Florida through the support of minority businesses and education.     

   Usually, about 75 interested business people apply for each of the Miami Bayside Foundation’s business courses, with Digital Marketing Training being the one with the highest number of applicants. Each year, the Miami Bayside Foundation graduates over 200 businesses from their training programs and provides loans to nearly 30 minority and women owned businesses in South Florida. 

In terms of marketing, is TikTok enough?

    MBF’s Digital Marketing Training prepares business owners to use digital resources to increase sales. In marketing, many believe that posting on social media is enough to promote your business; however, this is different. “It is all about being uniform with your brand,” says Mr. Alvarez, “and learning to reach your target market.” The Foundation also educates on how to use social media analytics to improve your business.   

“What if I do not have enough money?” 

    While providing free education to aspiring business owners is the main goal of the Miami Bayside Foundation (MBF), it also distributes loans to a small number of minority-owned businesses for them to grow. Applying for a loan at a mainstream bank may not be easy for these businesses as minorities in the city of Miami may not have the tools necessary to do so.  MBF offers the Small Business Loan program and the Black Business Loan Program.  In the last ten years, MBF has extended more than $12 million in loans that have helped create more than 500 jobs. 

    To qualify for a loan, the MBF must determine if a business can responsibly manage its finances. MBF requires a business plan that guides the company and keeps track of their money. Using a business plan, the foundation can determine business projections showing the ability to repay the loan. The correct licenses, insurance, and other business-related paperwork for owning a small business are also needed. 

Success rate? 

   “It’s not easy to start a business,” said Mr. Alvarez, “In fact, about 50% of businesses fail within the first year.”  However, when small businesses succeed, jobs are created, the local economy grows, and the community is strengthened, and that’s why the Miami Bayside Foundation provides free courses and mentoring to new businesses in Miami-Dade, Monroe, and Broward counties. 

   According to Mr. Alvarez, what they need is help understanding how to do payroll, what licenses to apply for, or how to create a business plan. The people who start their own businesses often don’t know much about the fundamentals, but they have a lot of self-confidence and resilience.