it has been argued that the Phoenicians emerged as the primary traders in the Early Iron Age precisely because the preceding dominant naval powers (Myceneans and possibly Cypriots) had vanished, together with their Imperial overlords.
In the Bronze Age the "Phoenicians" (most authors call not them like this in that age, but does not matter much) were not a naval power, and were not founding colonies. ITTL, Crete might even be able to prevent them to rise to prominence, IF it survives the trouble with the Acheans that is pretty likely to come sooner or later.
If the Minoan retain naval dominance in the Eastern Med, they'd likely found something akin to colonies; however, IOTL Mediterranean colonization does not appear to have occurred before about 1000 AD at earliest, and mostly much later. There is a lot that could happen prior to that.
1000 AD? Carthage and Utica were found at least a 1000 years before 1000 AD. How exactly will the Minians dominate the Phoenicians whenever they will inevitably have to deal with Greeks/Mycenians? The Minoans are in a very difficult position. That is why I advocate them doing what the Phoenicians did and colonize thus strengthening their culture and language and giving them new outlets for trade. All in all though without it it is only a matter of time before Minoa is split on three sides by people with larger populations and bases on land.