Business Tips For Latinas – Although the glass ceiling for women still exists, things are slowly but surely changing for the better. Society as a whole is speaking up more to support minority-owned and women-owned businesses. Another notable trend is women entrepreneurs making a conscious effort to support their fellow entrepreneurs, and there are many resources available for Hispanic women to help them on their entrepreneurial journeys.
Latin Americans are now the largest minority population in the United States, at 17%. Many areas of the country have much higher percentages of Latinos, and the “help yourself” mentality is very strong in the Hispanic community, especially with women.
Business Tips For Latinas
However, challenges abound, and getting more help along the way is a recipe for success. Here are four tips for Hispanic women on entrepreneurial paths.
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Poor money management often leads to business failures, and when starting a new business, money can seem to disappear very quickly. There are many types of entrepreneurs, and while the costs of starting a real business can range from zero dollars to hundreds of thousands, legalities exist for everyone, and those legalities often come with rigid pricing. Financing can help address these surprise costs, which are becoming increasingly easy to find for Latina women.
Wells Fargo is a household name with a commitment to supporting and empowering minority businesses, and they are also sought after for their connections to alternative financing and lenders if they cannot provide financing themselves. Kapor Capitol, Accion and Astia work extensively with minority business owners as well. Grants are even better than loans, and there are many for Latina women.
Latino women own nearly half of the businesses in the US, and learning from those who have blazed a path similar to the one you want to blaze is a great recipe for success, too. It could be some of these women
Busy to help directly, but good for them! Reading about these women and discussing them with other people like you can be just as beneficial as first-hand conversations. There is a lot of internet literature available about Hispanic women who have made names for themselves through their business endeavors and gone on to educate the next generation of entrepreneurs.
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Accountability as a business woman is essential to success, especially if you plan to employ other people. The hard truth is that as a woman it is more difficult to succeed in many sectors of the business world
As Hispanic Americans. Taking responsibility for your mistakes and correcting them immediately supports the team’s mindset going forward and also gives potential clients and colleagues the respect they may not have because you’re not a white male.
It’s even more important when other team members jump on board. It’s a long climb, and celebrating small victories is important for team motivation.
Facebook advertising was a multi-billion dollar industry last year, and other similar services offer opportunities to market your product. In addition to having your business pages on Instagram, Facebook, Twitter, etc., it is also worth looking into ways to market them.
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Other people, and once that opportunity with brand influencer marketing. Some social media influencers have billions of followers, and a post that says “I like this product” can open a lot of eyes to your company. Obviously, it’s more expensive with people who have more followers, but finding people who are popular in the niche your product or service is trying to reach can create a huge return on a relatively small investment.
It may sound cliché, but none of these tips will help you if you don’t fully believe in yourself. There has never been a better time to be a Hispanic woman doing business in the United States, and to take advantage of all the support available.
Andrew Deen has been an advisor to startups in nearly every industry from retail to medical devices and everything in between. He implements Lean methodology and is currently writing a book on growing businesses. Twitter @AndrewDeen14.4 Tips to Help Latino Business Owners Succeed By: Jenny Flores, Head of Philanthropy for Small Business Growth
As we celebrate Hispanic Heritage Month this year, it’s a good time to recognize the many contributions made by Hispanic small business owners. And there really are many. Wells Fargo was the lead sponsor of the Latino Donor Collaborative’s US Latino GDP Report, which tracks the growing influence of the Latino community within the US economy, and the results are incredibly promising. Latinos contributed $2.7 trillion to US GDP in 2021, equivalent to the seventh largest economy in the world, and are growing 57% faster than the US economy as a whole. From 2010 to 2019, US Latino GDP was the third fastest growing among the world’s 10 largest GDPs, placing the US economy in fourth place. Latinos also account for 68% of US labor market growth. These figures are largely due to Latino employers. In fact, as of 2019, Latina women owned 18% of all women-owned businesses
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These are significant numbers and show the impact that Latino business owners have on the country’s overall economy.
But as we all know, small business owners have continued to struggle to stay open in the wake of the pandemic and the ongoing ups and downs. While statistics on Latino-led businesses are sparse – Latino-owned businesses were twice as likely to close during the COVID-19 pandemic as their male counterparts (30% vs. 16%).
Having a good idea is NOT enough! Developing a business plan* is the first step for any business owner. An effective plan will help you prioritize how to spend your time and money and set measurable goals. It can also help identify current or future obstacles to better anticipate and avoid potential risks. For example, due to the impact of COVID-19, you may need to create more online offerings or improve your digital presence for your business. Some of you may have had to change relationships with supply chains and vendors or cut back on hiring. However, it’s time to review how you’ve adapted to your current situation, review which of those adaptations you want to build on in the future, and then document them in your plan.
Latinos are increasingly in an advantageous position to start their own businesses: they are younger, more highly educated: nearly 90% of Latino Post-Millennials are high school graduates. They are contributing to the labor force in greater numbers, buying more homes and rapidly closing the wealth gap. But the last year and a half has reinforced what we have always known: it takes a town. As women business owners continue to recover from the impact of the pandemic, and continue to build from survival to recovery and opportunity, connecting with mentors and other experts is one of the most powerful and powerful ways to exchange knowledge, share best practices, and learn from each other. . Wells Fargo recently partnered with the Nasdaq Entrepreneurial Center, where women entrepreneurs can get additional support through Milestone Mapping Coaching Circles*, a 12-week mentoring program to help them overcome key business challenges, develop a peer support network and connect with mentors to help Interested businesswomen can apply to participate, and once accepted, they will be placed in a circle.
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Many women don’t know where to turn for reliable information to help them make critical business decisions. The good news is that there are many free resources and tools available* to help educate female entrepreneurs. SBA.gov* is another great place to start. It even offers a version of its website in Spanish. Additionally, the Minority Business Development Agency connects women with resources, events and opportunities to help them succeed through its Enterprising Women of Color Initiative*. Finally, the United States Hispanic Chamber of Commerce (USHCC)* has more than 200 local chapters designed to support aspiring Hispanic business owners, and also has programming specific to Latino entrepreneurs.
Once you’ve got a business plan, connected with mentors and other experts, and done your research, credit preparation is the next critical step before securing business financing. It’s important to work with a bank that offers the tools and resources to make financing easier to understand, and a banker that shows you what your business needs in order to get approved for a loan. Before applying for a small business loan or line of credit, your bank will want to see that your business generates stable cash flow, has a low level of debt, and is in a strong financial position to handle debt payments. The more you know about what bankers want to see in a credit application, the better prepared you will be to get credit for your business. A business plan can help you get business financing. For example, for an SBA loan and some larger business loans and lines of credit, lenders may require a formal written business plan before extending credit.
By creating or updating a business plan, exploring mentoring opportunities, increasing your knowledge and preparing for credit, more Latino entrepreneurs can succeed.
1 2019-status-of-women-in-business-report.pdf (q4cdn.com)
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