87% Of Hispanic Entrepreneurs are Excited about Growing Their Businesses

Did you know that a whopping 87% of Hispanic entrepreneurs have exciting plans to expand their businesses? It’s true! They’re filled with enthusiasm and optimism for the future.

Imagine being a Hispanic entrepreneur, just like me. We’re a determined bunch, working hard to achieve our dreams. And based on recent surveys, it turns out that almost all of us have plans to take our businesses to the next level.

But why is this happening? Well, there are a few reasons. First of all, we see the potential for growth and success. We know that with the right strategies and hard work, our businesses can thrive and make a positive impact on our communities.

Additionally, many of us have experienced firsthand the power of entrepreneurship. We’ve witnessed how starting our own businesses not only provides financial independence but also allows us to pursue our passions and create something meaningful.

However, it’s not all smooth sailing. As entrepreneurs, we face challenges on our journey to expansion. From finding the right resources and support to managing finances, it takes dedication and perseverance to overcome these obstacles. But we’re more than willing to take on the challenge, because we believe in ourselves and our businesses.

So, what does this mean for you? Well, if you’re a Hispanic entrepreneur, I encourage you to embrace your ambitions and keep pushing forward. Your dreams are within reach, and the statistics show that you’re not alone in wanting to see your business grow.

And if you’re not a Hispanic entrepreneur, I hope this insight inspires you to support and promote the amazing businesses within our community. By doing so, you can help create a thriving economy that benefits us all.

In conclusion, it’s no surprise that 87% of Hispanic entrepreneurs are excited about expanding their businesses. We’re driven by the desire to succeed, make a difference, and build a better future for ourselves and our communities. So let’s keep working hard, stay persistent, and watch our businesses flourish!

I want to talk about the importance of Hispanics in the United States. Did you know that Hispanics make up nearly 18% of the population? That’s almost 60 million people! And what’s really interesting is that more and more Hispanic entrepreneurs are starting businesses to serve this growing population.

A recent report by the Bank of America shines a light on Hispanic entrepreneurs. It says that an incredible 87% of them plan to expand their businesses this year. That’s 20% higher than non-Hispanic business owners! These entrepreneurs are filled with optimism, which comes from their community, their family, and their employees. And this optimism has led to amazing growth for their businesses, even exceeding their own expectations.

But it’s not all sunshine and rainbows for these entrepreneurs. One challenge they’re facing is the tight labor market. It’s becoming harder and harder for them to find the right talent and keep them. Elizabeth Romero, an executive from Bank of America, says this is a big issue for the Hispanic community.

In a statement, Romero expressed, I want to talk about how hard it is for Hispanic entrepreneurs like me to find and keep talented employees in today’s tough job market. GfK Social and Strategic Research conducted a survey for this year’s report, which took place from August 30 to October 16, 2018.

The survey included a group of 1,067 small business owners in the US, both Hispanic and Non-Hispanic. These businesses have between 2 and 99 employees and make revenue from $100,000 to $4,999,999.

Next, the study compared the survey results to national standards to see how they compared in terms of size, revenue, region, and if the participants spoke English or Spanish.

Let’s now talk about what the future holds for Hispanic entrepreneurs in 2019.

Looking ahead, I’ve got big plans for my business in the next five years – and it seems like I’m not alone. A whopping 79% of my fellow Hispanic entrepreneurs are also aiming for growth.

In this coming year, 2019, I’m feeling pretty optimistic about my revenue. In fact, about 74% of us Hispanics expect our revenue to increase. And guess what? More than half of us – 51% to be precise – are even planning on hiring new workers.

But it’s not all smooth sailing for us. The labor market is getting tighter, and that means challenges for finding quality employees. It’s been a struggle for all businesses, but us Hispanic entrepreneurs are feeling the pinch even more. A staggering 58% of us have faced difficulties in finding and keeping talented individuals.

When it comes to turnover rates, we’re disproportionately affected. 45% of Hispanic-owned businesses have been hit, compared to just 24% in other segments. It’s tough, but we’re determined to keep pushing forward.

When it’s time for me to hire someone, it takes longer than before. It takes three months or even more to find the right person for the job, and this is true for everyone. For Hispanic business owners, it’s around 45%, while for non-Hispanics, it’s about 40%.

The hiring process itself also takes longer for me as a Hispanic business owner. It takes me more than 10 hours to make it happen, which is 13% longer compared to non-Hispanics.

Adjusting to the Changing Job Market

Whether you’re a Hispanic business owner or not, if you don’t adjust your hiring practices to the new job market, it will take you longer than ever to fill your open positions.

According to Bank of America, us business folks really need to step up our game when it comes to hiring and recruiting in this crazy competitive job market. Let me break it down for you: 75% of Hispanic owners are making changes to their approach, compared to 55% of other business owners.

So, what exactly are these Hispanic owners doing differently? Well, they’re using social media more than ever to find and recruit talent (32% are doing this, compared to 23% of others). They’re also creating a more flexible work culture (27% to 25%) and offering better salaries (26% to 17%). Impressive, right?

But that’s not all! Hispanic business owners are going above and beyond by offering other perks as well. They’re giving employees the option for flexible hours and the ability to work from different locations. Plus, they’re providing opportunities for professional development, discretionary bonuses, healthcare benefits, and retirement benefits. They’re really pulling out all the stops!