Hispanic small businesses have been emerging throughout the United States over the past decade, emerging from small local businesses offering general service work in and around the house to major organizations and companies. Having grown from generating $254 billion annually to $468 billion per year, there are now nearly twice as many Latino-owned businesses in the US Hispanic market as there were in 2002.*
At the same time, there are few resources available for Hispanics looking to open their own business in their native Spanish language and many Latinos looking to find success in the US Hispanic Market face difficulties that do not affect other businesses. Undeterred, Hispanic businesses are opening at a rate three times more frequently than the general public.**
In some cases the Hispanic entrepreneur may face difficulty gaining funding, which can be due to language barriers for the English as a Second Language Latino SMB as well as misconceived perceptions of race-related biases as minority business owners are thought to be less likely to succeed. Whereas in other cases, the educational training for business leadership and experience just isn’t available.***
Whatever the case, companies have an extraordinary opportunity to market to Latino Entrepreneurs in the US Hispanic Market. By providing educational value to the Hispanic Small Business owner to help them further their own company success, businesses can find that they are not only helping the US Hispanic Market further within competitive marketplaces, but they can further help supplant their position as an industry leader for the Latino entrepreneur. Considering that the US Latino population is projected to triple by 2050,*** this could easily be considered a great market to tap as the total amount of Hispanic Small Businesses can only be expected to grow in conjunction with overall population growth.