By: Jenny Flores, Head of Small Enterprise Development Philanthropy
Revealed: Oct. 15, 2021 at 8:00 AM CDT|Up to date: 2 hours in the past
SAN FRANCISCO, Oct. 15, 2021 /PRNewswire/ — As we have a good time Hispanic Heritage month this 12 months, it is a good time to acknowledge the numerous contributions of Hispanic small enterprise homeowners. And there actually are many. Wells Fargo served as lead sponsor of the Latino Donor Collaborative’s U.S. Latino GDP Report, which tracks the rising affect of the Latino neighborhood inside the U.S. financial system, and the outcomes are extremely promising. Latinos contributed $2.7 trillion to the U.S. GDP in 2021, equal to the seventh largest financial system on the earth, they usually’re rising 57% quicker than the U.S. financial system general. From 2010 to 2019, the U.S. Latino GDP was the third-fastest rising among the many 10 largest GDPs on the earth, with the U.S. financial system rating fourth. Latinos are additionally accounting for 68% of the expansion in U.S. labor participation. These figures are due, largely, to Latina enterprise homeowners. In reality, as of 2019, Latina girls owned 18% of all women-owned companies1, and between 2014 and 2019, Latina-owned companies grew 40%.2 These are vital numbers and present the influence Latina enterprise homeowners are making on the nation’s general financial system.
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However everyone knows, small enterprise homeowners have continued to battle to remain open given the pandemic’s repercussions and steady fluctuations. Whereas the statistics surrounding Latina-led firms are sobering – twice as many Latina-owned firms skilled closure in the course of the COVID-19 pandemic in comparison with their male counterparts (30% vs. 16%)3 – the beneath suggestions may help aspiring Latina entrepreneurs keep on a path to achievement.
Develop a marketing strategy
Having a good suggestion is NOT sufficient! Creating a marketing strategy* is the primary key step for any enterprise proprietor. An efficient plan may help you prioritize learn how to spend your money and time, and set measurable objectives. It additionally may help determine present or future obstacles so you possibly can higher anticipate and keep away from potential dangers. For instance, with COVID-19 impacts, you might have needed to create extra on-line choices or improve your digital presence for your enterprise. A few of you might have needed to change relationships with provide chains and distributors or scale back hiring. No matter it was, now’s the time so that you can assessment how you’ve got tailored to the present state of affairs, which of those adaptions you need to construct upon sooner or later, after which doc it in your plan.
Get mentorship help
Latinos are more and more in advantageous positions to start out their very own companies—they’re youthful, with larger instructional attainment: Practically 90% of Latino Publish-Millennials are highschool graduates. They’re contributing to the labor pressure in better numbers, shopping for extra houses, and shutting the wealth hole at a fast price. However the previous 12 months and a half has bolstered what we have at all times recognized: It takes a village. As girls enterprise homeowners proceed to climb out of the pandemic impacts, and construct from survivability towards restoration and alternative, connecting with mentors and different consultants is without doubt one of the strongest and best methods to change data, share finest practices, and study from one another. Wells Fargo not too long ago partnered with the Nasdaq Entrepreneurial Middle the place girls entrepreneurs can acquire complementary help by way of its signature Milestone Mapping Teaching Circles*, a 12-week lengthy mentorship program to assist them overcome key enterprise challenges whereas growing a peer help community and connection to mentors. Girls enterprise homeowners who’re could apply to take part, and upon acceptance, will likely be positioned in a circle.
Discover the suitable steerage and knowledge
Many ladies could not know the place to show for reliable info to help them with essential enterprise choices. The excellent news is there are numerous free sources and instruments* to assist educate girls enterprise homeowners. The SBA.gov* web site is one other great spot to start out. It even presents a model of its web site in Spanish. Moreover, the Minority Enterprise Growth Company connects girls to sources, occasions and alternatives to assist them succeed by way of its Enterprising Girls of Colour Initiative*. Final, the U.S. Hispanic Chamber of Commerce (USHCC)* has greater than 200 native chapters designed to help bold Hispanic enterprise homeowners and in addition has particular Latina entrepreneur programing.
As soon as you’ve got obtained a marketing strategy, are related with mentors and different consultants, and have carried out your analysis, getting credit score prepared will likely be a essential subsequent step earlier than acquiring enterprise financing. It is essential to work with a financial institution that gives instruments and sources that make financing simpler to grasp, and a banker who exhibits you what your enterprise wants to be able to get permitted for a mortgage. Earlier than making use of for a small enterprise mortgage or line of credit score, your financial institution will need to see that your enterprise generates regular money stream, has low ranges of debt, and is in a powerful monetary place to be able to handle debt funds. The extra about what bankers need to see in a credit score software, the extra ready you’ll be to pursue credit score for your enterprise. A marketing strategy additionally could enable you to receive enterprise financing. For instance, for an SBA mortgage and a few bigger enterprise loans and contours of credit score, lenders could require a proper written marketing strategy earlier than extending credit score.
By creating or updating a marketing strategy, trying into mentorship alternatives, rising data, and getting credit score prepared, extra Latina entrepreneurs can obtain success.
12019-state-of-women-owned-businesses-report.pdf (q4cdn.com) (English solely)
2, 3 Key Insights from the 2020 State of Latino Entrepreneurship Report | LatinasinBusiness.us (English solely)
*Hyperlinks solely out there in English
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