Latinos account for nearly half of Miami’s population — and 27% of local small business owners, according to a report released this week from consulting firm McKinsey. Latinos are creating 36% of new businesses overall in the United States, nearly double their representation in the population, the report says.
That phenomenon has been helped by a rise in Latina-owned businesses. From 2017 to 2021, 31 percent of new Latino businesses were started by Latinas. READ MORE AT MIAMI HERALD
Starting a new business is like embarking on a thrilling adventure—filled with opportunities, challenges, and the promise of success. But the path to entrepreneurial triumph is not always clear, and taking the wrong steps early on can derail even the most promising ventures. That’s why it’s crucial to have a solid foundation before you dive in. We’ve tapped into the expertise of top CEOs and founders who have been through the highs and lows of starting a business, and they’ve shared their invaluable insights. READ MORE AT THE PERSONAL BRANDING BLOG
In 2024, two of the three richest people in Latin America were Mexicans. The leader of the rank was the Mexican business magnate Carlos Slim, the 14th richest person in the world. Slim had a fortune of 102 billion U.S. dollars, derived from his multiple businesses and investments. At third place was a fellow Mexican businessman, German Larrea, with a fortune of nearly 27.3 billion dollars.
Within each country's economy, there exists a relatively small segment of wealthier individuals who contribute significantly to the Gross Domestic Product (GDP) of their respective countries. READ MORE AT STATISTA
Only 3% of Latino businesses in the United States have reached and surpassed the $1 million mark. Hispanic entrepreneurs who've achieved that milestone share tips on how they beat the odds. Latinos make up the fastest-growing segment of entrepreneurs, creating new businesses at multiples the rate of other groups.
But of the 4.65 million Latino-owned businesses in the United States, only 3% have hit $1 million or more in revenue. A major barrier is the lack of access to the capital they need to scale up. READ MORE AT US CHAMBER
About 7.1% of the nation’s 5,681,118 employer firms (businesses with at least one paid employee) in the United States were Hispanic-owned in 2021 and the construction sector had the largest number of Hispanic-owned businesses, according to the U.S. Census Bureau. Hispanic-owned firms generated $572.9 billion in revenue, around 3.3% of the total revenue ($17.4 trillion) generated by all employer businesses in 2021.
California had the largest number of Hispanic-owned firms (88,920), but not the largest share (about 11.8%) of that state’s 750,821 employer firms. Around 18.1%, or 85,966 of Florida’s 473,751 firms and about 14.6% or 63,560 of Texas’ 436,808 firms were Hispanic-owned. READ MORE AT US CENSUS BUREAU
Running a growing business is exciting, but it also comes with risks that could disrupt operations or lead to financial losses. Business insurance helps protect companies from unexpected events like accidents, lawsuits, or property damage, allowing them to focus on growth. We’ll explain why business insurance is essential for growing your company and highlight the types of coverage every company should consider. READ MORE AT CORN ON THE JOB
What cities are the best for Hispanic-owned businesses? Florida dominates. Out of top 20 cities, Florida cities took up 11 of the spots, including the first seven slots. See the top 20 cities for Hispanic entrepreneurs. READ MORE AT TC PALM
Not everyone wants to be an entrepreneur. And not everyone can be an entrepreneur. Many people aren’t in a situation that allows them towork 80 hours a week with no guaranteed income. Entrepreneurs are willing to work harder than most people. They know it’s a marathon, not a sprint. What are the qualities that it takes to be an entrepreneur? READ MORE AT MS. CAREER GIRL
Latino/a entrepreneurs continue to be a force for economic development in the United States: They own 4.7 million businesses that generate more than $800 billion annually. But they are not monolithic. A new report highlights the role played by women, immigrants, and new technologies in the growth of Latino/a-owned businesses. READ MORE AT THE STANFORD REPORT
According to a December 2023 report from the U.S Chamber of Commerce, despite headwinds from high inflation and a tight labor market, small business confidence was up at year-end and remains steady after the first quarter of 2024.
And that is good news for business owners, including the more than 600,000 Hispanic small business owners in Florida. The Sunshine State ranks as the second highest in the number of Hispanic small business owners.. READ MORE AT YAHOO FINANCE
Latinos outpace non-Latinos in the United States by wide margins in purchasing power and annualized income growth, as well as business creation, growth and resiliency. While Latinos make up 20% of the U.S. population, Latinos comprise just 1% of franchise owners. READ MORE AT FRANCHISE WIRE
The fastest growing Hispanic food company in the country, based in Central Texas, is helping empower and support Latino communities across the U.S. This year, Siete Family Foods is awarding a total of $300,000 to Latino-owned food and beverage establishments across the country, marking its biggest distribution to date. READ MORE AT MYSANANTONIO
Latino-owned businesses are a dynamic and growing portion of the U.S.; with more than 5 million firms driving $800 billion in revenue, they represent a huge opportunity for the U.S. In fact, the number of Latino-owned businesses is growing 10x faster than white-owned businesses. READ MORE AT LATINO BUSINESS ACTION NETWORK
In October 2023, the U.S. Department of the Treasury reported that roughly 5 million Latinx-owned businesses operated nationwide. These companies generate over $800 billion in annual revenue with an economic output of $2.8 trillion.
That report also revealed that this share is growing. In 2021, almost 25 percent of the entrepreneurs behind new business applications were Latinx. And between 2019 and 2023, the share of self-employed Latinx workers across the country grew by 26 percent. READ MORE AT BANKRATE
Florida is a melting pot of cultures and for many it is an opportunity to seek a better life. It is no secret that the Hispanic and Latino community’s contributions to the U.S. economy have been nothing short of impactful. In fact, a 2022 study found that U.S. Latino economic output would rank 5th in the world's gross domestic product if U.S. Latinos were an independent country. READ MORE AT NBC 6 SOUTH FLORIDA
The holiday season is upon us and, amid the juggle of gatherings with family and friends, it’s always good to reach out to clients as well. Showing gratitude to your clients during the holidays is a great way to keep connections strong.
Many real estate leaders across the country express their appreciation through cards, gifts and events for their agents, clients, neighbors and communities. They spread joy through their gestures large and small and provide community support where they can.
Here are what some brokers and brokerages are doing to reach out this holiday season. READ MORE AT NATIONAL ASSOCIATION OF REALTORS
National Hispanic Heritage Month is annually celebrated from Sept. 15 to Oct. 15 for recognizing the contributions and influence of Hispanic Americans to the history, culture and the achievements of the United States. As the Hispanic population continues to grow in Florida, we take a look at how state, county and local communities are working to integrate and celebrate this growing population. VIEW VIDEO DISCUSSION AT SPECTRUM NEWS 13
Over the last decade and a half, Latinos have created companies faster than all other demographic groups in the U.S. These companies are younger and consequently smaller than the average business. However, when compared to white-owned businesses, they grow revenues and create jobs at faster rates for all Americans, not just Latinos. If U.S. Latinos were a country, it would be the fifth largest GDP in the world, growing faster than the U.S. economy. READ MORE AT STANFORD GRADUATE SCHOOL OF BUSINESS
“They’re very resilient. They wish for growth: they’re very ambitious, even in difficult times.” That’s Barbara Gomez-Aguinaga, associate director of the Stanford Latino Entrepreneurship Initiative (SLEI) and lead author of SLEI’s latest State of Latino Entrepreneurship report.
According to SLEI, Latino business owners have for many years been outpacing their peers in terms of revenue and payroll growth. Annual growth rates in revenue and payroll were higher every year for Latino-owned businesses than for White-owned businesses through 2019. READ MORE AT FORBES
Startups with a Latino founder received just 2.1% of the nation’s venture capital in 2021, according to LatinxVC, a nonprofit focused on increasing venture capital investment. Accelerators for Hispanic entrepreneurs can provide opportunities to connect with other business leaders, investors and industry experts. READ MORE AT TAMPA BAY TIMES
