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
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
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
The Stanford Latino Entrepreneurship Initiative’s Education Scaling Program offers participants opportunities to expand their companies while supporting each other. Since its founding over a decade ago, SLEI — a research and education collaboration between Stanford Graduate School of Business and the Latino Business Action Network (LBAN) — has conducted groundbreaking research about Latino entrepreneurship in the United States, created educational programs for Latino entrepreneurs, and fostered an ecosystem of support for them. READ MORE AT STANFORD REPORT
Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).
The annual study examined the performance of Latino-owned small to midsized companies -- from early stage to established companies -- in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies. READ MORE AT BIZ2CREDIT
According to the U.S. Small Business Administration, Latino business ownership is growing at the fastest rate in three decades and is now at the highest level on record. The SBA said America's more than five million Latino-owned businesses employ nearly three million workers and contribute $800 billion to the U.S. economy each year. READ MORE AT NBC8
Latino-owned businesses are the fastest-growing segment of small businesses in the U.S., with over 5 million businesses owned by Latino/a entrepreneurs in the country, according to the Stanford Latino Entrepreneurship Initiative (SLEI). Though Latino business owners have solidified their role as strong contributors to American economic activity, they face a string of unique challenges compared to white, non-Latino business owners. READ MORE AT NBC NEWS
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
People seem to be afraid of networking. They have many excuses to avoid it. Yet in-person networking remains vibrant today whether you are a small business owner, a job hunter or a member of some affinity group that brings people together. Attending networking meetings provides increased exposure, knowledge, leads, suggestions and ideas to help you become more effective in your professional life. READ MORE AT THE BIG GAME HUNTER
Investments from Latino and Latina-led venture capital firms contributed to the creation of an estimated 51,600 jobs last year, according to a new report. These gains come even as Latinos and other people of color remain deeply underrepresented in the VC world. Last year, Latinos and Latinas represented 1.6% of all investment professionals in larger U.S. firms, or those managing more than $100 million in assets, according to the new report from SomosVC, a nonprofit pushing for greater representation. READ MORE AT AXIOS
Yoloxochitl “Yolo” Lopez DeMarco is one of the many Hispanics in the Region who is taking her financial future into her own hands. Her company is among the 5 million Latino/Hispanic-owned businesses nationwide generating more than $800 billion in annual revenue, according to a report by the U.S. Department of the Treasury. READ MORE AT NORTHWEST INDIANA BUSINESS MAGAZINE
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
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
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
Even though Latinos are the second largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. A group of Latino-led and focused venture capital firms is looking to change that.
Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. READ MORE AT CNBC
U.S. small businesses in general are still in recovery mode from the effects of Covid-19; however, new research from the Latino Business Action Network (LBAN) shows Latino businesses are playing an important role in the U.S. economy through business ownership and job creation. READ MORE AT FORBES
