Starting a business is a good alternative to low-paying entry jobs
Youve graduated with an associates or bachelors degree in business and cant find a well paying position. What are your options? Instead of settling for a low-paying entry level job, business degree holders could also consider becoming their own bosses. Rest assured Hispanics have a great track record for becoming successful small business owners.
What do you need in order to be a successful new Hispanic entrepreneur? Two attributes are key: ambition and technological know-how. Its vital to be willing to put a lot of time and effort to get a business off the ground. You must decide on a concept, develop a business plan, raise capital, lease space and equipment, and create a marketing campaign. All of this must be done before the doors of the business even open. To those willing to make the effort, the rewards will be plentiful.
Being comfortable with emerging technologies is a must for the young Hispanic business owner. Even though you may not be in the tech industry, its important to understand and be able to use basic computer programs, applications, mobile devices and mobile payment processing methods.
Starting the Journey
Hispanic business owners can find numerous resources to begin their journey into financial independence. The U.S. Small Business Administration provides information on assistance available exclusively to Latinos who wish to start their own companies.
Latinos may be eligible to apply for certain small business grants and loans exclusively available to minorities. The Small Business Administration, financial institutions and private organization may give lenders the opportunities to build capital to start their new business venture. Small Business Administration financial opportunities include a basic 7(a) program, 504 loans and post-disaster assistance. A 7(a) loan program is funded to help businesses that meet certain requirements. For instance, loans may be extended to businesses located in certain rural areas or those established by individuals with military backgrounds. With 504 loans, business owners can receive monies to modernize or expand your current business. The loans may be utilized to purchase new equipment or gain property for the business. Small businesses that need help recovering after a natural disaster can also receive monetary assistance through the Small Business Administration.
Keep in mind that small business grants and loans dont typically mean the organization is giving away free money to new entrepreneurs. The business owner will likely have to pay back the money, but may receive a reduced interest rate or tax incentives during the Hispanic business owner’s first years in operation.
A Viable Option
In the United States, Hispanics have been recognized as the minority with the highest rate of small business ownership. According to statistics compiled through the United States Census Bureau, the Hispanic market makes up 6.6 percent of all businesses owned in the country. The types of businesses reported being owned by Latinos is varied. Some of the more popular choices for Hispanic entrepreneurs included construction companies, administrative services, cleaning companies, technical service firms and professional services.
To decide on the type of small business, consider supply and demand. What goods and services are needed in your area? Market research is an essential component before settling on a particular field. Consider personal interests as well. For instance, a tech expert may want to consider opening a consulting firm.
Entrepreneurship among up and coming Hispanic professionals should not be discounted as a viable career option. Small business ownership in the Hispanic market has grown steadily over the years and is expected to continue as more professionals take advantage of entrepreneurship opportunities.