This was not a compensated post. All opinions are my own.
In 2015 there were an estimated 4 million-plus Hispanic-owned businesses nationwide. This was an increase of 57% from 2007 (according to a report from Geoscape). Latino-owned small businesses are the fastest growing segment of small businesses in the country. MassMutual, HNBA, SCORE, and the Houston Hispanic Chamber of Commerce recently joined forces to offer Houston Latino business owners “Su Negocio,” a free financial education program.
The purpose of the event was to help them launch a new commercial enterprise or expand their existing business operations. Approximately 60 people attended the panel discussion and educational sessions hosted. These are being hosted in other cities across the country this summer.
Did you know that 80% of Latino business owners plan to pass their business to a family member? (This is according to a survey by HawkPartners for MassMutual in early 2015.) As a new business owner, I find this statistic very interesting. However, 37 percent said the chosen successor may not know he or she is to inherit the business. That may present a problem later.
As a new business owner, I am finding that educational programs are very important, and so is a support network. Find people who know more than you do about running a successful business, and learn from them. That’s what I’m doing.
~~ Sandra Fernandez