Support for Hispanic Entrepreneurs in Florida’s Treasure Coast
Support for Hispanic Entrepreneurs in Florida’s Treasure Coast
As one of the five million Hispanic-owned businesses in the US, Florida Hispanic Chamber of Commerce celebrates the Hispanic community and its unique heritage during each Hispanic heritage month.
In this regard, we collect stories from Hispanic small business owners to honor their contributions and understand their needs. This year, we were particularly struck by the strong sense of cultural pride that Hispanic entrepreneurs exhibit, often reflected in their businesses, which pay homage to their heritage.
Florida Hispanic Chamber of Commerce can Support Hispanic Chamber of Commerce
Hispanic Small Business Owners Need Capital to Beat Inflation
Consistently, business owners have informed us that their primary hurdle is acquiring sufficient capital, regardless of the state of the economy, and this still holds. According to Hispanic business owners, the two most formidable challenges they face are obtaining access to capital and expanding their businesses.
When the Florida Hispanic Chamber of Commerce examines more closely, inflation is a significant reason business owners need more money. Many Hispanic owners (89%) say that inflation has affected their business, which is higher than non-Hispanic owners (4%). Furthermore, almost 75% of them say that inflation has gotten worse in the last six months.
As a result, Hispanic business owners already struggling to get enough money are now feeling the squeeze of the economy. For example, 43% of them say they are having difficulty getting the materials they need to make their products or replenish their inventory.
Our most significant difficulty is making it through the ongoing inflation in the world. The price of food & labor is at an all-time high, making it impossible to save money.
Treasure Coast Hispanic Entrepreneurs Need Help with Hiring and Customer Acquisition
Although Hispanic business owners face some obstacles, they are still predominantly optimistic. A whopping 81% of them believe that their business will expand in 2023, similar to the sentiment among small business owners overall. However, when we inquired about the factors that will impact their success, Hispanic owners were more likely to mention two challenges: finding new customers & hiring staff. This percentage is 54% higher than non-Hispanic business owners facing a similar challenge.
Treasure Coast Hispanic Business Association Wants Software Solutions
Small business owners often struggle to find enough time in a day, particularly during hiring difficulties. Our survey revealed that many business owners, regardless of their demographic, seek software solutions to boost productivity and optimize their resources. “It’s tough for me to balance my time between advocacy, daily work, and other duties,” one owner said. “I’m working towards learning to schedule my time better and using technology to increase productivity.
Treasure Coast Hispanic Entrepreneurs Need Help with Marketing
Apart from hiring, Hispanic business owners have recognized paid advertising and social media as two ways to attract more customers and grow their businesses. Interestingly, this marketing strategy is more prevalent among Hispanic owners than other owner demographics, indicating a faster adoption of current trends. 42% of Hispanic business owners said they already spend over a quarter of their marketing budget on digital platforms like Tiktok or Instagram. This percentage is higher than the 30% of non-Hispanic business owners who allocate an equal portion of their marketing budget to digital marketing.
Hispanic business owners require as many resources as possible to enhance their digital presence and obtain maximum benefits from their marketing investments. To aid them, “Hello Alice” and our partners at “TikTok” have created a collection of free content to assist owners in building their profiles on the fastest-growing social media platform.
Additionally, the Florida Hispanic Chamber of Commerce provides a variety of valuable resources for owners who are just beginning their online journey. With the appropriate tools & education, We’re confident that Hispanic business owners will effectively utilize social media to share their stories & expand their customer base.
Conclussion
By subscribing to newsletters and following Florida Hispanic American Chamber of Commerce on social media, you can frequently come across sales & discounts. Additionally, you can find opportunities to purchase gifts for your loved ones throughout the year. The best part is that you won’t need to spend more than usual.
Florida Hispanic American Chamber of Commerce has been helping the Hispanic chamber of commerce businesses in Polk County for many years. Contact us now for more details and information.
