Considering launching a business is a daunting task in itself. There are many factors to take into account including how much capital you should have prior to launching a business and which industry should you even consider, among many other questions.
There are certain demographics that have a harder time launching a business, particularly minorities. Take, for example, Latinos. Often, Latino small business owners encounter a number of challenges to open and manage properly their companies. Latinos come to the US to pursue the American Dream but are met with a lack of resources and funds to fulfill it. In fact, studies have shown that in general, Latinos have recorded there’s insufficient startup capital.
Also, many Latino entrepreneurs find another barrier to the lack of knowledge to understand the laws, taxes, and regulations pertinent to starting their business. Finally, finding an appropriate building in the right location and appropriate advertising are the other barriers that Latino entrepreneurs find when trying to open a business.
However, all these obstacles don’t seem to refrain Latinos from starting a business. The truth is that, still without guidance and mentorship, Latinos continue to successfully establish long-standing businesses in the US, achieving their version of the American Dream. They find startup capital and learn laws even if it takes some more dedication. And, more importantly, they educate themselves on which businesses will ultimately be more profitable in the long run.
When considering what industry to go into or business to launch, it’s imperative to look at the most profitable businesses of the moment. And luckily, there’s a profitable business for every interest. The current most profitable businesses are in the realm of accounting, legal, and real estate.
However, there are a plethora of options. Let’s take about the restaurant field, for example. If you have an entrepreneurial mind you don’t need to start with a big restaurant: did you know that food trucks are one of the most profitable businesses in the US in the food industry? As also are catering services and healthy food. While these types of business don’t need a big investment in their initial stages, they can generate huge profits for their small size. Freelancing is another excellent option that requires little to none initial investment: writers, web designers, social media experts and business consultants have plenty of opportunities thanks to platforms like Upwork, where they can offer their services to companies. Want to know other amazing opportunities in the entrepreneurial field? We invite you to read this article that compiles a list of the 25 most profitable small businesses in the U.S.
The truth is that, despite the challenges, many Latino business owners start small and become successful entrepreneurs. Take, for example, Socorro and Jaime Herrera who turned a burger joint into a taco restaurant for over 30 years with little business expertise. After 30 years, they decided to scale the business and hire a coach, eventually leading them to open additional locations. This is just an example. Take a stroll in your own neighborhood and you’ll likely find a number of other Latino small business owners who can speak for themselves and tell you similar stories.