According to the U.S. Census, Hispanic-owned businesses are growing at double the national rate. While Hispanics are leading the way in this country as entrepreneurs, a new study reveals contradictions and gaps in Hispanic business owners’ fiscal knowledge and usage of tools available to them to help them create a more solid future for themselves, putting achievement of their “American Dream” at risk.
Key findings reveal:
· Motivations to start their businesses were to pursue the American Dream, take control of their lives and support their families.
· Hispanic business owners are worried about meeting their personal long-term financial goals and express discomfort with financial investments.
· Hispanic entrepreneurs feel that financial planning for their business is important, but their behaviors in key areas such as succession planning show a disconnect between beliefs and actions.
· Latino business owners want a financial advisor who is specifically trained or certified in helping small businesses, speaks their language of preference, and is involved in the community.
· In addition to providing for their families, other financially-related concerns that stand out include:
- Keeping employees loyal to the business (53 percent)
- Creating a long-term financial plan (38 percent)