Survey Findings About U.S. Hispanic Small Business Owners
A new report reveals U.S. Hispanic small business owners are more optimistic about revenue growth and more active in seeking millennial customers than small business owners overall
In time for Hispanic Heritage Month, U.S. Bank recently released results from their first survey of U.S. Hispanic small business owners. The survey was conducted in January and February of this year and included 200 Hispanic owners of businesses with less than $10 million in annual revenue.
The survey results show U.S. Hispanic small business owners are more optimistic about revenue growth than their non-Hispanic counterparts. They also show Hispanic owners and entrepreneurs are more willing to embrace technology.
U.S. Bank notes that Hispanic small business owners are employing the top six social media services (Facebook, LinkedIn, Twitter, Instagram, YouTube and Pinterest) at higher rates than the average business owners
Ervin Blanco, district manager for U.S. Bank in Chicago, is quoted saying:
“Latino business owners tend to be younger and that probably explains their fearlessness in embracing technology and social media to market and operate their companies.”
Some other ways U.S. Bank notes Hispanic business owners are using technology include making and accepting mobile payments, leveraging text alerts for marketing their products/services, and employing video communications.
Here are six other findings about Hispanic small business owners from the U.S. Bank survey:
1. Half of Hispanics small business owners said they expected higher revenue this year (compared with about one third of owners overall)
2. 26% of Hispanic small business owners said they tried or were able to borrow capital in the last six months (compared 14% for the national average)
3. 55% of Hispanic small business owners said they were likely to increase their capital expenditures this year (compared to 40% for the national average)
4. 70% of Hispanic small business owners are actively marketing to millennial customers (compared with 48% of overall business owners)
5. 43% of U.S. Hispanic small business owners said they were planning to hire employees this year (compared to 26% for the national average)
6. 70% of Hispanic small business owners said they struggled to find and hire quality employees (compared to 61% of overall small business owners)
With a strong presence in areas with large (and growing) Hispanic populations like Los Angeles and Chicago, U.S. Bank states directly that this survey is part of larger overall effort to “support Hispanic business owners by providing them with information, tools, advice and small-business services that are tailored to their needs.”
You can view the full U.S. Bank Hispanic survey summary and access the overall survey results here.