Professional Hispano Entrepreneur

4 Tips for becoming a professional Hispano entrepreneur

Entrepreneurship is a popular way for millions of people all over the world to make a living. It allows people to follow their passion, be their own boss and control their own destiny in life. While any type of individual can become an entrepreneur, Latino and Hispanic entrepreneurs are opening new businesses at a rate unlike anyone else. They are the fastest-growing group of entrepreneurs in the USA, and this shows no signs of slowing down.

But no matter your background or ethnicity, starting a business can be quite difficult. There is a lot to handle as an entrepreneur, and trying to juggle everything is often far from easy. Thankfully, there are some things you can do to give yourself a better chance of success. With that in mind, this article is going to go over a couple of helpful tips to become a professional Hispano entrepreneur.

Use online resources

Being an entrepreneur can often feel like a very lonely endeavor. However, it doesn’t have to be. There are plenty of online resources that can provide you valuable information every step of the way in your journey to becoming a professional entrepreneur. Many of these are completely free or very affordable, so you might as well use them.

These can often provide Hispanic career guidance, let you know the various grants and programs in your area, and simply answer any questions you might have about being the best professional Hispano entrepreneur you can be. Also, places like forums and message boards can also be a great option to speak with like-minded individuals and potentially create some important relationships.

Have a plan

Latino and Hispanic people are some of the most passionate people on the planet. As you could imagine, when running a business, this passion is incredibly important. However, in addition to this passion, it is a good idea to have a plan. A business plan should go over the concept of the business, the strategy you hope to employ, touch on the finances and revenue projections and various other things.

Photo by STIL on Unsplash

This plan helps you stay on course and gives you a bit of a blueprint as to how the business should operate. A complete business plan will give you the best chance of success. While things don’t always go according to plan, it’s better to have one than it is to need one and not have one at all.

Figure out the financing ahead of time

Once you have a plan and/or idea for a business, you need to figure out financing. No matter how large or small your business, or what industry you are in, it will cost some money to start and operate your business. There are many options for getting the funding you need, such as getting a loan, taking on investment or handling the costs yourself by bootstrapping the business.

Many Latino and Hispanic entrepreneurs will bootstrap their business and aren’t afraid of a bit of hard work to get it going. While bootstrapping and starting your business without borrowing money is always ideal, it’s not always possible. If you do need to borrow money or take on investment, be sure that the agreement is fair for you. You never want to give away a huge portion of your business simply to get it off the ground.

You might be interested: Best use of PPP and other financing strategies for Latina business owners

It is important to think about financing from the get go. You don’t want to be put on the spot and not know how you plan on getting the financing you need. Think long and hard about which method will work the best for you. If you are stuck, a simple business loan with a relatively low interest rate is generally a decent choice.

Build the right team

While nearly every entrepreneur starts out as a one-person operation, there will eventually come a time where you want to grow your team. In order to ensure you scale correctly and the quality of your business remains up to par, you need to hire the right people. Your team should be made up of individuals that are not only educated or experienced, but also that you can trust and fit the culture of your company.

The products or services you sell are important, but it is often your team that can make or break your success. They should be able to work well together, see and appreciate the vision of the company, and be willing to put in the time to help the company grow.

Of course, be sure to incentivize staff and treat them fairly. A high amount of employee turnover can not only be costly, but can hamper the effectiveness and efficiency of your company. Once you find the right team, treat them well and you should see sustained and continued success.

We hope the information included in this article has been able to help you become a professional Hispano entrepreneur. If you can build the right team, figure out the financing, have a plan and use the right online resources, you should ultimately find success.

startups and entrepreneurs

7 Tips startups and entrepreneurs should consider to avoid going down

As a former member of SCORE, an organization that provides advice for startups and entrepreneurs, I used to talk weekly to men and women who were planning to start their own business. In a turbulent and uncertain economy, it might seem a great idea. Those who have an entrepreneurial spirit are enticed to pursue their dreams.

startups and entrepreneurs

Young or middle age, professional or skilled, men or women, it was always amazing to see how many of them have very unrealistic expectations about what entitles to run a business. Some not only lacked abilities and knowledge of the everyday operation but also the necessary assets and funding to start and sustain the business.

Many years ago, developing the vision and planning of my own business was a very exciting time. My thinking was “If I can do this for someone else, I can do it for myself.” I envisioned the perfect picture of a successful business but had very little idea of how to run it. Although I had excellent professional skills as a translator, I lacked the operational and financial acumen to pursue this new venture. I was lucky enough to get good advice and in time acquired that experience.

Most prospective startups and entrepreneurs find themselves at the same starting point. So the task of SCORE members is to “drop some bombs”. If you are thinking about starting your own business, considering these specifics might help you make a decision.

  1. You are your own boss and something else

Working for someone else is doing what you do best, and why you have been hired in the first place. When working for yourself, you dedicate 60% of the time –and sometimes even more– to tasks involving other professional skills such as accounting, hiring and managing people, marketing and selling, investing in equipment, and planning and evaluating your business. In other words, you become the CEO, the CFO, the PM, the OM, and the sales force of your business, and work an average of 60 to 80 hours a week. Are you willing to sacrifice time with your family and other activities to do so?

  1. Forget your vacations and other benefits for a long time

As an employee, you receive a salary, benefits, paid time off, annual vacations and probably some sort of health coverage. Startups and entrepreneurs might not have all those benefits for a long time until their business really takes off. Can you and your family be covered in someone else’s plan –your spouse’s, for instance? Do you understand you probably won’t have time or money to take a vacation for a long time?

startups and entrepreneurs

  1. You got a new family

Hiring and managing employees entitles not only to have a thorough knowledge about labor laws but also the skills to handle other people’s personal lives. You need to have good character judgment when you hire someone, provide training and tools for your employees to do their jobs, be ready to demand the right performance, and deal with their personal and family problems –most employees become part of “your” family. Also, you need the guts to fire them if the person does not fit in the company’s culture or you need to make business decisions. Are you ready to follow through?

  1. It takes money to make money

Startups and entrepreneurs’ new ventures usually require deep pockets. Unless you bring clients from another business setting, or you started a side business and then you expanded into a full-time activity, clients will certainly take time to show up. You need to build credibility and a brand name among customers. Overhead expenses can be very costly, especially if you have a “brick and mortar” location, which asks for rent, utilities, maintenance, and probably a considerable set up investment. Also, you need reserve funding to sustain your business during rainy days, and a substantial cash flow to pay vendors and employees.

  1. This or that?

Making sound decisions about the type of business you have in mind is a bumpy road. Starting as a consultant with a virtual office is cheaper and faster than opening a store in the local mall and buying merchandise. I advised a woman once who was crazy about a line of products she used and loved, and thought she could sell it; she was looking at a small store in a stripping mall with a monthly rent of over $2000. She was counting on her lifetime savings –not enough to sustain the business for more than three months– and credit cards for startup costs. She had a full-time job, good credit and never had retail experience before. I was torn because I saw a bleak future and shared my concerns with her, and that was all I could do. The decision, in the end, was hers.

startups and entrepreneurs 3

  1. Where is the boss?

Although you are the front face of your business, your best bet is to find and train people to step in at any time. Not an easy task, but learning to delegate was one of the most difficult lessons for me. Because you are so invested in your business –in money and expectations– it is very easy to take over other people’s jobs if you feel they are not performing at their best. So you end doing everybody’s job instead of steering the business, which is your main objective.

  1. Do not forget the big picture

Building a business you can eventually sell is something you might not have in mind when you start but definitely something to be considered. Life changes and although you think your business will last forever, your children might not be interested in following your steps, or you might get sick, or your spouse might have to move to another job and location. At those times, having the ability to sell your small business could become a better option than just closing the doors and letting go of many years of effort.

Keeping in mind these and other factors might allow you to develop a productive small business with realistic expectations, and avoid getting trapped in your own dream.