The other day I heard that Spanish small business owners are growing at an incredible rate.
Bank of America recently conducted a survey of Hispanic Business Owners… 394 of them to be exact. These were from all over the country.
It showed some remarkable and eye-opening statistics. And we all love statistics. Take a look at their confidence numbers:
88% think that the Hispanic small business environment will get stronger over the next 10 years.
77% have plans to grow their businesses over the next 5 years.
71% have expectations of increased revenue this year. Almost 40% of them plan to hire and close to 30% plan to apply for expansion loans.
65% of them think that Hispanic small business owners have challenges that others don’t. However, most of them feel their culture has been an advantage.
60% see local economic growth over the next year or two and most of them think the national economy is moving in the right direction.
Pretty enlightening isn’t it? I love seeing those numbers. I’ve always felt that the Spanish community is under-served and under-estimated.
Now for some more enlightening statistics, which go hand-in-hand with my last article about Social Media.
Most Hispanic Small Business Owners utilize social media in a big way, including all digital business tools.
93% use digital tools every day, like online banking. This is compared with a 74% national average, across all cultures in America.
76% use social media to help run their businesses, compared with only 41% national average. Most concentrate in three areas. (Marketing, Networking, and Communicating with Customers) Plus, over half of those polled used social media for hiring.
53% said that social media has been good for their business, much higher than the national average.
It’s no wonder that Google recognizes Hispanic Small Business owners as being more in tune with technology than many others.
Perhaps the business community should embrace this growing trend.