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BizReport : Trends & Ideas archives : March 12, 2019

Report finds Hispanic business owners planning to expand

Hispanic business owners are more optimistic about their businesses than their counterparts. That is a key takeaway from new Bank of America data which shows that about 79% of Hispanic business owners have plans to increase their business over the next five years.

by Kristina Knight

Those growth plans include expansion (87%), increased revenue (74%), and hiring plans (51%). Roughly one-third (34%) say their business has already grown above their original expectations.

Just over half (55%) of non-Hispanic business owners have growth plans and only about one-fourth (25%) say their business has grown above original expectations.

"Consistent with years prior, Hispanic small business owners are embracing a significantly more confident outlook toward growth compared to their non-Hispanic counterparts," said Elizabeth Romero, Small Business Central Division executive, Bank of America. "This optimism, however, does not come without challenges. As Hispanic entrepreneurs look to augment growth plans by hiring, today's competitive job market has created an especially difficult environment to attract and retain talent."

Other interesting findings from the report include:

▪ Most credit employees (91%) or community (86%) with their confidence
▪ 38% plan to pass their business on to family members
▪ 45% have experience employee turnover
▪ 70% "have refined" hiring practices and 32% use social media to find employees

More data from the BOA study can be found here.

Tags: Bank of America, Hispanic business trends, small business, SMB trends

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