By Nancy Gaskins, www.itraininvestors.com
Supporting local businesses is a growing consumer trend. Thriving small businesses build successful communities. Today’s startups will become tomorrow’s job creators; the foundation for a stronger local, regional and national economy.
As of the 2010 U.S. Census, Hispanics and Latinos comprised 23.2% of Florida’s population. In Northwest Florida, our 5-county regional average is 6.64% with the highest concentration being in Okaloosa County, at 9.2%. Seeds of opportunity abound in Northwest Florida for those that care to pay attention.
JP Morgan & Chase reported that Latino entrepreneurs are starting small businesses faster than the rest of the startup population and becoming a bigger part of the total U.S. market every day. Estimates are that they will make up 29 percent of the U.S. population by 2050, up from 17 percent today.
Owning and operating a business is not for everyone, but everyone in our community does have the ability to support small business owners and aspiring entrepreneurs. If something is “off,” or you aren’t happy with your experience, tell the owner or manager and give them the chance to correct the situation. Encourage your friends, family members and neighbors to support small business owners. If you have a choice, and all other things are equal; support the Mom and Pops in your community. Participate in discussion panels that promote Entrepreneurship and Small Business Development. Join a local community investment club and help launch small business startups in your community.
Who Wants to Be an Entrepreneur?
- 48% of Americans dream of starting their own business
- 51% who launch are over 50
- 69% start their business from home
- 51% have been “thinking about it” for 2 years, 31% for 5 or more years.
The top 3 reasons cited for NOT starting a small business are as follows:
- People like the security of a steady income
- Lack of personal savings
- Failure rates for new startups is very high
Instead of quitting your day job, consider starting a side business. Work part-time in the evenings, during your lunch hour or on the weekends. Make it a family affair; i.e. get your family involved and let them have a stake in the success of your new business venture. Share your vision of what this new business could mean to your family.
Startup funding options are much more accessible thanks to the internet and the JOBS Act, but Entrepreneurs still struggle in this area. They lack the skill sets to properly “pitch their idea.” Many startups are born out of necessity, which means the family has experienced a financial setback or emergency situation which could disqualify them for conventional financing options and pose too high of a risk for investors. These Aspiring Entrepreneurs need access to affordable options and a team of Mentors to help lead the way.
There are many reasons businesses fail; but CASHFLOW is at the top of the list. You can have the best idea, product or service in the world, generate a ton of sales, have a customer base filled with raving fans, but if you don’t have the cashflow available in your bank account to pay your bills when they come due, your business will fail.
Entrepreneurs tend to be overly optimistic. Even the best budgets for startup expenses will fall short of expectations. Unexpected expenses will show up at the worst possible time. Some vendor’s quote for a major item you need will be off…way off.
There are things you can easily do to minimize your risk and improve your chances to succeed. You can turn your passion into profits by first learning how to articulate and share your business idea in a compelling manner. Surround yourself with a team of seasoned Entrepreneurs that can help you navigate the potential pitfalls and obstacles associated with a small business startup. Have a contingency fund readily available, along with a plan b, c, and d. Don’t be afraid to ask for advice, admit when you’ve made a mistake and change directions.
The American Dream is alive and well and is available to everyone. Hispanic owned businessesand businesses that cater to Hispanics and Latinoscould prove to be the next big opportunity for Investors. The economic backbone of our country was formed and continues to evolve from the creative mindsets of Entrepreneurs, Mom and Pop Business Owners and everyday people who support us in our efforts.
