In honor of National Hispanic Heritage Month, we want to celebrate the Hispanic women entrepreneurs who are helping to fuel our nation’s economy. According to the National Women’s Business Council, there are currently over two million Latina-owned businesses in the US, a growth of more than 87% since 2007. Despite this impressive growth, Hispanic women often find themselves facing systemic disparities and biases that make it harder to compete on an equal footing.
That’s why we’ve compiled the following tips and helpful advice – to help Latina business owners navigate the challenges of starting and running a business and put them on the path to success.
Use social media and digital tools
Social media is a great, cost-effective way to level the playing field, expand your reach, target your customers, effectively market your business, and sell through new channels. Learn how to take advantage of social media and other digital platforms that your customers use. Facebook for Business is providing free training, tools, and online events throughout September and October as part of their Latinx Hispanic Business Boost. Google also offers valuable resources for Latina-owned businesses – including virtual workshops, digital coaching, video tutorials, and more. And Hootsuite, a social media management platform, provides free online training in Spanish to help your business make the most of your social media presence.
Leverage business accelerators
Business accelerators can help early-stage businesses with training, mentorship, support, resources, and even potential funding opportunities. The Latino NonProfit Accelerator and the Manos Accelerator are two that are focused on helping Hispanic entrepreneurs, and there are a number of accelerators dedicated solely to helping women entrepreneurs. Check out the options available for you and take advantage of the benefits they offer.
Connect with networking and business support groups
The most valuable resource for Hispanic women business owners is other Hispanic women business owners. They understand the challenges you are facing, have experienced them, and can provide guidance on how to overcome them. Networking groups like Valley’s Women in Business program can be a great way to meet other female business leaders like you, form connections, or even find a mentor. Other women who have walked in your shoes will be able to provide valuable business advice, address your concerns, and even help you make more connections to help your new enterprise thrive.
Hispanic and women business owners still face challenges gaining access to the capital they need to fund their business ventures. The US Chamber of Commerce offers a list of funding options specifically for Hispanic entrepreneurs, and crowdfunding, angel investors, grants, and accelerator programs are other potential sources to consider. Additionally, financial institutions like Valley Bank recognize the economic power and importance of Hispanic female-owned businesses, and can provide financing options that fit your specific business needs.
At Valley, we’re committed to helping Hispanic women business owners with the financial services, networking support and resources they need to succeed. Register for our Women in Business program today, or contact us to learn more.