Hispanic entrepreneurs confident in business outlook, community in 2019

Hispanic entrepreneurs hold a confident business outlook for 2019, with the majority anticipating increased revenue, growth and expansion, according to the third annual Bank of America Hispanic Small Business Owner Spotlight.

To better understand one of the fastest-growing segments of the small business sector, Bank of America surveyed more than 300 Hispanic entrepreneurs across the country to gain insights into their aspirations and concerns, as well as similarities and differences with their non-Hispanic peers.

Consistent with prior years, Hispanic entrepreneurs are significantly more optimistic in both their economic and business outlooks compared to their non-Hispanic counterparts. Despite this optimism, Hispanic business owners face new challenges—specifically when it comes to hiring and retaining talent. Over the past year, nearly half of Hispanic entrepreneurs had at least one employee leave their business. To remedy this turnover, more than half plan to hire new employees in the year ahead. However, Hispanic entrepreneurs have been directly impacted by the tight labor market and are finding it challenging to fill vacant roles.

Despite these hiring obstacles, Hispanic business owners remain upbeat and confident, in part due to the significant contributions of employees, family and community. Hispanic entrepreneurs credit their employees as a driving force behind their confidence and cite their community as an inspiration to succeed. Many also strive to pass a successful business on to their children.

Planning for Growth

Dr. Giancarlo Aymerich spent the early years of his career working at dental offices that had trouble keeping up with demand. He worried that the dentists he was working with were scheduled in such a way that they weren’t able to spend sufficient time with patients to fully understand their needs and goals. Seeing an opportunity in the rapidly growing suburbs of Houston, Texas, Dr. Aymerich met with his business partner Dr. Sader about an opportunity to open a new location of The Dental Studio in the Cypress-area. Today he is the proud co-owner of The Dental Studio Cosmetic and Implant Center in Cypress.

The Dental Studio has two locations in the Houston area, in Spring and the new location in Cypress. Dr. Aymerich and his business partner Dr. Sader are looking forward to expanding in the coming years. “We are excited to build our business to keep pace with the growth and demand we are seeing around Houston. We anticipate opening at least two more locations in the next five years.”

While Houston provides a dynamic, growing city for his business, Dr. Aymerich is conscious of the challenges that come with being an entrepreneur – particularly within the medical field – and looks to his local small business banker and colleagues within the small business community for guidance.

“Managing cash flow can be a challenge when starting a business and so it was very important to have support from Bank of America,” said Dr. Aymerich. “In the health industry, our receivables come from the insurance companies and amount to about 40 percent of our income. However, those payments can take about 45-60 days to be processed, and so we have to be thoughtful about how we manage our funds to ensure liquidity.”

As he looks toward the future, Dr. Aymerich encourages other business owners to always innovate, always advertise, and always take time to understand their clients’ needs. As he said, “clients are the reason we are in business.”

Bank of America is committed to providing Hispanic entrepreneurs with solutions to ignite and accelerate their potential, providing access to capital, mentoring, education and training through our business and partnerships.

Download the Bank of America 2019 Hispanic Small Business Owner Spotlight

3/4/2019


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