After a good end to 2016, a new study has revealed Hispanic small business owners are excited about their prospects this year.
According to the inaugural Bank of America 2017 Hispanic Small Business Owner Spotlight (PDF), 71 percent of Hispanic entrepreneurs expect their revenues to increase. That’s 20 percentage points higher than that of non-Hispanic entrepreneurs (51 percent).
In addition, more than half (54 percent) of Hispanic business owners are planning to hire more employees over the next 12 months. By contrast, only 24 percent of non-Hispanic counterparts are planning to hire this year.
Expectations of Hispanic Entrepreneurs Overwhelmingly Positive
It’s not just 2017 Hispanic entrepreneurs are feeling hopeful about. A surveyed 76 percent are planning to grow their businesses over the next five years.
Elizabeth Romero, Small Business Central Division executive, Bank of America (NYSE:BAC) explains, “They see opportunity for themselves, as well as their families, and are leveraging personal networks and communities to help them realize their dreams. Even in the face of the same challenges and economic concerns that affect all small business owners, they are proving to be not only resilient, but incredibly bullish about their future plans and prospects for success.”
But Some Concerns Persist
While they are confident about business growth, Hispanic entrepreneurs continue to be worried about some of the challenges they face.
According to the report, 23 percent of Hispanic small business owners find maintaining a work-life balance to be their biggest challenge. This is followed by concerns over finding qualified employees (19 percent).
Other challenges include understanding business regulations and policies (17 percent) and accessing loan funding (17 percent).
For the study, GfK Public Affairs and Corporate Communications conducted a survey of 1,000 small business owners in the United States on behalf of Bank of America.
Image: Bank of America