(Photo : Pexels)

A recent study reveals that 2020 is a good year for Hispanic entrepreneurs as they expect growth and robust expansion among the Hispanic-owned businesses in the years to come.

Hispanics and Latinos play a very important role in the economy of the United States. In a previous report of Latin Post it was mentioned that there is a substantial growth of Latino-owned small businesses in the U.S. The news outlet also mentioned that Latino-owned businesses have contributed $2.3 trillion to the economy since 2017 and has helped to create more than three million jobs.

According to the fourth annual report of Bank of America Business Advantage 2020 Hispanic Business Owner Spotlight, Hispanic owners of small businesses in the United States are expected to have a brighter future in the years to come. It is also expected that there will be a robust expansion and growth this year. Moreover, in the report they presented, it was a survey that was participated by more than 1,000 entrepreneurs in the country and they found the following significant data according to a published article in AZ Big Media:

  • In the next 12 months, 89 percent of Hispanic entrepreneurs plan to expand, which is two percent higher compared in 2019.
  • An estimated 79 percent of Hispanic entrepreneurs expect a four-year high or increase in their revenue.
  • One of the most interesting parts of their report is that it was also reported that 45 percent of the Hispanic entrepreneurs are planning to hire more jobs as their industry or business is booming.

Elizabeth Romero, Small Business Client Management and Specialty Support Management, of Bank of America, said that Hispanic entrepreneurs are entering a new decade with positive signs in their industry. They found out that many of them already have a plan in the next coming year and in the years to come. The good thing is even though Hispanic entrepreneurs continue to face struggles in their business, Romero said that the Bank of America is still committed to helping Hispanic entrepreneurs to fuel the growth of their business.

Why 2020 is a good year for Hispanic entrepreneurs?

2020 is a good year for Hispanic entrepreneurs because it was revealed in the study that 92 percent of the Hispanic entrepreneurs believe that small businesses will help to strengthen the Hispanic business community in the next five years. The majority of them also believed that their business will advance and grow in the decade. These are there five goals in the next 10 years:

  • Increase their revenue
  • Prioritize the presence of digital marketing in their business
  • Expand into new markets
  • Increase staff by hiring more employees
  • Automate their business automation

This is the year of the decade where Latino and Hispanic entrepreneurs are expected to establish more small businesses and help the economy of the United States. The presence of Latino and Hispanic communities in the country is now greatly acknowledged because of their big impact. Meanwhile, 62 percent of the Hispanic owners are confident that the local economy will improve in the year to come and 53 percent believed that there will be a significant improvement in the national economy in the next 12 months.