In observance of Hispanic Heritage Month, Hello Alice’s latest small business temp check helps define the Hispanic small business community and their business sentiment as of Q3 2021.
As of October, Hello Alice supports a diverse base of nearly half a million business owners. Hispanic owners make up almost 12% of all owners on our platform, directly mirroring the proportion of Hispanic owners nationwide. We regularly collect data on these entrepreneurs to determine who they are and what they need to launch, fund, grow, and manage their small businesses.
Here are some key takeaways from this temperature check:
- Marketing and brand awareness are primary focuses. In fact, 12% of Hispanic owners cited marketing as the biggest challenge in Q3 2021 — an 80% QoQ increase that stands apart from other demographics.
- Hispanic-owned businesses are growing and hiring. 61% of Hispanic-owned businesses are in the scale stage in 2021, a 17% increase YoY. We see this reflected in hiring as 89% of Hispanic owners plan to add employees in 2021 compared to only 49% in 2020.
- Still, Hispanic owners are less optimistic than their peers. 22% of Hispanic owners predicted business in 2021 would be the same or worse as 2020. Only 17% of owners from other demographics answered the same.
- Business outlook varies by industry. When you break down business sentiment by industry among all owner demographics, “construction,” “transportation logistics,” and “other services” have some of the least optimistic outlooks for 2021. These three industries also have a higher-than-average concentration of Hispanic owners, perhaps explaining the negative outlook.
If your company or organization is interested in supporting this important work or gaining insights about your community of business owners, please reach out to [email protected]
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