Bank of America study shows continued confidence among Hispanic business owners
Hispanic-owned small businesses remain one of the fastest-growing segments of the small business economy, creating jobs and growing revenue. Read on for highlights from the 2018 Bank of America Hispanic Business Owner Spotlight, a survey of 394 small business owners (SBOs) across the country.
Confident about growth
Survey respondents expressed confidence about the economic environment, their business outlooks and opportunities for growth in 2018.
- 60% expect their local economy to improve in the year ahead, and 67% think the same of the national economy.
- 71% expect their revenue to increase in 2018, 37% plan to hire, and 26% intend to apply for a loan.
- 77% plan to grow their business over the next five years.
- 65% believe Hispanic SBOs face unique business challenges compared to non-Hispanics, although many feel their heritage has been an advantage.
- 88% believe the Hispanic small business environment will strengthen in the next 10 years.
Hispanic SBOs lead stats in social media usage
The Spotlight also revealed that Hispanic SBOs rely more on digital tools and social media than the average small business owner.
- 93% of Hispanic SBOs use digital tools in the day-to-day running of their business (vs 74% of SBOs on average), including 50% who use digital banking.
- 76% rely on social media to help run their business (vs 41% of SBOs on average), primarily using it for the following:
- Marketing (78%)
- Networking (76%)
- Sharing updates with customers (74%)
- Hiring employees (57%)
- 53% say social media has had a positive impact on their business' bottom line (vs. 30% of SBOs on average).
Hispanic SBOs leverage digital tools, social media to fuel success. You should too.
Google research identifies Hispanics as being ahead of the curve when it comes to digital technology. They lead the general population in terms of adoption of new devices, are “power users” of mobile and over-index in video consumption.* The 2018 Hispanic Business Owner Spotlight uncovered ways in which forward-thinking Hispanic SBOs use technology to successfully run their businesses, reach new customers, and hire employees.
Bank of America Hispanic Business Owner Spotlight
GfK Public Affairs and Corporate Communications conducted the Bank of America Hispanic Business Owner Spotlight survey between August 8 and September 28, 2017 using a pre-recruited online sample of Hispanic and non-Hispanic small business owners. GfK contacted a national sample of 1,013 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees, as well as 394 interviews among Hispanic small business owners, 149 of whom were primary Spanish speakers. The final results were weighted to national benchmark standards for size, revenue and region, and, for the Hispanic augment, whether the respondents were primarily English-speaking or Spanish-speaking.
*Source: Your Next Big Opportunity: The U.S. Hispanic Market, Lisa Gevelber / Jul 2014 I Mobile, Video, Consumer Insights
Source: 2018 Bank of America Hispanic Business Owner Spotlight