Writing A Business Plan:
Business Plans for Hispanic Entrepreneurs

If your business is Hispanic-related, such as importing from South America, your business plan is a shoo-in with many lenders and investors. There is an assumption that anyone who speaks Spanish knows what they are doing in a Spanish-speaking country.

Business Plans for Hispanic Community Businesses

Should your business be based in the Spanish speaking communities of the United States, you are nearly home free.

Add a cross-culture Advisory Board,  ...incorporate your business, and ...formalize any outstanding small business loans -- you're on your way. (See Minority Business Loans for an outline of these steps.)

For a particularly outstanding presentation, create an online business plan to knock their socks off.

With all of that on your side, you will be well on your way to getting that loan.

Non-Hispanic Community Businesses Need a More Dynamic Approach

When your business is not centered on the Latino community, you have all the challenges of any other person writing a business plan -- but more so.

Your presentation must be better.

Your idea must be more original.

Your goals must be more do-able.

If you are offering collateral for your loan, it will likely have to be more collateral than non-Hispanic business owners would offer.

I wish I could tell you differently. But I can't.

Overcoming Prejudice

For the fairest treatment, pursue the SBA angle if you can.

Work your business network. Find out if there is a bank in your area that prides itself in its relationship with the Latino community. Find "your" banker in that institution (and he need not necessarily be Hispanic himself -- in fact, he could likely be a she).

Unfortunately, there is the unspoken prejudice that you must overcome: the perception that Hispanics are lazy. I have worked with enough Hispanics to know that it ain't necessarily so, but many others haven't. Take particular care in all of your presentations -- the business plan, your online business plan, and any presentation of your accomplishments -- to clearly demonstrate that you possess every bit as much ambition and energy and dedication as any other entrepreneur.

The prejudice against Hispanic entrepreneurs is on a personal level. But, because it is personal, it can be overcome, one by one.

Recommended Sources

Hispanic Business Magazine
Web site includes wide ranging resources for the Hispanic business owner.

Latin Business Association
Promotes the growth of Latino businesses by promoting new opportunities, workshops and advocacy programs.

National Latino Research Center
Promotes scientific research, training and the exchange of information related to Latino populations in the US.

United States Hispanic Chamber of Commerce
Works to strengthen and implement programs that assist the economic development of Hispanic firms.

 

Back to top of Business Plans - Hispanic Entrepreneurs