Recent research has shown that the number of Latino small business owners has been growing in recent years, but there is still a significant entrepreneurship gap. Put simply, Latino citizens own 2.7 times fewer businesses per 1,000 residents than non-Latinos. While these numbers differ substantially depending on location, this overall trend is somewhat troubling.
So, what can Latino business owners do to help ensure success even when the cards are stacked against them? This article will offer some insight into how joining a Small Business Association might be a good place to start. Read on to find out about just a few of the benefits of doing so.
Joining a business association is a great way to start networking with other local business owners and getting more organic referrals for services or sales. Even in competitive fields, small businesses can often benefit from collaboration with others in the area, especially given how difficult it can be for start-ups in today’s markets.
New business owners often have trouble getting their companies established due to a lack of company history. Joining a business association will offer these start-ups a higher level of credibility with both consumers and other business owners.
One of the major benefits of banding together with other small business owners is that doing so makes it easier for local entrepreneurs to advocate for their rights. While large corporations can afford to hire entire teams of lobbyists and lawyers, small business owners often wind up having to face this challenge alone. That just doesn’t have to be the case for those who join business associations.
Access to Industry Knowledge
Most business associations put out publications or host seminars designed to increase their members’ knowledge of the industry. Latino business owners who are new to entrepreneurship can benefit from learning the tricks of the trade, while those who are already finding success in their fields can go on to pass the torch to others who might be able to benefit from their perspective.
Small businesses need all of the visibility they can get. Joining a business association will increase visibility among potential customers or clients and among industry insiders.