(Newswire.net — October 17, 2018) — Want to make loads of income from your business? The Latino business community faces plenty of challenges to open and run their small businesses. A study conducted at the University of Kansas titled “Challenges Faced by Latino Immigrant Entrepreneurs” showed that Latinos express concerns about insufficient start-up capital, besides problems understanding regulations and finding the appropriate location. For example, landscaping will not do as well in colder climate states as it will in South Florida.
Newly one-third of entrepreneurs indicated that the second major barrier was the lack of knowledge and understanding of the laws, taxes, and regulations pertinent to starting their business. Finding an appropriate building in the right location and advertising were identified as major barriers by slightly more than one-fourth of the entrepreneurs interviewed. The other half of the entrepreneurs indicated that they would like assistance in writing a business plan and understanding the rules and regulations of this process.
When Latinos finally establish a business, the biggest difficulty is to scale it. The resources to scale a business are not always readily available. Latinos have to search many ways to do so, without any guidance from “someone who’s been there,” or the little guidance from those who want to help. Accessibility to resources still remains an area where more work could be done.
Notwithstanding, obstacles like low startup capital and understanding the laws need not refrain Latinos from starting a business. They can find startup capital and learn the laws even if it takes some more dedication. These days, there are many profitable, trendy small businesses that have proved to be successful and don’t need a large amount of capital to start.
When considering what field or business to launch, it does not hurt to look at the most profitable businesses right now. And luckily, there’s a profitable business for every interest. Take, for example, the foodie who is interested in taking his home-kitchen to the public. Well, food trucks are proven to be one of the more profitable businesses in the U.S. in the restaurant field. It’s a runner-up after catering services and health food kitchen & delivery. Mostly, these jobs don’t require an outstanding amount of capital but can be highly capitalized. Opt for freelancing your services: writers, social media gurus, and website designers can make plenty of money freelancing for companies and landing gigs on sites like UpWork. On that same token, if you have plenty of knowledge about starting or scaling a business, try business consulting. These are merely some examples on the list of 25 most profitable small businesses in the U.S.
There are plenty of success stories from Latinos who ventured off to start their own business and are now successful entrepreneurs. Take for example Óscar López, a business owner who met timing with action by purchasing the deli of his dreams when it went on sale. As an employee of the deli, he was able to get to know the business beforehand, which proved to be in his benefit because when it came time to purchasing, he knew the ins and outs of the business. There are plenty of success stories online like Óscar’s, or likely right around the neighborhood — just ask your friendly Latino barber, flower shop owner or restaurateur.