Supporting latino-owned businesses can help build relationships and boost community morale.
With that said, what are some ways to show love to the businesses you love? Below are nine ways to celebrate and support latino-owned businesses.
1. Start with visibility
One of my big beliefs for most businesses is that visibility is huge. Having and supporting latino-owned businesses only happens when we know about them.
The best way to support them is to sponsor these businesses and organizations but also to make it a point to feature them too.
It could be sharing social media posts or having them on a podcast or blog but getting the opportunity to get more “eyeballs” is huge.
2. Be intentional
Small businesses and entrepreneurs have been longtime economic drivers and wealth builders in our society. Supporting latino-owned businesses throughout the year can help stabilize a community and create more opportunities for meaningful savings, property ownership, credit building, and generational wealth.
It is important to be intentional about providing support beyond the holidays and throughout the year.
Support can come in the form of making a purchase, referring others, engaging on social media with tags, shares, and comments.
Subscribe to the company’s email list and submit a positive review. Be an advocate for the small business.
3. Ask what they need
A simple, yet effective way to support latino-owned businesses and organizations, especially during this economic hardship, is to simply ask.
Once you’ve identified hispanic-owned businesses in your community that you’d like to help, reach out to the owners and ask how you can best support them.
Many might be hesitant, but keep asking! Every business’s needs are so unique, and everyone needs different levels of support. Getting specific and making a conscious effort to reach out will go such a long way.
4. Share with your social circles
It’s not rocket science. A simple yet impactful action is to patronize hispanic-owned small businesses. There are thousands of latino-owned small businesses that fulfill a plethora of consumer needs.
Nonetheless, there’s an even greater action that you can take if your wallet won’t allow the expense: share the business with your social circles!
A good marketing campaign is a vital yet sometimes costly asset, and for a newly-minted small business, a large factor in their start-up success.
So share the business with your friends, family, and cohorts; the more people who are aware of the opportunity to buy from a hardworking, hispanic-owned small business, the better. Even greater, it doesn’t cost anything to share!
5. Build a relationship
Building a relationship with latino-owned businesses is the key to support; so that we don’t just become a checkmark on someone’s good deeds list.
That’s what true support and partnership look like for allies. Support looks like taking the time to get to know the latino-owned businesses, not just kicking a few social media tags our way.
And yes, support also looks like spotlighting hispanic-owned business in posts, newsletters, interviews, blogs, podcasts, etc. but not just one-and-done, let’s network and get to know each other. I don’t want your support just because I’m Latino; I want it because you believe in me and my business’s mission, vision, and values.
6. Share a seat at the table
Be open to inviting latino-owned business owners to your networking events and group meetings. This simple gesture is a great way to help share business resources with new black-owned business owners helping them get deep-rooted in other business social circles and expand their customer reach.
Sharing these resources helps bring an alternative thought process into your network and club as well.
It is always good for other communities to see that they share the same hurdles or successes with other communities’ leaders and business owners.
7. Provide equal access to funding
Historically, there has been a concerted effort to ensure Mexican-American owned businesses remains at the bottom. As we move forward in history, I feel supporting an Mexican-American owned business has more to do with ‘mindset’ which impacts practical actions.
On the practical side, consumers should look more at the product versus the owner or ethnicity of the product.
For lenders and investors, provide equal access to funding and networks; get rid of the notion that a product won’t work because of its owner. If a company has an increase in sales year after year without funding, imagine its acceleration with financial backing.
8. Understand internal structure differences
To fully support hispanic-owned businesses, whether financially or otherwise, individuals and organizations must be determined to break through every single barrier that blocks the intended support.
And they must do so with the same speed and consistency they exhibit when working with larger, Fortune 500 conglomerates. Understanding that many small, latino-owned businesses do not have the same internal structural capacities as those corporations who historically have been successful in gaining support to scale their businesses is key.
Allies should intentionally search for ways to balance the marginalization of latino-owned businesses by listening to latino entrepreneurs’ needs and challenges.
Once identified, supporters must implement policies that change the discriminatory structure immediately, rather than continuing to sideline watch those businesses struggle and possibly, eventually shut down.
9. Coaches and patrons
Hispanic-owned businesses need more access to capital, more coaching, and more people spreading the (positive) word about them. A racial wealth gap undeniably affects latino business owners, leading to less access to capital and cash flow, which leads to a difference in the profitability between their businesses and those businesses owned by their counterparts.
Organizations should support hispanic-owned businesses by limiting the hurdles that can impede these businesses’ ability to access the necessary capital to operate and thrive.
Understandably, though, creditworthiness and a business’s profitability projections factor into gaining access to said capital; as such, latino-owned businesses would benefit from access to quality coaching to help them understand how to create businesses they love, that others will also love, and that lenders will want to support.
Finally, latino-owned businesses need patrons to add them to their list of go-to places and tell others about their incredible work.