In the United States, small and medium businesses (SMBs) have been growing steadily over the past decade. As of 2022, there are about 33 million SMBs in the US, representing about 99% of all businesses. These businesses employ 61.7 million employees or 46.4% of all US employees. More recently, Hispanic-owned SMBs have seen a significant increase in their numbers across the country, making them an important part of the US economy.
The number of Hispanic-owned SMBs has grown to 4.23 million as of 2018, representing 43.5% of Racial Minority owned businesses and 13.5% of all SMBs in total. This growth is due to several factors including increasing access to capital for minority-owned business owners, a greater focus on diversity initiatives by larger companies and organizations, and a desire by entrepreneurs to create their own paths toward financial success.
This growth brings with it both opportunities and challenges for Hispanic-owned businesses in the US. On one hand, these businesses are able to take advantage of new markets and access new capital sources that were previously unavailable to them; on the other hand, they must also navigate complicated bureaucracy and societal norms that can be unfamiliar or even hostile towars their presence in certain industries or markets. That’s why it’s so important for Hispanic-owned businesses to find reliable partners who can help them understand these complexities in order to maximize their success potential while minimizing any risks that may arise along the way—like Tepui Consulting!
Tepui Consulting is a Hispanic minority-owned business consultancy focusing on analytics across multiple industries including technology, retail, finance, healthcare, and more! Our team consists of experts from various backgrounds who specialize in helping our clients make sense of complex data sets so they can create informed strategies for success — no matter how large or small their operations might be! We’re committed to helping our clients succeed by providing them with insights tailored specifically to their needs while using our expertise to provide guidance every step of the way!
The rise in Hispanic-owned SMBs is an exciting development for our economy as it means more diverse perspectives being brought into many different industries throughout America.
However, as with any new industry players entering established markets comes inherent risk — which is why having an experienced partner like Tepui Consulting can be invaluable when navigating uncharted waters. With our deep knowledge base across many different industries, we’re ready to help you succeed at whatever challenge you face–no matter how big or small it might be! Reach out today to learn more about what we can do for you! – Let’s Talk