The U.S. is not only home to more than 63 million Latinos, but it is also the place where this community operates almost five million businesses that generate more than $800 billion in annual revenue, according to Stanford University and the Latino Business Action Network’s State of Latino Entrepreneurship Report.
Growth in employment and income has increased for this community over the years, however starting a business is still a challenging task that requires a certain optimism, imagination, and perseverance. If you’re looking to start your own business, here are some important initial steps to consider:
- Know the business in and out. Whether you want to sell homemade sauces, open a place that serves coffee or offer Artificial Intelligence services, you should know your product or service, the market you have and the competitors. Briefly and simply describe what your business consists of, what need or market it serves and who your potential clients are.
- Create a Business Plan. A guide or roadmap focused on your business idea, the market and how you plan to reach your objectives, will not only help you open and face the challenges that exist in a business but also maintain it. Additionally, it will allow you to focus on your idea, see the path ahead and communicate it to potential investors. Agile start-ups only need the description of the proposal, what is needed, finances and potential clients.
- Assess the need for financing and look for it. The business plan you created will help you. Many entrepreneurs initially use their personal credit card to fund a business, but there are actually business credit cards, like Chase’s Ink Business Cash Card, that can help meet your needs while earning rewards like cash back on business purchases. If you’re looking to obtain a business loan, you can work with a bank or through the Small Business Administration. Alternatively, there may be public and foundation subsidies where you can do crowdfunding.
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- Determine the legal structure and register your company. This affects your tax obligations and legal liability. Some options include sole proprietorship, or Unipersonal Company — one owner is responsible for the debts; partnership –if there are more than two people; corporation — to separate personal responsibility from that of the business; LLC — or Limited Liability (the most common). Seek legal assistance to determine what structure is best for you and your business.
- Register with the IRS. Consider whether you should have an employer identifier number among other things to keep tax obligations separate.
For more information and tips on how to start and manage a business, visit chase.com/es/business.
Sponsored by JPMorgan Chase & Co.
For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.
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