4 States Thriving for Latino-Owned Small Businesses
Spanish-speaking business people looking for a great location for a new business need look no farther than the four biggest states for Latino-owned businesses to find rich environments to incubate their entrepreneurial ideas. Together, California, Florida, New York, and Texas hold over 60 percent of the nation’s Latino-owned businesses, and many of them are concentrated in a few cities where it’s easy to find community and thrive. The business environment in those states also provides advantages in a few ways. Of course, finding the right choice of home for your new company will mean carefully considering these options, because each one provides different advantages for investors.
New York City is home to a large concentration of businesses owned by Spanish-speaking business people, with diverse ethnic communities from all over Latin America and beyond. Over 99 percent of the businesses with operating addresses within the city are considered small businesses by the state and the Small Business Administration, making it fertile ground for new companies and individual-owned businesses. State-wide, opportunities in cities like Syracuse and Rochester provide diverse locations outside New York City for those looking to move into a less densely populated area that is still accessible to the city’s markets.
Los Angeles is currently the national hot spot for startups, with a higher concentration of new businesses than anywhere else in the country. Coupled with the city’s large Latino population, this means there’s a lot of networking opportunities and markets for specifically Latino businesses and businesspeople. Between the great business environment and the strong local community, the area is attractive to many young Spanish-speaking entrepreneurs, and its large population base ensures a big market for whatever your company sells.
Florida takes a different approach to making its environment attractive to entrepreneurs, and as a result of its history and geography, this has made it the country’s densest concentration of Latino-owned businesses. Incentives to working in Florida beyond community and networking include a favorable tax and regulatory environment with no personal income taxes at the state level.
Like Florida, Texas makes itself attractive to all businesses by keeping taxation low and regulatory oversight friendly for companies operating in the state. It’s also got several cities with Latino-oriented business communities designed to provide political organizing and community outreach for entrepreneurs. One example of this is Austin’s highly successful Hispanic Chamber of Commerce. Between the community and the favorable tax environment, it’s easy to see Texas as a top choice for many new companies.
Spanish-speaking business people should consider these four options carefully, because each one has great advantages for new businesses.