Up to four million Latino workers in the U.S. are considering starting new businesses, according to QuickBooks-commissioned research published today.* The move is a reaction to inflation’s impact on income and the internet making it easier than ever for people to go it alone.
If these dreams become reality, the industries that will see the fastest growth in Latino-owned businesses will be retail, food services, and construction. Many have big plans. Two-thirds (66%) intend to hire employees or contractors. Three in five (61%) aspire to build dynamic businesses that keep growing, year after year. Most (81%) admit they are naturally big thinkers.
Based on the experiences of existing business owners among the respondents, the next generation can expect average startup costs of around $13,000 per business (depending on the business and industry).