In these difficult times, we need each other more than ever. Keep reading and find out what you can do to support Latino businesses today.
Did you know that half of all private sector workers in the U.S. are employed by small businesses?
Did you know that if U.S. Latinos were a country, they would have the world’s 7th largest Gross Domestic Product (GDP)?
According to the U.S. Hispanic Chamber of Commerce there are 4.37 million Latino-owned businesses in the country, which contribute over $700 billion to the economy annually.
Of those, small Latino businesses contributed nearly $500 billion to the economy in annual sales in 2019.
All these are stunning statistics that prove both, the big role that small businesses play in the economy and the growing importance of the Latino community in the United States. However, here comes the bad news:
86% of Latino small business owners have suffered a negative impact during the COVID-19 pandemic. So, how can we support each other and help the Latino businesses in our communities?
Here we give you a few ideas:
1. Buy from them
This is the most obvious thing you can do to help Latino businesses during these hard times. Consume products and services from Latin businesses. Have you seen those ads and memes that say “buy local”? Well, that’s the idea! “Buy Latino”.
2. Recommend them
The second most important thing you can do to support Latino businesses, is to recommend them to your family, friends, co-workers, in your social media, and pretty much to anyone you know.
3. Support Latino business networks
Such as this one. Yes sure, we can simply buy from them, but what if they aren’t in our community? What if we have no idea of these businesses? That’s the idea behind business networks like Support Latino Business, which offer tools and tips for Latino businesses during the pandemic, provide a resources hub, and offer networking possibilities. Thanks to the internet and movements like this one, we can still support each other during the pandemic, and we’ll be stronger as a community at the end of it.
4. Connect Latino businesses
This means, do your own networking of Latino businesses even if you don’t get a direct benefit from it. “What goes around comes around”, or how we say it in Spanish “hoy por ti, mañana por mí”. If you happen to know a couple of Latino business owners that could do business together, introduce them to each other and let’s keep growing and taking care of our community.
The COVID-19 pandemic has been a hard test for everyone; layoffs and closures have inevitably been unavoidable in some cases. If we stay together as a community and support as many Latino businesses as possible, we can minimize the damage and come back stronger when this is all over.
Do you have any ideas on how to support Latino businesses? Is there a Latino business in particular that you would like to promote and support? Join us on Twitter and join the conversation!