Hitting the mid of October means celebrating the vibrant Hispanic Heritage Month in full swing. While most people get busy talking about some of the most influential names in the Hispanic business world, others try to support small Latino-owned businesses.
However, considering this month, it is also important to confront some business stereotypes that often unfairly limit us.
As a Latina business owner, I have faced firsthand the challenges of defying misconceptions, particularly the assumption that our businesses must revolve around food. While facing these stereotypes, I also learned that turning limitations into opportunities is the true power of an entrepreneur.
If you are a Latina business owner, struggling with limitations and thinking of growing a business, here are some effective ways I used for growing my business.
Top Business Growth Tips for Latino-Owned Business
· Get Help from Society
When handled properly, society can become a big driving force behind successful businesses. Companies that focus on creating an inclusive environment and offer an opportunity for society to come together eventually grow more.
A classic example of this phenomenon is Madam J. Walker – a black female Entrepreneur. She offered black women an opportunity to come together through her products, marketing styles, and business ethics.
Businesses today are trying to replicate this idea by building a more inclusive environment for their employees as well as customers. For instance, Spectrum is a US-based internet company that mainly targets US citizens. However, considering the 43 million Spanish speakers in the US, the company has a dedicated numero de Spectrum to provide support to Spanish customers in their native language.
· Stay True To the Culture
During the last seven years of running my business, I truly believed that the weaknesses of a business could be turned into strengths with good planning. In most cases, businesses like to stay disassociated to help them navigate through the cultural political and religious hiccups easily.
However, disassociation is a powerful tool for big brands that are aiming to go global. For small brands, community, culture, gender, and emotional association can become a strength. Instead of turning your back on the culture, embrace it. Let people know and this will eventually help you grow more.
A simple yet powerful strategy is to market your product in the language of your target audience. For instance, as a hair care product owner, I started addressing issues related to my community. From my marketing campaigns to overall audience interaction, everything was truly designed for my Latino audience.
· Grow Local to Spread Global
Aiming for global reach is good for business in the end, however, growing locally and strengthening your roots is more important. Before going global, most of the brands focused on their local growth.
For instance, McDonald’s is a global fast-food chain that has embraced cultures of different countries, and their taste and customized the menu accordingly. However, McDonald’s is still known as the American fast food chain because of their impact on American food choices.
For my small business, I started by selling my hair care products in my area only. Later, I worked to earn acceptance in my community, which helped me get shelving space in big stores. This gradual growth prepared me for growth and its related challenges without feeling overwhelmed.
· Build an Inclusive Brand
Targeting an audience and staying true to them is very important. However, this can limit your scaling option. A good way to grow your business is to start with just one small group but then improve your product and simultaneously grow your audience.
For instance, some of the global brands like Lululemon Athletica started with just yoga-related products. The brand made it big and became a favorite for yoga enthusiasts. However, today, Lululemon is considered an ideal brand for sports and fitness enthusiasts. The brand has its own athletic apparel line catering to runners, fitness experts, and gym goers.
To follow this suit, I started my brand with a hair growth oil just for Latino women. However, today I have more than 30 products catering to the needs of every woman regardless of their age, color, and ethnicity.
· Seek Inspiration
Seeking inspiration, setting a benchmark, or learning from big brands helps in business growth. While setting an inspiration for your brand, do not limit your horizon to just legacy brands. Instead, consider some of the biggest names in the market, the best names in your industry, and even your competitors.
In the rapid transformation, even the biggest seek design and technology inspirations from their rival. One of the biggest examples is the mobile industry. Nearly every company is now trying to incorporate new tech features inspired by their rivals. Moreover, the automobile, food, and tech industry are also focused on following the same suit.
Top Latino-Owned Businesses to Support
- Lil’ Libros
- Cuyana, Inc.
- Tata Harper
- Latinx with plants
- Mijenta Tequila
- Progeny Coffee
