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Hispanic Owned Businesses

The Commerce Department Census Bureau reports that there are now 1.2 million Hispanic owned businesses in the U.S. These firms employed 1.4 million people and generated 1.86 billion in revenues. The largest number of Hispanic-owned firms (1 million) were sole proprietorships, unincorporated businesses owned by individuals. C corporations, all legally incorporated businesses except for Subchapter S corporations numbered 78,500.

Many Hispanics with less than ten years in the U.S have started their own businesses in the fields of landscaping, construction and housecleaning. They are often eager for assistance with the bewildering process of paying employees, keeping books and paying taxes. Without that assistance, they manage on their own and risk legal problems with the IRS. In the North Carolina office, we set out to assist Hispanics with tax preparation and ended up with a large number of clients who needed business accounting services.

Education is obviously the first step to growing your Hispanic client base. Other critical components are bilingual staffing and cultural competency. The rewards are more than just financial. You will be providing a much-needed service for a group of minorities who are sometimes made to feel unwelcome in our country. You have the opportunity to look through the eyes of someone who did not grow up with our language, systems and cultural norms. Help them on their path of assimilation and we will all prosper.

Diciembre 1, 2004 05:12 PM