The top 5 cities in the US for Hispanic entrepreneurs in this list are in Florida. Here’s where
Mark your calendars, Hispanic Heritage Month is coming up in less than two weeks.
Ahead of the celebratory month, personal-finance website WalletHub released its annual "Best Cities for Hispanic Entrepreneurs" report, with Florida dominating the list.
Experts compared 182 cities — including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state — across two key dimensions, “Hispanic Business-Friendliness” and “Hispanic Purchasing Power.” They then evaluated the two dimensions using 23 relevant metrics, including Hispanic entrepreneurship rate, Hispanic income growth, and overall Hispanic population.
“In the top cities for Hispanic entrepreneurs, as many as 30% of businesses are owned by Hispanic people. While these cities also tend to have large Hispanic populations overall, the high entrepreneurship rates indicate that they offer business-friendly conditions," WalletHub Analyst Chip Lubo.
"In the top cities, Hispanic entrepreneurs can enjoy low corporate tax rates and good opportunities for growth. Plus, a large Hispanic population can be especially helpful for entrepreneurs who want to cater to that demographic.”
What are the dates for Hispanic Heritage Months 2024?
National Hispanic Heritage Month is annually celebrated from Sept. 15 to Oct. 15. According to U.S. Census website, the reason why it begins in the middle of the month is so it coincides with the Independence Days for multiple Latin American countries, including:
Costa Rica - Sept. 15
El Salvador - Sept. 15
Guatemala - Sept. 15
Honduras - Sept. 15
Nicaragua - Sept. 15
Mexico - Sept. 16
Chile - Sept. 17
Belize - Sept. 21
Why do we celebrate Hispanic Heritage Month? See its origins
The National Museum of Latin America explains that Hispanic Heritage Month seeks to provide an additional opportunity to "explore the incredible impact Latinas and Latinos have had on the United States for generations."
They add it began as a week-long celebration in 1968 under President Lyndon B. Johnson and was expanded to a month by President Ronald Reagan 20 years later in 1988. It was enacted into law on Aug. 17, 1988.
What cities are the best for Hispanic-owned businesses? Florida dominates
Source: WalletHub
Out of top 20 cities, Florida cities took up 11 of the spots, including the first seven slots. See the top 20 cities for Hispanic entrepreneurs:
Pembroke Pines, FL
Orlando, FL
Fort Lauderdale, FL
Port St. Lucie, FL
Miami, FL
Cape Coral, FL
Hialeah, FL
Missoula, MT
St. Petersburg, FL
Laredo, TX
Tampa, FL
Amarillo, TX
Albuquerque, NM
Corpus Christi, TX
Nampa, ID
Santa Clarita, CA
Tallahassee, FL
Jackson, MS
Jacksonville, FL
Las Cruces, NM
Why is Pembroke Pines the best city for Hispanic entrepreneurs?
Pembroke Pines is a city in southern Broward County, located 22 miles north of Miami. According to WalletHub experts, it is the best city for Hispanic entrepreneurs in 202.
They shared the city boasts the fourth-highest share of businesses owned by Hispanic people, around 30.5%. The city also has the highest Hispanic entrepreneurship rate in the country, on top of one of the best entrepreneurship rates for the general population.
"Over 47% of the population of Pembroke Pines is Hispanic, the 23rd-highest percentage in the nation, and the city has the third-highest share of Hispanic residents who own their homes rather than renting them," experts wrote.
Additionally, Pembroke Pines has the 10th-lowest corporate tax rate among the more than 180 cities in the study, which helps entrepreneurs keep more money while avoiding burnout.
What is the worst city for Hispanic entrepreneurs?
New Haven, Connecticut saw the bottom of WalletHub's ranking, seeing low scores for “Hispanic Business-Friendliness” and “Hispanic Purchasing Power.” The study also points out that it is the fourth worst city for Hispanic entrepreneurship rate.
See top 10 worst cities:
New Haven, CT
Boston, MA
Cleveland, OH
Detroit, MI
Providence, RI
Bridgeport, CT
Buffalo, NY
Huntington, WV
Rochester, NY
Fayetteville, NC
See tips for Hispanic entrepreneurs interested in starting their own business
To expand on its findings, WalletHub to experts to gather more insight. They asked those for their tips
Pilar Useche, University of Florida professor, shared that potential entrepreneurs should become acquainted with associations that have resources, programs, and support systems that are specifically designed for Hispanic entrepreneurs, such as the Association of Latino Professionals for America (ALPFA), the United States Hispanic Chamber of Commerce (USHCC), or the Latino Business Action Network (LBAN).
"These resources could be used to develop a basic understanding of finance, seek expert advice to review business ideas before crafting a detailed plan, network, explore franchising opportunities as a path to business ownership, stay informed about market trends, etc," she added.
Additionally, other experts encouraged entrepreneurs to find their niche and to seek out mentors. Marlene Orozco, Lead Research Analyst with the Stanford Latino Entrepreneurship Initiative, said growing your network and making it stronger is important.
"Connections with other entrepreneurs, mentors, and business-serving organizations can provide invaluable support and guidance. Networking opens doors to new opportunities, whether it is finding potential partners, gaining insights into industry trends, or receiving advice on overcoming challenges," she said.
This article originally appeared on Fort Myers News-Press: Florida cities best for Hispanic entrepreneurs top list. Here's why
