Three Great US Cities for Latinx Entrepreneurship (One of Them Might Surprise You)

Latinos are starting new businesses faster than other demographic groups. Latinos also comprise the youngest ethnic group in the United States, and demographics point to continued entrepreneurship among them. The Latino population has steadily increased to 18% of the total population of the United States. One-third of the population is under the age of 18, with millennials accounting for 25% of the population. Despite obstacles including a lack of funding, the amount of Latino-owned companies in the United States is outpacing other groups.

The State of Latino Entrepreneurship Forum is a yearly initiative led by Stanford Graduate School of Business. They report that in the past decade alone, Latinx owned businesses grew 35% greatly surpassing other demographics in entrepreneurship metrics. This trend will continue, they expressed. You can sneak at their latest forum event on Youtube.

These scholars are right on their mark. With over 60 million Latinos in the United States, they own over 4.4 million businesses. So in total, their contribution to the US economy is in the billions of dollars. As Latinos are projected to make up a fifth of the US population by 2050, opportunities for Hispanic-owned businesses can only improve.

So, if you’re an entrepreneur looking to launch your company, where do you look as a potential market? Here are 3 cities you may like to consider:

Laredo, Texas

Maybe this would surprise you. Laredo is a vibrant city on the Mexican frontier, with an economy mostly reliant on Latino enterprises and commerce . Laredo has the country’s second-highest Hispanic population, which is a blueprint for growth as the demographic dominates the industry.

Tip for Latino Entrepreneurs: There might be many business needs that as an entrepreneur you can attend in border towns. And hey, if your business succeeds in a city such as Laredo, you can escalate faster internationally with its proximity to Mexico.

San Francisco, California

San Francisco, the heart and soul of Silicon Valley, has now become a hub for Latinx entrepreneurs as well. Latin SF is a free-of-charge program that connects Hispanic businesses with connections and consulting resources in the region where they want to launch their operations. It also helps that Google’s Developers Launchpad Room, a project that partners with tech entrepreneurs, is located in the neighborhood.

Tip for Latino Entrepreneurs: Don’t think that Silicon Valley “it’s not for me”. There are many successful Latinos in various capacities including entrepreneurs in the area. Take a look at SV Latino for inspiration of success stories.

Miami, Florida

Miami scored highly in a WalletHub survey on the conditions for Latinx businesses in various cities across the United States. Miami has been known as a capital for affluent and successful Latinos. And it does live up to its name, as a survey placed it first in the category of “Hispanic Business Friendliness”. If you are looking for that tinge, Miami might have it all: a thriving economy and a sizable Hispanic community. Plus as an entrepreneur if you are pursuing capital, you might find some potential investors in Miami.

Tip for Latino Entrepreneurs: Succeeding in Miami could potentially scale your company at an international scale. Miami is usually seen as a Latin hub for businesses scaling to the Caribbean and South America. If you are into tech, Miami has been in the news lately for getting hotter for tech startups.

Conclusion

Some might say that as a Latina entrepreneur you can successfully launch your business in areas with a strong demographic representation. So Latinx startup hubs can also include cities like San Antonio, New York City, Chicago, or even Phoenix. But as an entrepreneur you could be missing business opportunities. There could be some other interesting choices like Juneau in Alaska, Albuquerque in New Mexico, or even Charleston in West Virginia. They could be markets where your own business could have great success. So at the end you shouldn’t limit yourself. Dare to think boldly in where you want to open and/or scale your business.

It goes without saying that you don’t need to relocate, nor move your business to the latest trendy town to have success. Actually, your own community could be the best place to start your business. Why? because it is you who can understand your city and its needs better.

Are you thinking about launching your business? In reality, it is not about the where but more about the when. So, what are you waiting for?