CORPUS CHRISTI, Texas — Starting a small business is no small task. "Access to capital is always a big challenge" said Ann Fierova with the Del Mar College Small Business Development Center.
Factor in if you are a minority and your chances for success drop even further. "Hispanic small businesses attempt to start 6X more often than any other ethnicity," added Fierova.
And if you try to maintain a family-owned business, or legacy business, things get even trickier according to the local expert. "It's not as common as you'd like. There is a growing trend for family-owned businesses to have trouble finding the next successor. And so, we're working with businesses to have a succession plan."
There are plenty of success stories here in the Coastal Bend. Banuelos t=Tires is going on three generations. Snow Ball is on its second generation. And even tortilla companies like Marroquin Restaurant and Tortilla Factory are prospering, finding their place against big box grocery stores and other retailers.
Fierova told 3NEWS that 5-million Hispanic-owned businesses generate $800 billion in economic impact in the country. When starting off Hispanic owners tend to rely on savings or family sweat equity to begin their venture according to Fierova. "There is a tendency to be debt adverse. They don't like to borrow money."
Ultimately, success can come down to multiple factors. Fierova says there are several groups to turn to for free help such as hers, the Island University's Innovation Center, Work Force Solutions of the Coastal Bend and even the Chamber of Commerce.
Fierova finished with this advice: "Go to plan, got to plan. And not be afraid to do what you need to do to grow your business."
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