For many Hispanics, owning your own business is a lifelong dream. It provides financial security and something tangible to pass on to your children. According to new research performed by Massachusetts Mutual Life Insurance Company (MassMutual), Hispanic business owners are significantly more likely than U.S. business owners in general to leave their businesses to a family member. They are more likely to provide jobs for relatives, and think more frequently about who will assume their position in an emergency.
Developing a business with a secure future can seem overwhelming, but you don't need to do it alone. In partnership with SCORE, MassMutual offers business owners the following tips to ensure lasting success:
1. Update your business plan:
For ongoing success in changing markets, keep a simple business plan up to date. It doesn't need to be complicated ‘«Ű include your vision statement, SWOT analysis, sales forecast, and core market story.
2. Set goals:
Keep business goals high enough to challenge yourself, but not so high that you can't reach them. Separate potential, possible, and practical goals for employees, successors, and investors.
3. Maintain solid business finances:
Even family-owned businesses require distinct personal and business finances. Protect your business credit score ‘«Ű keep debt-to-credit ratios low to ensure your ability to receive future funding.
4. Build relationships:
A successful business can't survive alone. Consider short and long-term partnerships with other business owners, and focus on building positive relationships with customers and employees.
5. Create a succession plan:
Make sure your successor ‘«Ű family member or otherwise ‘«Ű understands what it means to be a business owner. Know what your business is worth and build a strong management team, then review your plan every year.
For over 160 years, MassMutual has proved its dedication to business owners and their families. Don't hesitate to ask for help. For more business tips based on real-life experiences and successes from people like you, check out "50 Tips for Business Owners." To find a financial professional near you, visit massmutual.com/individuals.