A few months ago, I attended a breakfast at Hispanicize which was being sponsored by Prudential.
I’ve mentioned Prudential many times on the podcast because they do excellent research on what’s going on financially in different communities. This breakfast was no exception.
The panelists discussed many of the financial issues that were specific to the Latino community. Lack of access to employer-sponsored retirement plans, living in multi-generational households, not having life insurance, etc.
They also spoke about many of the ways we can help the community better prepare themselves financially. One thing they mentioned was how we need to do a better job of spending money within our own community. Meaning, supporting Latino businesses.
So here are 4 ways Latina Business owners can support one another.
Stop competing. Start collaborating.
The idea of competition has never made any sense to me. There’s plenty of money to go around and a rising tide lifts all boats.
That being said, it’s time that we stop competing with one another for business. And I’m not just talking about Latina business owners. I’m saying everyone should stop doing this.
Imagine a world where we all collaborated instead. I know for a FACT that much of the success I’ve had in business is because I never focused on competition. Instead, I collaborated with people who traditionally may have been seen as my competitors.
Sometimes I have to coach clients through the fear of someone else thinking they are a competitor trying to poach clients. First of all, if someone really thinks that you don’t want to work with them anyway. Second, the key is to find projects that are mutually beneficial.
If we all collaborate with one another and help each other with our endeavors, we reach more people, change more lives and earn more money. Period.
Show up as often as you can.
Another way Latina business owners can help each other grow is to show up for each other as much as we can. Is a fellow Latina business owner doing an event? Show up and show your support for her.
Speaking as someone who has spoken at events, moral support is just as important as financial support.
Granted, I live in Miami. It’s easy for me to go to events put on my Latinas. If you’re not in an area where there is a large Latino population, you can still do this online. Know a Latina business owner putting on a webinar? Sign up and show up.
Promote Latina-owned businesses.
In the age of social media, we ALL have a platform. A lot of people gripe about the downsides of social media, but I prefer to see it as a change agent for good (and a money maker, duh).
Use your social media accounts to promote Latina-owned businesses. Tweet out there blog posts. Share their videos on Facebook. If you’ve purchased a product or service from a Latina-owned business and had a positive experience, share that experience online.
Purchase products and services from Latina-owned businesses.
The Prudential breakfast was clear: We need to spend our coins within our own community as well.
Mentor other Latina business owners.
Mentorship can make all the difference in whether or not someone experiences success in business. No man is an island, and we all could use mentorship from people who are just a little further ahead of us in business.
If you’ve been in business for a while, consider taking another Latina business owner under your wing and teach her what you know. This is actually one of the reasons I’m so involved with local networking groups in Miami. It’s my way of teaching other Latina business owners and bloggers what I know in an effort to help them grow.
If we have money circulating within the community, it gives people in the community options. Because at the end of the day, money is really just about having options.