Patronizing businesses that want to help their communities can be a very important aspect that many consumers consider when they spend their hard-earned money, especially younger generations like Millennials.
In these difficult times, people want to turn to a business and Latino franchise that gives back to their community through superior, in-demand services. The Latino community could present a huge opportunity for the U.S. as they drive diversity and innovate the economy with their entrepreneurial spirit.
The Latino Community Is The Fastest Growing Demographic In The U.S.
The Latino community is on the rise. It is the fastest-growing population group in the U.S. and could benefit from a Latino franchise dedicated to helping them succeed. As of 2019, there were 60.6 million Latinos, and they account for over half of the country’s population growth over the past decade. From 2010 to 2019, the Latino population share increased from 16% to 18% of the U.S. population.
Latinos are the largest population groups in California and Texas, comprising 39.3% of the population in California. The Latino population is growing faster in the southern part of the country than anywhere else, an increase of 26% from 18.3 million to 23.1 million people. Interestingly, the states with growing Latino populations are not only in the south but in states such as North Dakota and Montana. There could be ample opportunity for a Latino franchise to open up shop across the country.
Also, the Latino community is one of the youngest in the country, with a median age of 30 in 2019. As this generation matures, they might look for a Latino franchise investment to help enhance their business portfolio. Importantly, the younger generation, in particular Millennials, want Hispanic franchises and businesses that have an altruistic spirit. They are driving the change for businesses to be more socially responsible.
With this growing demographic could come to a need for Hispanic franchises and Latino-tailored businesses that can help an underserved community. Due to the expansive population growth across the country, this could be a promising moment to own a Hispanic franchise opportunity.
There might be a huge demand for certain Hispanic franchises that can tailor business services for the Latino community, especially for entrepreneurs and the self-employed who will need tax and accounting services by an esteemed Latino franchise.
The Latino Business Community Is Making Its Entrepreneurial Spirit Work For Them
The Latino business community is an economic powerhouse across the U.S. In 2017 alone, Hispanic households earned more than $1 trillion, with their after-tax amount being more than $780.7 billion in spending power. In 2020, projections raised the spending power of the Latino community to more than $1.7 trillion. If the U.S. Latino community was its own country, it would have the seventh-largest global GDP at $2.13 trillion.
This strong economic performance has translated into lots of taxable income. The Hispanic population’s contribution to taxes was more than $252.2 billion, with $165.9 billion in federal income taxes and $86.3 billion in state and local taxes. This enormous Hispanic economic engine is not slowing down any time soon— it will likely continue to grow.
According to the U.S. Hispanic Chamber of Commerce, there are 4.37 million Latino-owned businesses in the country, and they contribute over $700 billion to the economy annually. In 2019, Latino businesses contributed nearly $500 billion to the economy in annual sales. Overall, the Hispanic community is 24.5% more likely to have their own businesses compared to other demographics in the U.S. population. Hispanic franchises can play an important part in generating revenue.
Additionally, the Hispanic community contains entrepreneurs who could be looking for their own Latino franchise to own. Many members of the community own their own businesses or are in the process of being part of a Hispanic franchise. The number of Latino-owned businesses grew by 35% over the past ten years. Hispanic-owned businesses accounted for about 4% of total U.S. business revenues.
In 2017, there were almost 2.3 million Hispanic entrepreneurs, and 12% of all Hispanic immigrant workers were self-employed or worked for their own businesses. Over 3 million workers, and 5.5% of the overall U.S. workforce, were employed by Latino-owned businesses in 2019.
With this sustained growth of Hispanic-owned businesses and Hispanic franchises, the revenues generated by the Hispanic community could also drive the need for expert tax and accounting services, such as those offered by Line Upon Line.
A Latino franchise like Line Upon Line might be a great business opportunity for a person looking to grow into a leadership role and own their own franchise. With every Hispanic franchise opportunity, a potential franchise owner gets the chance to give back to their community by earning income and paying taxes as well as offering important tax services to members of the community.
Latino Tax Help is in High Demand
The Hispanic demographic is growing and owning more businesses, and they deserve the best tax help available, especially from tax and accounting professionals who can speak Spanish fluently.
Our Latino franchise offers a full range of accounting and tax preparation services for individuals and business owners. Accounting services generate more than $106 billion in revenue annually, with the demand for traditional accounting services likely to rise. Line Upon Line is a Latino franchise and is an opportunity for the investor who also wants to help serve the Hispanic community.
Line Upon Line wants to help budding entrepreneurs in the Latino community achieve their dreams. This Latino franchise has a relatively low start-up cost of $35,000 plus a customized Turn Key office build out package, so our brand might be affordable for a new franchise owner.
The Line Upon Line Latino franchise can produce several different revenue streams as well, giving owners more tools to assist them in expanding their businesses. Also, a potential franchise owner can help the underserved Hispanic community with their tax preparation and accounting needs with a full range of services to assist them.
Contact us today to find out how you can help the Hispanic community reach their dreams and full potential as entrepreneurs.