CHERRY HILL, N.J., May 4, 2015 /PRNewswire/ -- TD Bank,
America's Most Convenient Bank®, today announced the results of a
recent small business survey, which found that Hispanic small
business owners are more likely to pursue entrepreneurship at a
younger age than business owners in the general market (average age
of 35 years old vs. 39 years old), with half of Hispanic small
business owners citing previous business management experience
before coming into their current ownership role.
The survey examined various factors in entrepreneurship,
including confidence in ability to manage the business, areas where
business owners would like to receive advice and their financial
preparedness for retirement. The survey, administered to small
business owners nationwide, found the majority (81 percent) of
Hispanic owners handle their company's own finances/bookkeeping,
with 68 percent feeling very/extremely confident in doing so.
"The confidence expressed by Hispanic owners in managing their
businesses reflects the success that they have achieved," said
Jay DesMarteau, Head of Small
Business Banking, TD Bank. "Even the most experienced small
business owner should look past the year's revenues, however, and
enlist the help of a trusted financial advisor who can assist in
outlining long-term goals and how to achieve them, setting them off
on a path to prosperity."
Solid Beginnings and Development
According to the survey, 83 percent of Hispanic small business
owners started their business from scratch, while just 6 percent
took over a family business. Seventy percent of Hispanic small
business owners were employed in the workforce prior to starting
their current business, 10 percent of Hispanics owned another small
business and 12 percent citied that they attended college or served
in the military. Hispanic small businesses are slightly more likely
than the general market to have more than one employee (45 percent
vs. 43 percent). Seventy-five percent of Hispanic small business
owners said they are most confident in managing employees/human
resources, which is higher than the general market (71 percent),
and could be a factor in being able to add employees.
Importance of Education and Smart Resources for Small
Business Development
The survey also found that Hispanic owners do not take their
management education or advice lightly. Fifty-five percent of small
business owners have a college or post-graduate degree, and
Hispanic business owners are eager to continue learning, with 43
percent of Hispanic owners revealing they have taken a course or
seminar to learn more about managing their small business.
Similarly, Hispanic small business owners value professional
assistance, with 31 percent using a dedicated banker or financial
planner.
"Running and managing a small business is hard work and requires
patience. It might be useful to seek outside advice and support in
areas where owners can use guidance," DesMarteau said. "This can be
something as simple as having a banker who is available after
normal business hours or meeting with a financial advisor who can
help strategize long-term plans."
When it comes to seeking outside help and expertise, Hispanic
business owners are most likely to turn to the following:
- Family and friends (54 percent)
- Web/Internet (37 percent)
- Industry associations/networking groups (35 percent)
Preparing for the Future
Although the results indicate confidence in Hispanic owners
handling their business finances, personal finance when it comes to
retirement remains a challenge. Just 36 percent of Hispanics
surveyed stating they are confident that they will retire
comfortably, reinforcing the value in speaking with a financial
advisor on financial stability for the future. The responses also
emphasize the value of confidence of Hispanic owners as it relates
to loved ones and their businesses. The survey results indicate
that 21 percent of Hispanic small business owners plan to pass the
business on to family or a co-worker after retirement, compared
with 15 percent of general market owners. When asked if they would
close the business after retirement, the survey found that fewer
Hispanic owners stated that this was their plan when compared with
general market owners (18 percent compared with 24 percent).
Survey Methodology
The study was conducted among a representative group of 667
business owners. Also included is a sample of 128 Hispanic business
owners between March 30 - April 6,
2015. The margin of error is +/- 3.8% percent. The survey
was conducted by Vision Critical.
About Vision Critical
Vision Critical provides a cloud-based customer intelligence
platform that helps companies build engaged, secure communities of
customers they can use continuously, across the enterprise, for
ongoing, real-time feedback and insight.
About TD Bank, America's Most Convenient
Bank®
TD Bank, America's Most Convenient Bank®, is one
of the 10 largest banks in the U.S., providing more than 8 million
customers with a full range of retail, small business and
commercial banking products and services at approximately 1,300
convenient locations throughout the Northeast, Mid-Atlantic, Metro
D.C., the Carolinas and Florida.
In addition, TD Bank and its subsidiaries offer customized private
banking and wealth management services through TD
Wealth®, and vehicle financing and dealer commercial
services through TD Auto Finance. TD Bank is headquartered
in Cherry Hill, N.J. To learn more,
visit www.tdbank.com. Find TD Bank on Facebook at
www.facebook.com/TDBank and on Twitter
at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank
of Toronto, Canada, a top 10
financial services company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock exchanges under the ticker
symbol "TD". To learn more, visit www.td.com.
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SOURCE TD Bank