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FWHCC

Jan 26
0

2024 Research: Empowering Fort Worth Businesses with Insights

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Fort Worth Business Research and Insights: Understanding the Challenges of Business Owners in Fort Worth
In 2024, the Fort Worth Hispanic Chamber of Commerce (FWHCC) undertook a comprehensive research project to identify the key challenges faced by Hispanic business owners in our region. This initiative included collaboration with the nonprofit research organization, The Hispanic Project, as well as leveraging findings from studies like Cities Work’s Small Business Insights Week. Through 80+ interviews, 354 survey responses, and 80+ focus group attendees, we gathered invaluable data that shaped our understanding of barriers to success and informed our programming.
Key Findings:
  1. Barriers to Growth and Access to Capital: Hispanic-owned businesses face unique challenges in surpassing revenue thresholds. For example:
    • 30% of Hispanic-owned businesses generate $50,000–$100,000 annually, compared to 20% of non-Hispanic businesses.
    • Only 7% reach $200,000–$400,000 in revenue, compared to 9% of non-Hispanic businesses. Many business owners rely on personal financial risk rather than traditional funding sources, creating significant hurdles for scalability. This highlighted the need for financial literacy training and expanded access to funding opportunities.
  2. Workforce Challenges:
    • Retaining and hiring employees remains a critical issue, with many Hispanic business owners turning to family or close friends. However, this can introduce challenges like unclear expectations and mismatched skills.
    • Training programs and succession planning were identified as essential tools to address these workforce gaps.
  3. Local Market Engagement:
    • Hispanic businesses show a strong tendency to scale out of state (37%) but underutilize local markets (23%). By emphasizing local engagement strategies, these businesses can reduce operational risks and build long-term sustainability.
  4. Family Business Sustainability: Research revealed that only 30% of family businesses survive the transition to the second generation, and 47% lack a successor. This underscores the importance of education around governance, succession planning, and family dynamics to ensure generational success.
  5. Regulatory Challenges: Entrepreneurs voiced concerns about complex permitting processes, limited access to city resources, and unclear pathways to business certifications, all of which can delay or prevent success.
 
The Road Ahead:
By fostering a deeper understanding of the challenges faced by Hispanic businesses, the FWHCC is uniquely positioned to create impactful solutions. From enhancing access to capital to providing bilingual support, we aim to build a sustainable and inclusive ecosystem that empowers Hispanic entrepreneurs to thrive locally, regionally, and beyond.
Our commitment to data-informed programming ensures that the voices of our community are heard, their needs addressed, and their businesses positioned for generational success. Through continued research, partnerships, and advocacy, we are building a Fort Worth where Hispanic businesses can achieve their fullest potential. Get the full report by emailing gilberto.atayde@fwhcc.org

How You Can Use This Data

The Fort Worth Business Research report is invaluable for creating tailored strategies to address the unique challenges faced by Fort Worth businesses. Whether you’re a business owner looking to tackle these issues or a corporate entity seeking ways to support the community, this data serves as a starting point for informed decision-making.

To read the full report and dive deeper into the findings, click here. This report is a vital resource for anyone invested in Fort Worth’s economic development and business growth.

External Resources We Used to Collect Data

Our Fort Worth Business Research and findings were instrumental in the creation of our Banking Council, a vital resource aimed at enhancing access to capital and financial literacy for Fort Worth businesses. By identifying the unique challenges local businesses face, we developed this council to connect entrepreneurs with tailored banking products, mentorship, and resources. Join our Banking Council today and be part of an initiative that drives economic growth and financial stability for our community.

Additionally, this research guided the topics for our Seminarios, a series of bilingual workshops designed to address the most pressing needs of business owners. From financial planning to succession strategies, these workshops provide actionable insights and support based on real-world data. Learn more about our Seminarios program and see how they can empower your business!

Jan 19
0

SBDC Partnerships: Empowering Small Business Resources

By | FWHCC News | No Comments

Building strong relationships between Chambers of Commerce and Small Business Development Centers (SBDCs) is crucial for fostering economic growth and supporting local entrepreneurs. Chambers, such as the Fort Worth Hispanic Chamber of Commerce (FWHCC), serve as a hub for business networking, advocacy, and resources, while SBDCs provide valuable support in areas like business planning, financial management, and strategic growth.

The Benefits of Partnering with SBDCs

  1. Comprehensive Business SupportSBDCs offer specialized training and consulting services that complement chamber programs such as our Banking Council and Advocacy Committee. By working together, chambers and SBDCs can provide a more holistic approach to business development, ensuring entrepreneurs receive the guidance they need to succeed.
  2. Increased Access to Funding OpportunitiesMany small businesses struggle with securing funding. SBDCs can connect businesses to loans, grants, and other financial resources, aligning with chamber efforts like our Events Committee to secure sponsorships and fundraising opportunities. This partnership helps businesses become more financially stable and investment-ready.
  3. Enhanced Training and WorkshopsChambers can collaborate with SBDCs to host joint workshops and educational programs that focus on financial literacy, marketing strategies, and growth planning. Our Ambassador Program is a great example of how chamber members can engage with such educational initiatives to further their business acumen.
  4. Networking and Community EngagementA partnership with SBDCs can increase networking opportunities for chamber members by connecting them with business experts, government resources, and potential investors. Collaborations like these also strengthen the chamber’s role in supporting local economic development initiatives.
  5. Policy Advocacy and Business SupportChambers often work closely with policymakers to advocate for small business-friendly policies. By partnering with SBDCs, chambers can leverage data and case studies to push for meaningful legislative changes that benefit the business community. Our Advocacy Committee plays a crucial role in this effort, ensuring our members’ voices are heard at the local, state, and national levels.

How to Strengthen Chamber-SBDC Relationships

  • Host Joint Events: Organize networking mixers, training workshops, and panel discussions that involve both chamber members and SBDC advisors.
  • Share Resources: Develop co-branded educational materials that highlight the services offered by both organizations.
  • Cross-Promotion: Utilize chamber newsletters and social media platforms to promote SBDC services and vice versa.
  • Collaborate on Grant Applications: Work together to secure funding for joint initiatives that benefit small business owners.

Conclusion

Establishing a strong partnership between Chambers of Commerce and SBDCs enhances the support ecosystem available to small businesses. Whether it’s through shared resources, co-hosted events, or policy advocacy, this relationship empowers entrepreneurs to thrive and contribute to the local economy.

For more information on how you can get involved, visit the Fort Worth Hispanic Chamber of Commerce or learn more about SBDC resources available in your area.

SBDC 1-on-1 Advising