As a finance professional and fellow Latina entrepreneur, I know firsthand that the path to financial independence isn’t just about numbers; It’s about balancing everything that makes you human while running a business. Your vision, story and overcoming possible financial traumas that many face are part of the mix.
What matters is asking the right questions, creating your own path and sharing what you’ve learned with others so we can set up a new status quo and grow as a community. So, what insights could successful Hispanic founders and CEOs give you to support your path to financial growth?
Related: Are Your Subconscious Money Habits Killing Your Business Growth? Here’s How to Fix Them Now
Embrace authentic storytelling
We all have stories to tell — so it’s time we bring that to our businesses. In fact, this is exactly what Norma Fabian Newton, founder of Fabian Flores, shares as a key component to her success: “One insight I would give other entrepreneurs is to embrace storytelling. Authentic storytelling is the key to differentiation, establishing yourself as a thought leader and creating connections.”
Newton started her business to amplify Latino stories within the traditional book publishing industry and contribute to creating more equity in the literary landscape. But storytelling is essential, even if you are not looking to become an author or public speaker. It plays a role in how you relate to your business, employees, clients and, ultimately, your money. Embracing our voice is an inevitable part of success.
Test your market and invest in yourself
The path to financial growth is more than luck. It is about thinking, strategizing, testing and adjusting. Catarina Rivera, the founder of Blindish Latina LLC, gives that exact insight as a key to her success. She says, “First test your offering in the marketplace. Do people want to buy your offer? Once you have those foundational pieces in place, invest in yourself.”
Rivera built her business from her personal journey with disability, and through public speaking and DEIA consulting, she aims to smash stigmas and foster more inclusive workplaces.
As Hispanic entrepreneurs, we sometimes hesitate to share our creations with the world or believe we can do it all ourselves. But, as Rivera noted, combining both takes us further — and faster. “I have a business coach, brand partnerships coach, therapist, a team of part-time contractors, a bookkeeping firm and a CPA. It’s important to invest in yourself in the most impactful ways when starting your business.”
Diversify your revenue streams and take control
Taimi Soto, CEO of Creativ Hous, journalist and entrepreneur, says, “We can’t put all our eggs in one basket. I learned that to have control over my future and ensure stability, I needed to diversify my income streams. That’s how I started my PR agency and joined the beauty products industry. You have to step out of your comfort zone and create multiple sources of income.”
She learned this lesson after experiencing an unexpected layoff, which made her realize the importance of diversifying. That decision led her to create a new business and incorporate beauty entrepreneurship into her portfolio. The truth is: If you want financial stability, relying on just one revenue stream is not sustainable. Whether you diversify with different products or services within your company or build multiple revenue streams, having options is critical.
Related: 5 Ways Brands Can Celebrate Hispanic Heritage Month Using Social Media
Know when to shift and take care of your well-being
Juan Galán, CEO of IG Creator Academy, began his entrepreneurial journey as a content creator, aiming to become an influencer. Along the way, he realized that what he was building was bigger than just content, it was a business. However, the transition to becoming a full-fledged business owner and CEO came with its own challenges.
He emphasizes the importance of knowing when to make these shifts and prioritizing your well-being in the process. He says, “You have to take care of your mental health, define the lifestyle you want and not get caught up in the pressure to scale if it doesn’t align with your goals.”
Get curious and don’t stop learning
Karina Martinez, founder of DRAFTED, shares a critical insight for success while building the first Latina sports media company: “The best leaders are the most curious students, constantly learning and evolving. In the early stages of building a company, staying endlessly inquisitive is crucial — read widely, listen to podcasts, attend seminars and research those you admire.”
Curiosity and continuous learning are often overlooked by new entrepreneurs, who may be consumed by the day-to-day tasks of running a business. But to grow, you must learn constantly. This will pull you out of setbacks and open up new strategies for your business, helping you get closer to your goals.
Uplift others along the way
Bianca Alba, founder of This Latina Travels, launched her platform with a mission to inspire women of color to explore the world. For Alba, this journey is about creating a supportive community where we uplift one another. “If we stopped seeing each other as competition, I truly believe all our businesses would succeed. We each bring something new to the table,” she says.
And I wholeheartedly agree with her. We often believe business and entrepreneurship take us far away from our values, but as Hispanic entrepreneurs, our identity and the values we carry from our community — such as unity and uplifting one another — are what truly make us grow stronger.
Related: Winning Strategies Behind Effective Hispanic Heritage Month Campaigns
Say yes to new challenges
Nadine Ramos, CEO and founder of Lasio and Blessed Bananas, shares that saying yes to those new challenges is what has taken her to where she is now: “Become the type of person who says ‘yes’ to new challenges. When I say yes to challenges, I’m really saying yes to myself, to growth and to betting on myself.”
Ramos first introduced Brazilian keratin treatments to the U.S. with her business with no financial support, connections or experience and later founded her second company, Blessed Bananas, to push the boundaries of haircare by blending nature and science with banana oil-based products. For Ramos, embracing new challenges is key to unlocking growth and arriving where you want to go.
