TD Bank Survey Reveals Hispanic Small Business Owners Love the Control and Flexibility of Owning Their Own Business Bookkeeping, marketing and banking are among their least favorite day-to-day tasks
CHERRY HILL, N.J., May 28, 2014 /PRNewswire/ -- According to a recent survey of small business owners conducted by TD Bank, America's Most Convenient Bank®, the vast majority (92 percent) of Hispanic small business owners cite control and flexibility as the core advantage of owning their own business and many (61 percent) credit those advantages as a key driver of their happiness. Half of Hispanic small business owners identify control and flexibility as the reason they started a business.
"Many Hispanic small business owners enjoy the independence and ability to determine their own schedule," said Jay DesMarteau, TD Bank's Head of Small Business. "Understanding this mindset is important in ensuring we provide the most convenient banking products and services to help get them on a path to success in their business."
Tasks to Love and Hate
TD Bank's survey, which polled more than 200 Hispanic small business owners, also asked respondents to identify their favorite and most hated tasks as a business owner.
More than half of those surveyed (60 percent) love talking to clients/customers and 39 percent feel they should be doing more of it. Half of the owners surveyed love fulfilling product orders/services.
Bookkeeping was the least favorite task for 44 percent of those surveyed, with marketing the business, banking and handling finances tied for second most hated tasks (23 percent each). Interestingly, more than half (53 percent) said they should do more marketing of their business.
"The goal of a trusted banking partner is to help small business owners manage their finances in ways that allow them to focus on the things they love about their jobs," said DesMarteau. "TD Bank provides in-store, online and mobile banking products to better serve our business owners' needs because we get it – we love spending time with our customers too."
Advice for Taking the First Steps
When asked to reflect on launching their own business ventures, Hispanic small business owners suggest the following three tips for new entrepreneurs:
- Have a well thought-out business/financial plan (34 percent)
- Start small (26 percent)
- Save as much as possible before you start (17 percent)
"This advice is priceless for Hispanic entrepreneurs who are looking to launch their first business venture and don't know where to start," said DesMarteau. "Entrepreneurs who understand their financial plans and work closely with a trusted financial partner will feel more comfortable and prepared for their new venture."
Other Key Facts
- More than half (52 percent) of Hispanic small business owners reported being sole proprietors.
- Twenty-eight percent of Hispanic small business owners say that taking risks is one of their favorite parts of owning a small business.
- Half of Hispanic small business owners surveyed work more than 40 hours per week, with 37 percent working between 40 and 60 hours.
- Forty-one percent of Hispanic owners seek out business advice online and 39 percent from friends and family.
- A quarter of Hispanic small business owners are concerned with business management – it's what keeps them up at night. In addition to business management, respondents said that money and finances (22 percent) and business growth (22 percent) are the top items that cause late night worry.
- Hispanic small business owners spend the most time each week talking with customers/clients (almost 19 hours a week), fulfilling product orders and services (17.5 hours), and checking/replying to email (about 14 hours).
TD Bank Small Business ranks highest in J.D. Powers' Small Business Customer Satisfaction Northeast survey and was recently named as Money Magazine's "Best Big Bank in America" for 2013.
The study was conducted among a nationally representative group of small business between April 23rd and April 28th, 2014. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 508 (and a national sample of Hispanic small business owners) has a margin of error of +/- 4.3 percent. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
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.
SOURCE TD Bank