Have you ever wondered if North Carolina is a good state in the United States to start and run profitable businesses? The answer is yes.
North Carolina has been recognized for several consecutive years as one of the best states for business in the United States. This achievement, the result of its infrastructure, favorable tax policies and a privileged geographic location, is also an invitation for the growing Latino and Hispanic community in the state to open a business.
If you are already an entrepreneur or are considering starting a business, this article can help you discover why North Carolina may be the ideal place to fulfill your dreams.
What makes North Carolina special for business?
Also known as “Old North State” It not only shines for its rich history and cultural diversity. In addition to having Cities recognized among the best in the US to liver, is also a reference in the business world thanks to key factors in the business world:
- Competitive taxes : Corporate and personal tax rates are among the lowest in the United States. The top tax rate (corporate tax rate) that a company pays is 2.5%.
- Strategic location : Its proximity to key markets, such as the East, and its seaports facilitate trade and logistics. Its transportation routes, such as I-40 and I-95, place it in a prime position for the shipping and receiving of goods or merchandise.
- Tourism: Its geography includes coastal plains and mountains, which makes it an opportunity for ventures related to the recreation industry; both in summer and winter. Some examples are: Hiking or river tubingIt is not uncommon for each year its beaches be recognized among the best in the United States
- Diverse and skilled workforce : The Latino community plays a crucial role in sectors such as construction, agriculture, manufacturing and technology. Entrepreneurships in North Carolina benefit from the programs of H2A temporary work visas and H2B, which allow for seasonal, qualified workers, while contributing to the family economy of Latinos and Hispanics whose countries are eligible for these temporary visa programs.
- Modern infrastructure : International airports, an efficient road system and access to advanced technologies.
If you are considering starting a business in the tourism or entertainment sector, this is for you: North Carolina among the top 5 most visited states in the US
Common challenges and how to face them
While the opportunities are vast, there are also challenges. access to credit, language barriers and lack of information can be obstacles. However, with the help of local resources and a supportive community, these challenges can be overcome.
An inspiring example is that of Luis Martínez, a Zapotec Mexican who undertook what is now known in NC as Tequio Luis started with a simple idea and today runs a thriving and profitable business in the North Carolina food industry, which has also opened up opportunities for his fellow countrymen in the state of Oaxaca, Mexico. Stories like this show that with hard work and support, dreams can come true.
Listen to Luis' story here here or you can read the story “Reinventing Yourself After the Pandemic”.
Resources that make the path easier to undertake
There are resources designed to support Latino and Hispanic entrepreneurs in North Carolina to establish a business and make it profitable. Some of them are the following:
- Latin Associations and Chambers of Commerce : Organizations like the Hispanic Chamber of Commerce connect entrepreneurs with networks and opportunities. For example, Colombians in North Carolina conduct business meetings in which they can do networking.
- Business incubators: setting the example we found
- Training and mentoring : State and local programs offer workshops in Spanish on managing a business, marketing, and accessing financing.
- Access to credit and subsidies There are public and private initiatives to facilitate loans and subsidies to small businesses, even for those with limited credit history. Carolina Small Business Development is one of the organizations that offer loan services and personalized advice in Spanish for Latino and Hispanic entrepreneurs in North Carolina.
How to start a business in North Carolina?
If you're ready to take the plunge, here are 4 steps you can take to get started on your business plan:
- Research the market : Identify a need or niche in your community.
- Register your business : Obtain the necessary licenses and permits.
- Access resources : Look for workshops, financing and support networks.
- Build a network : Connect with other entrepreneurs and organizations.
>>> Check out a starter guide to registering your business in NC here
North Carolina is not only a state where businesses thrive; it is also a place where the dreams of the Latino community find fertile ground to grow. With effort and perseverance, support and the right tools, Hispanic entrepreneurs have in their hands the power to transform not only their lives, but also that of their family circle and their communities to improve their context and access a better quality of life.
Now that you know, get started!
PODCAST
After the storm
A year ago, Hurricane Helene struck western North Carolina. The Latino community responded with something stronger than the storm: solidarity.
🎧 In this episode, learn how Latino organizations transformed crisis into resilience.
▶️Press play to listen!
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