Why target the Latino Market?
Anyone from any ethnicity is a potential customer and we welcome everyone. However, our marketing efforts are focused on this demographic for several valid reasons:
- Latinos equal approximately 18.1% of the U.S. population and are the fastest growing demographic in the country.
- Latinos are also amongst the lowest in unemployment rates which means more of them are potential clients as taxpayers.
This graph illustrates the Forecasted growth in Latino population:
Here’s what Forbes has to say about Latinos and their effect on our economy:
“Unidos US, a non-partisan Latino civil rights and advocacy organization projects that in five years, Hispanics will account for about 20% of the U.S. workforce and over 30% by 2050.”
“The Hispanic community in the United States has contributed significantly to US economic growth in recent decades and will continue to do so over the next 10 to 20 years.”
“By 2025, the increase in employed Hispanic labor could contribute more to US GDP growth than non-Hispanic labor.”
In addition to the above statistics, it is estimated that there are over 12 million undocumented Hispanics who will request ITINs (Individual Tax Identification Number) and file income tax returns as a sign of good faith in furtherance of any future amnesty possibilities.
These individuals comprise an untapped segment of the market thereby resulting in a tremendously profitable opportunity for a business catering to the Latino Community.
An Underserved Market
Latinos, our target market, are the fastest growing population in the U.S. Yet, sophisticated, Latino focused Tax preparation organizations are few and far between; especially when it comes to building a brand such as TORO Taxes which has emphasized on creating a replicable business model and converting it into a franchise system that revolves around this underserved yet vast demographic.
Competition & Differentiation
Our competitors in our target markets are not HR block or Jackson Hewitt as most may think.
Most of our customers are typically serviced by smaller mom and pop shops or “multi service” businesses.
Where we differentiate is our infrastructure, our brand recognition, marketing platforms, technology, training and support systems which allow us to have more competent staff as well as the strength in numbers which collectively adds up to more buying power when it comes to vendors and marketing campaigns.
Our Business Model
At the end of the day we are a tax preparation business but in the big picture we are a franchisor who focuses on replicating our tax business franchise model, allowing other aspiring entrepreneurs to own their business without having to reinvent the wheel. Join TORO Taxes and hit the ground running!