There are approximately 3.2 million Hispanic-owned businesses, which gross an estimated $468 billion in revenue, according to a study from Geoscape. With those numbers, owning a business appears to be a very attractive option, but there are high risks associated with owning a business if one does not plan well. 

TuDinero con TD is a campaign that was created to keep the Hispanic community financially informed, financially prepared and able to assess their own financial banking behaviors. TD Bank recently celebrated the anniversary of the campaign in Miami, where they also presented their legendary "WOW!Zone," a financial education session for schoolaged children.

Tu Dinero and its anniversary event reminded community members that financial obstacles can be eased and financial stress can be minimized by utilizing banking services and resources. The campaign educates the Hispanic community in the area of personal finance, and it provides necessary information and resources to help them achieve financial success. TuDinero also shares insights on checking accounts, mobile banking, millennials, joint checking, moving and small business development.

"TD Bank unveiled the TuDinero con TD campaign to Hispanic media in Miami in August 2013. Following the program's successful launch in Miami, we mobilized the program in three additional key markets: New York City, Philadelphia and D.C., with efforts continuing in all four markets today," Felipe Basulto, TD Bank retail market manager, told Latin Post.

The ongoing effort seeks to empower the Hispanic community in the area of personal finance and educate Hispanics in using available services for their small businesses. The campaign also offers information to consider when moving to a new home, teaches how to avoid fees when relocating and provides directives on business planning.

TD Bank asked several Hispanic small business owners to share tips that could help new business owners launch their own ventures. They shared that the control and flexibility of small business ownership can be easily attained if one builds a foundation for a business plan, believes in the "snowball effect" and feeds "the piggy bank before cutting the ribbon."

More than one-third of Hispanic small business owners (34 percent) ranked having a well thought-out business/financial plan as the top piece of advice for new business owners. They shared that one should be able to outline the current status of business. Three core pieces of information are needed in any industry: an income statement, a balance sheet and a cash flow statement. It helps to paint a clear picture for potential investors.

"The Snowball Effect" refers to building an ambitious plan and making sure that it's realistic and practical in the initial stages of launch. Starting small is important; beginners should take advantage of tools and resources that are available for free or at low cost. Additionally, the U.S. Small Business Administration (SBA) has resource partners to help owners start or grow a business in their area.

Small business owners should meet with a financial partner at the very beginning of the process, and it helps prospective business owners get an accurate picture of their current financial state.

Basulto shared insightful takeaways on long-standing preferences and habits. Forty-four percent of Hispanics use mobile banking versus 29 percent of the general population, and 48 percent of Hispanic consumers rank ATMs as the most valuable way to access their bank.

TD Bank found that almost all Hispanic millennials (90 percent) use online or mobile tools for their everyday banking needs, and 30 percent of Hispanics in relationships who maintain separate accounts said they do so for independence, making it the top reason for maintaining individual accounts. Also, Hispanics are less concerned with setting up a new bank account (21 percent) prior to moving to a new location than the general market (30 percent).

"Through the information shared by TD Bank in the TuDinero con TD program, Hispanics can receive valuable information and insight on everything from basic banking services and best practices to overcoming financial obstacles and minimizing their financial stress," Basulto said.

"Some examples of these tips include: helping first time buyers understand the mortgage loan process, budgeting tips when preparing for a vacation or holiday shopping, and ways to help small business owners obtain financing to begin their business ventures."

Beyond all that, Hispanics are the fastest growing group of first-time homebuyers. Florida Realtors Association predicted they expect 50 percent of all buyers in the United States to be Hispanic by 2020. That said, transporting furniture to a new home and relocating can be a strain on wallets. New homeowners have quite a bit on their plates, so finding a new bank usually isn't a priority.

Eleven percent reported they paid fees or charges to their banks because of their move. Nearly half (47 percent) said the reason for choosing a new bank was to avoid fees and charges. Seventeen percent of Hispanics ranked using fee-free ATMs as the top challenge with their existing checking account.

Exploring what different banks have to offer is important. Shop around for a bank that provides extended hours, offers flexible online banking features, allows direct deposits, permits automatic and online payments, offers checking accounts that reimburse non-bank ATM fees and allows mobile banking so banking information can be accessed from anywhere.