Here's how you can turn your hobby into a small business
With a crown and a passion, Diana Diaz gives a tour of her brand-new shop which carries everything from Latino-inspired children's books to clothing.
Diaz owns the Goddess Mercado Boutique, a collective of local entrepreneurs in El Sereno. In addition to books and clothing, the business sells art, makeup and even handmade greeting cards.
The boutique is also a way for Diaz to sell her goods and share the cost of the shop.
"I'm a former street vendor and my parents worked in manufacturing," she said.
Diaz is a full-time high school counselor and started making purses as a side hustle six years ago. During the pandemic, her "Mexichic Crafts" took off prompting Diaz to realize that her hobby had more potential.
"When I first launched the boutique I realized I needed a larger network — that I had so much to learn, so much I didn't know," she said.
Looking for some help, Diaz teamed up with the California Association for Micro Enterprise Opportunity, or CAMEO for short, which helps small businesses throughout the state thrive.
"I was like what do I do? But, miraculously these women from these organizations were coming to help," Diaz said. "I got to participate in free workshops that helps us create a website and digital tools so that we could connect (with) existing vendors.
CAMEO has about 400 partner organizations that help with everything from funding to networking.
"Small businesses actually comprise 99.9% of all businesses in the state," said Carolina Martinez, CEO of CAMEO.
Martinez added that while a great idea is amazing, it can sometimes be hard to put together in a business plan.
However, once you have a plan, Martinez said the biggest challenge is funding.
"The odds of a $100,000 loan approval from a national bank are 60% lower for Latino business owners compared to white business owners," said Martinez.
Despite this hurdle, she said that Latino and Black-owned businesses are thriving.
"They're opening businesses at a higher rate than white-owned counterparts," said Martinez.
This, in part, is why resources like CAMEO exist.
"We don't come from generational wealth," said Diaz. "We don't come from parents who say here's $10,000. My parents would never be able to do that."
But Diaz is growing her brand and is now able to work part-time as a counselor so she can spend more time doing what she loves.
"It's challenging but we're all learning a lot and there's so much joy in watching each other grow," she said.
