You hit the nail on the head. Hispanics are socially conservative and a disproportionate number of them are small business owners. This seems like a demographic that is custom-made for the GOP.
The GOP should focus on recruiting young Hispanic politicians and working them up through the system. In a decade, we could own the demographic.
I've noticed this since the 1950s. Some restraunt owners I have known since then used to join various small business associations and tax-reduction groups. They were very socially conservative but always voted Democrat. I pointed out to them (we argued for about 35 years over this) that their politics and ethics fit the Republicans better than the Deomcrats. Their comments were, "The Republicans don't want us."