Minority owned franchises begin to rise these days because of the benefits this business concept brings. A person who ventures into these franchises already gets a skeletal framework on how to begin, operate, and expand the business. In the United States, they are pursued by women, African Americans, and Hispanics.
Benefits of minority owned franchises
Minority owned franchises bring various benefits not only to the franchisee himself but to the society as well. Here are some of the benefits minority franchising brings.
Boost the community
These franchises have been able to pierce through the world’s most urbanized cities where minority business owners are lacking. There are franchises who really work closely with minority organizations. With this kind of partnership, a lot of minority members become employees in these minority owned franchises. There are also some franchises who really offer special financing to minority owners to encourage them to open a franchise. Together, these events result to a boost of the community’s overall economic standing.
Help achieve personal goals
Everyone has a goal be it personal or professional. With minority owned franchises, more and more people are beginning to fulfill their lifestyle needs and meet their goals. When minorities open a franchise, they are given a framework or guide to run a successful business with the opportunity to grow a family owned enterprise.
Widens a franchisor’s cultural reach
Minority owned franchises pave the way for franchisors to study other markets and broaden its clientele by meeting the needs of varying cultures. Take Domino’s Pizza for example. To encourage these franchises, it organized its Dream program. This is a program which helps minority franchisees achieve their goal of becoming a successful business owner. As Domino’s Pizza builds its franchises, it also enhanced its business by reaching out to a different group of clients.
Stories of minority owned franchises
Here are some real life stories of minority owned franchises which flourished and became well known in their industry.
Wheels America Advertising (WAA)
WAA is owned by Henryk Strzeletz, a German resident who later on moved to the United States to search for more markets and recruit people with potential in business. He believes minority owned franchises can help open doors to have a multinational workforce. TO attract franchises, it hosted team buildings, seminars, and workshops to those who are interested to open a franchise. One of its franchises in Detroit started with one mobile billboard. Now it has six mobile advertising vehicles operating daily.
Nails & Spa 4U
Nails & Spa 4U is owned by Patty Paredes. She worked as a manicurist 10 hours a day for 10 years before she went and took the big risk of opening a franchise. Today she works daily beyond 10 hours but for her it was all worth it since all the work she puts in is for herself and her family.