Minority-Owned Franchises Can Help Business Grow
A new study of over 1,000 consumer goods franchises in North America found that franchisers are increasingly adopting strategies to support minority entrepreneurs and communities. The survey revealed some interesting findings:
-36% of the franchises in the study were majority owned by a minority owner, and this ownership group is growing at a faster rate than other types of owner groups
-More than 40% of the businesses surveyed reported having taken steps to improve their ability to serve diverse populations by providing bilingual marketing materials, holding bilingual orientation sessions for prospective franchise owners and hiring bilingual employees.
Conclusion
Franchises are often viewed as the purview of white men, but minority-owned businesses are performing better than ever. A recent study by Ernst & Young found that minority-owned franchises remain more successful in the long run than their white owned counterparts. The report cited a variety of findings including: greater longevity, more cash flow and higher profit margins for minority-owned franchises.
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