Establishing franchise businesses in Black communities presents a transformative economic growth and empowerment opportunity. On average, Black-owned franchises generate over double the revenue compared to independent Black-owned enterprises. Approximately 26% of franchises are owned by people of color, in contrast to 17% of independent businesses.
“Franchising is one of America’s best-kept secrets,” the new entrepreneur shares. “I know for certain firsthand that information about franchise ownership doesn’t reach communities of color, specifically, the Black community. I felt it was my mission since I was afforded the opportunity to be in places and spaces to learn about franchising and franchise owners; it was my duty to share what I know.
SBA Loans: The U.S. Small Business Administration offers various loan programs to help new entrepreneurs, specifically financing franchises. Crowdfunding: These platforms can be used to raise small amounts of money from a large number of people. This can be an effective way to generate capital while also building a community of supporters.