Minority, Women Entrepreneurs Find More Opportunity in Franchise World
While there are many risks and hurdles involved in starting a new business, there are also many rewards. If you’re ready to start it up, but aren’t in the position (financially or otherwise) to risk it all in starting something new, you may consider franchising. Franchising offers many benefits to aspiring entrepreneurs, especially to minorities and women, who are seeing more opportunities in the franchise world in recent years.
According to data derived from the U.S. Census by the Small Business Administration, franchising trends show that minorities now own 21.1 percent of franchises with at least five workers, up from 15.8 percent 10 years ago.
StartupNation contributor Steve Friess, dives further into the study, and shares a personal story of a woman who wanted to start her own business and found success through franchising. The article also cites various surveys and research metrics related to minority entrepreneurship and small business.
Choosing Between a Franchise and Starting a Business
Owning your own business has always been a linchpin of the American Dream. With the advent of franchising, prospective owners now face a choice between running an independent business and operating their business unit as part of a franchise system. Put differently, they can launch a brand new restaurant churning out specialty cakes and ice cream sundaes, or open a Cold Stone Creamery location. Determining the right option for you comes with some complexities, but there are a couple of primary factors to consider: Your risk tolerance and your personality type.
Are You a Vet? Why Franchising May Be For You
If you served in our nation's military, you've acquired a unique and valuable set of personal strengths. These aren't always easy to explain in a traditional job application or resume, but they spell success when it comes to running your own business.