Goodcents Named one of Top 50 Franchises For Minorities

April 9, 2012

The National Minority Franchising Initiative recently completed its fourth annual survey to determine the progress of minorities within the franchising community. The good news is that minorities continue to make exceptional progress in increasing their representation in this arena. The bad news is that there is still a disparity, though dwindling, between minority ownership (generally put at 15+%) and their representation within the population at large – approximately 28%. Progress is slower than most would wish, but clearly on the right track.

This progress is due to two primary factors: 1) the strong work ethic, willingness to play by the rules, entrepreneurial instincts, and mental toughness of minorities when times get tough (like today!) and 2) the significant marketing efforts implemented by franchisors to attract and support minorities within their systems. Franchisors clearly realize that their brands are not properly represented in underserved communities and are making significant efforts to close that financial gap.

The National Minority Franchising Initiative received over 450 responses to this year’s survey. The questionnaire asked franchisors to list the minority (African-American, Asian-American, Hispanic, South Indian, etc.) participation among their existing franchised and company-owned units, as well as the minority representation among senior management which is defined as management with an annual salary in excess of $60,000. The companies that scored the highest are listed below. These ten franchisors have clearly been exceptionally successful in their efforts to recruit minorities.

Each company has in excess of 1,000 operating units. In each case, over 33% of their franchisees are minorities. Most also have a significant number of minorities within their management ranks. Given the relatively low cost of entry, one might expect greater participation within the maintenance industry. The last four companies, however, are in the food-service and service industries, which generally have a very high cost of entry.

The adjacent list of 50 Top Franchises for Minorities is an excellent starting point in your search for an optimal franchise that meets your needs. The percentage of minority franchisees is not an overarching factor in selecting a franchise. To the extent that you are a minority, however, there is no question that these companies are clearly doing something right and that they actively support your inclusion within their systems.

The National Minority Franchising Initiative as various resources including books, FDDs, etc. that could be of use to you if you are considering pursuing a franchise. For access to these and for more detailed information on franchises actively seeking minority franchisees, please visit www.MinorityFranchising.com.

 

View originial USA Today article here

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