For minorities looking to get a leg-up in the entrepreneurial world, franchising offers a fast track to self-employment. The success of franchises like Popeye’s Chicken in urban areas, not to mention somewhat related events, like the election of the first African-American president of the United States and the nomination of the first Hispanic woman to the Supreme Court underlines the great success minorities have been enjoying in business and politics in the last few years.
The IFA has recently published some very interesting first-hand accounts of the experiences of minorities in franchising. It makes for interesting reading and shows how a range of minorities, be they African-American, Hispanic or Chinese, are doing extremely well in franchising.
Take Serdar and Sujata Chakraborty, who own three Wireless Zone franchises in Maryland. As the IFA writes:
For the past three years, the Chakrabortys have worked hard to reclaim the marketplace one customer at a time. Leading by example, the team has successfully maintained their managers’ and sales team’s dedication to servicing the customers. By treating, trusting and building relationships with their local Maryland communities, the Chakrabortys have been able to maintain a stronghold on the market as the leaders of three Verizon Wireless service and products franchises.
Or consider the story of Sam Hilo, whose family moved from Jordan to the US when he was 11 year old. Sam opened a Liberty Tax Service franchise in 2003 and now enjoys multiple trips in Europe every year.
“My first year in business I had the No.1 new office in the system. With a staff of eight, we prepared 1,340 returns and grossed $160,000 in revenues. I grew my business to eight offices in seven years without any outside financial help,” Sam said.
And there’s the experience of Ron and Patricia Ramsey, who aside from owning a Furniture Medic franchise, have been working tirelessly to advocate the benefits of entrepreneurship to citizens in Cleveland.
The Ramseys also spend time letting others know about the benefits of minority certification. They applied for the Minority Business Enterprise certification with the City of Cleveland, the city’s school board, the Ohio state government and Cuyahoga County in 2007. Minority certifications are important because government agencies and many large corporations are required to contract with a certain amount of minority and women-owned companies through supplier-diversity programs.
Reports like this show just how committed minorities are to succeeding as entrepreneurs. Owning your own business is part and parcel of the American dream, and this report highlights six people who have achieved it. Many franchisors may be unaware of this hunger to thrive in business, but it exists.
Meanwhile, minorities interested in franchising should stick with Franchise Direct. The entrepreneurs listed above all made their way in business with franchises that are part of the Franchise Direct network. There are a great number of exciting franchises for sale here.