Lexington-Fayette, Kentucky 2021-06-11 15:51:33 –
By the end of this year, the International Franchise Association predicts that there will be more than 780,000 franchises in the United States.
However, the latest government figures show that about 31% of those franchise owners are of color.
“Especially when thinking about color entrepreneurs, they have all the traditional barriers that entrepreneurs have, but there are also additional barriers associated with those related to past lack of access,” Angela Randolph said. Associate Professor said Entrepreneurship at Babson College.
Fortunately, some new programs are trying to reduce barriers and attract more people and women to franchise opportunities.
Darius Billings is trying to change the barriers to destruction through StAART, a strategic African-American retail trucking program.
“In fact, the biggest consumers of sneakers are African Americans, but when it comes to ownership, especially the retail side, not many African Americans own stores,” Billings said. Stated.
StAART’s goal is to get more blacks into the franchise through retailer The Athlete’s Foot. Billings says the height of the Black Lives Matter protest a year ago inspired the idea.
The people selected for the program receive information, resources, and a mentorship network that help each franchise stay successful.
Randolph is worried that lack of access to funds may still hinder black entrepreneurs.
“Even the most highly educated entrepreneurs can get all this knowledge, this support, this guidance, this expertise if they don’t have the money, and it has nothing to do with it. No, “Randolph said.
“When it comes to the capital, after all, the relationship lies between potential franchisees and financial institutions,” Billings said. “But I just tried to make that path a little easier. Let financial institutions know who we are and what we are trying to do.”
Randolph says franchises can be a good opportunity if they are well-established and have a strong business model.
However, certain company rules regarding franchises and the cost of purchasing a franchise remain a challenge. However, according to the invoice, the trade-offs are potentially building wealth for generations.
Applicants can apply for the StAART program in the following ways: click here..