Minority Franchise Buyers Conference

The Big Apple Franchise Initiative in partnership with the International Franchise Association will present the 3rd Annual Minority Franchise Buyers Conference on Saturday, June 23, 2007 from 7:45 a.m.-3:45 p.m. at Columbia University in New York City. Once again, New York City Comptroller William C. Thompson, Jr. is the event’s co-chair.

Sponsored by the Bank of America, this all-day event is designed to expose more Blacks, Latinos and Asians to the advantages of franchising as a route to business ownership. “We think franchising holds the key to overcoming many of the obstacles minorities and immigrants face in starting and growing successful businesses,” explains Lloyd C. Grant, cofounder of the Minority Franchise Buyers Conference, which is now in its third year. To date, 12 individuals who have attended the Minority Franchise Buyers Conference have gone on to successfully open a franchise operation. Collectively, these firms gross annual revenues of $7.6 million and employ more than 100 people.

“Some of the hardest aspects of starting a business are raising capital, finding customers, and hiring skilled employees. However, legitimate established franchise opportunities can help minority entrepreneurs overcome those barriers because they provide marketing, operational, and in some cases, even financial support,” says Grant. “Franchising is also attractive because it spans so many industries that can meet the preferences of most would-be entrepreneurs.”

Franchised businesses, 5 years after starting, have more than a 90% survival rate and generate significantly more jobs than traditional minority start-ups. However, despite the promise of the franchised business model, minorities are under-represented in the franchise industry. Although they make up 33% of the population, they are less than 8% of franchise owners.