Franchises Under the Magnifying Glass

How to choose the right company and get resources to run your own business

by: Geoff Williams, from: AARP VIVA, Spring 2011

Getting Started and Accessing Capital

MinorityFranchising.com, run by the National Minority Franchising Initiative, offers an annual list of 50 top franchises for minorities, based the percentage of franchises that are minority-owned, the number of minorities in corporate headquarters, and other criteria; a searchable database of more than 500 franchises considered committed to recruiting minorities; articles about minority franchising; and listings of seminars held around the country.

U.S. Small Business Administration aims a number of programs at minorities who are starting businesses, although not necessarily franchises. The SBA's Historically Underutilized Business Zones (HUBZone) Program works with companies in traditionally ignored rural and urban areas. The SBA's website also has links to programs around the country that can help women and minorities finance their businesses.

Minority Business Development Agency, a U.S. Commerce Department unit, exists solely to grow and maintain minority businesses. With centers around the country, it can help individuals with everything from financing to finding contracts and new markets.

Identifying and Learning About Franchises

BuscaTuFranquicia.com helps Hispanic entrepreneurs connect directly to franchises looking to recruit Latinos. Its searchable database allows you to look for franchises by specific category or the amount of money you have to invest.

International Franchise Association with its Diversity Institute, has made a big push in recent years to recruit Latino franchise owners. It has an extensive database of franchise opportunities, educational materials and information on franchising seminars, expos and conventions.

Franchising.com is an educational website with databases of franchise information, a schedule of franchising events and online articles from their print magazine, Multi-Unit Franchisee Magazine, and other publications.

Getting Guidance