According to the U.S. Census Bureau, ethnic minorities account
for nearly 30 percent of the population. This number, however, is
not reflected in franchising. Some companies estimate that only 1
percent of their franchisees are minority owned.
The National Minority Franchising Initiative wants to change that.
Using education to increase minority franchising, the for-profit
organization has created a Web site (www.minorityfranchising.com),
has published a book (Bonds Minority Franchising Guide) and
sponsors seminars held in seven major cities. "The seminars
devote nine hours to a discussion about the elements of
franchising," says Rob Bond, president of Source Book
Publications, the founder of the initiative.
Bond perceived a need for educating minorities about franchising,
but hopes the seminars will go a step further, by also connecting
minorities with franchisors. Franchises involved with the seminars
include the 12 underwriters of the initiative, chosen for being
leaders with-in their fields and for boast-ing outstanding records
of recruiting minorities.
One such underwriter is General Nutrition Centers, which has ethnic
minorities representing nearly one-fourth the company's
franchisees. "We are extemely fortunate to attract strong
candidates from a broad segment of the pop-ulation," says Russ
Cooper, senior vice president and general manager of GNC
Franchising Inc., which is based in Pittsburgh."Given the
large demographic base of our customers, we want franchisees who
can serve those customers' needs especially well."
GNC provides direct financing and guarantees leases for all
franchisees as well.
Contact Source
GNC, (800) 766-7099;
This story appears in the May 2000 issue of Entrepreneur. Subscribe »
