The number of franchise businesses owned by women and minorities has never been higher in the United States.
This is the great find in a report commissioned by the International Franchise Association. IFA released the findings of the report, entitled Minority and Gender Ownership Study. PricewaterhouseCoopers is partnering with IFA to produce the study, an analysis of the 2012 Survey of Business Owners.
Statistics of Owners of Women’s and Minority Franchises
According to the study, 30.8% of franchised businesses in 2012 belonged to minorities. This represents a significant leap from five years ago, in 2007. At the time, only 20.5% of franchised businesses were owned by minorities.
In comparison, only 18.8% of non-franchised businesses belong to minorities.
“The franchise business model has solidified its place in our economy as a stable producer of jobs and opportunity engine.” Franchising is ideally located to create business opportunities. serious economic opportunities in local communities by creating employment and property opportunities for those who need them most, “said Robert Cresanti, President and CEO of IFA.” This report demonstrates how the The franchise’s business model is already working to address the future challenges of a rapidly growing and diversified franchise industry with changing demographics, instituting a business model that achieves a dream for hundreds of thousands of years. # 39; Americans. “
Data show that Hispanic-owned franchises are growing fastest. In 2007, 5.2% of franchised businesses were owned by Hispanics. In 2012, this total doubled to 10.4%. Hispanics, African Americans and Asians were more likely to own a franchise than a non-franchised business.
Asians own the most franchise businesses among all the minority groups included in this new report. The study indicates that Asians own 11.8% of franchise businesses. Meanwhile, African Americans own 8% of franchise businesses in the United States
The same report examined the increase in women’s franchise businesses in 2012. The report shows that 30.6 percent of franchise businesses are owned by women. This figure is up 20.5% five years ago, an increase of 50%.
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