Building Recruitment And Support Strategies For Franchises

Franchising World magazine:

The one thing you can always count on is change. How many times have you heard that? Today, the notion of change is more prevalent than ever. From the new presidential administration in Washington, D.C. to globalization, technology and the economy, everyone is experiencing change.
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Change is unavoidable and the best companies and brightest entrepreneurs make sure that they are prepared for shifts and trends within their business and their industry. A major change affecting businesses is the broad demographic shift taking place in the country. Statistics on the growth of minority communities across the United States clearly show that the face of America looks different than it did just a few years ago. Data from the U.S. Census reveals that for those 70 years old and older, the ratio of minorities to non-minorities is five to one, for those 40 years old the ratio is about two to one and at 20 years of age, the ratio is more like 1.5 to one.

Also, statistics on the demographics of today’s business owners are having an impact on the United States and particularly those in franchising. According to a 2006 report by the U.S. Dept. of Commerce’s Minority Business Development Agency, minority-owned businesses grew in number at a higher pace than nonminority owned firms from 1997 to 2002. Minority-owned businesses grew 35 percent in that time period. Non-minority firms grew at a rate of 6 percent. The report also shows that there were 4.1 million minority business enterprises generating more than $686 billion in annual sales and employing about 4.7 million people in 2002. In a May 1999, U.S. Small Business Administration study, it was reported that less than 10 percent of all franchises are owned by minorities.

An Effective Strategy… read on.

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