Franchising makes the dream of business ownership possible for everyone regardless of past work experience, race, gender, religion, or nationality. Not only that, but due to the popularity of the franchise business model, franchise concepts now cover nearly every sector, offering an opportunity for every interest. With a greater diversification of America, minority franchise ownership has dramatically increased to include more women and certainly more African American owners. African Americans are choosing franchises at a higher and impressive rate than traditional, independent business ownership. the numbers are even more impressive. According to USA Today, over 30% of franchise businesses were owned by minorities, while non-franchised businesses have less than 20% minority ownership.
Forbes latest list of the world’s richest people includes business-savvy titans of finance, media and fashion who make up an even rarer club: African American billionaires. But while their success looms large, the small number of African Americans among the 2,755 members of the global billionaire’s club also highlights a racial wealth gap that can have significant consequences for those with far fewer resources–from the ability to buy a home to being able to go to college without becoming mired in debt.