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The Entrepreneur’s Source Reviews the Shifting Demographics of America and Franchising

Over the past few decades, the financial influence of minorities in the U.S. has been steadily rising. According to the 2010 Census, American citizens that identify as minorities – Asian, Hispanic, African-American, Pacific Islander and African Indians –  make up 49 percent of the population. These groups are on the brink of creating a “new majority” in America, and sometime within the next 30 years minorities might no longer be considered minorities.

Minority groups made up 80 percent of the U.S.’s population growth between the previous and current census statistics, and this growth doesn’t seem to be fading. For businesses, this means that more minorities will become new customers, employees and perhaps even business owners and franchisees. Below, The Entrepreneur’s Source reviews the increase in population growth of minority groups and what this may mean for the franchising industry.

The Entrepreneur’s Source Reviews the Minority Attraction to Franchising
The franchise sector has slowly started to mirror this increase of minorities. The most recent U.S. Census demonstrated a 1.2 percentage increase in minority-owned franchise businesses – making up just about 20 percent of the franchise industry as a whole. Of this overall percentage, Asians owned 10.4 percent of all franchises, African-Americans own 4.9 and Hispanics own 5.2 percent, according to the  International Franchise Association’s Franchised Business Ownership: By Minority and Gender Groups Report

Many franchise companies are actively recruiting minority franchisees to help diversify their businesses and the franchise industry as a whole – creating a blossoming effect industry-wide. Franchising has been an attractive career path for prospective minority entrepreneurs. Franchising offers these groups an chance to learn new skills, nurture and grow a business or even to obtain a new one.

Numerous franchise associations, like the IFA, have begun to develop and enact programs designed specifically for prospective minority entrepreneurs who are looking to enter the franchise industry. These goals have a variety of different goals, including educating minority entrepreneurs about franchise affordability and financing, education on emerging markets, providing informative publications and tools and more. Many resources also exist to aid prospective minority franchisees in the investment process, and can be evaluated here.

If you’re a minority and interested in learning more about investing in a franchise, contact an alternative career coach at The Entrepreneur’s Source today.

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The Entrepreneur’s Source on the Prominence of Lifestyle in Modern Day Franchising

In the past, many prospective franchisees aspired for franchise ownership largely due to financial reasons, but today, many of these prospects are more focused on the lifestyle that franchising brings.

“When I ask clients why they want to start a business, the number one response isn’t money: it’s lifestyle,” said Susan Mell, business coach at The Entrepreneur’s Source. “Being your own boss and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important to aspiring entrepreneurs than the money itself.”

To understand this newer, more modern mindset of the current franchise candidate, the franchising industry has begun to make a similar shift, and The Entrepreneur’s Source is leading the way. Business coaches at The Entrepreneur’s Source have started focusing their process when working with clients on identifying their Possibilities, Options and Dreams to aid in a good match. A prospective entrepreneur’s willingness to explore and define his or her unique goals, needs and expectations serves as one of the greatest catalysts for a successful franchise match. When it comes to franchise business ownership, the possibilities are endless.

Defining Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals
Determining a franchisee’s Possibilities, Options and Dreams is reliant upon successful identification of one’s Income, Lifestyle, Wealth and Equity (I.L.W.E.) goals. Each of these components plays a dynamic role in a business owner’s overall happiness and satisfaction in life. But, just what is the difference between the four components of I.L.W.E.? The Entrepreneur’s Source defines each of them as:

  • Income: The repeated, short-term earnings of an individual through his or her occupation and investments.
  • Lifestyle: A way of living that mirrors an individual’s values and attitudes.
  • Wealth: When an individual has achieved prosperity and affluence; having an abundance of material things and currency.
  • Equity: The interest in assets an individual has assembled.

It’s necessary for aspiring franchisees to establish their I.L.W.E. goals not only to determine what wealth means to them in a financial sense, but also in terms of their lifestyle. Each of these serves as a vital piece in the process of defining your overall goals, needs and expectations in order to find the best business opportunity fit.

How a Business Coach at The Entrepreneur’s Source Can Help
Business coaches at The Entrepreneur’s Source are experts in business ownership, specifically the franchising industry, and are trained professionals in uncovering a prospective franchisee’s I.L.W.E. goals. Some questions a business coach may ask to help uncover these goals include:

  • What is the ideal income range that you would like to achieve as a result of business ownership?
  • What do you envision as your main lifestyle goal that can be achieved through franchising? Do you want to own a boat or nice car? Do you want to work fewer hours?
  • Do you want to invest in a business that will aid you in building wealth or a positive financial situation for your family?
  • How much equity do you wish to construct in a business?

For individuals looking to go into franchising, consulting with a business coach can work as a great first step to help identify your I.L.W.E. goals. For more information about establishing your I.L.W.E. goals or franchise ownership, contact a business coach at The Entrepreneur’s Source today.

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U.S. Army Sergeant Achieves Self-Sufficiency with the Help of The Entrepreneur’s Source

After serving for 24 years in the U.S. Army, Sergeant First Class Ron Adams was at a crossroads, not knowing what his next career move should be. Ron decided to attend the U.S. Chamber of Commerce’s Hiring our Heroes Career Fair in 2013, and attending this event helped him pave the path to his future in franchising.

At this career fair, Ron met Matt Thornton, a business coach at The Entrepreneur’s Source. During this initial conversation, Matt asked Ron if he had previously envisioned himself as self-employed.

“Ron told me he had been looking at a few options of franchise businesses and business start-ups,” Matt said. “He looked me in the eye and said, ‘I do not want to work for anyone again.’ I knew he was serious and I could help him find a business that was aligned with his goals, needs and expectations.”

The Entrepreneur’s Source Coaching Advantage
The very next day following the event, Ron took Matt up on the complimentary coaching session Matt had offered, to learn more about the path from Employment to Empowerment and to explore whether this is something he would like to learn more about. Matt helped Ron explore his Income, Wealth, Equity and Lifestyle (I.L.W.E) goals while learning about various business models and how they would mesh with what Ron was trying to accomplish. Matt also helped Ron discover and learn a tremendous amount about himself and his own style and behavioral traits and things to be aware of as he explored alternative career options. .

As Ron explored his options and learned more about the business models, he could really visualize himself in an N-Hance franchise. N-Hance is a wood floor and cabinet refinishing business that gives customers low-cost and quick makeovers to their homes. Although Ron had zeroed in on the perfect franchise for him, this wasn’t the end of his journey.

Introduction to Franchise Resources
Matt introduced Ron to many valuable tools and resources available to veterans, minorities and first-time business owners. Ron, who was a first time business owner, happened to need assistance when creating his business plan. Matt showed him the Small Business Development Center (SBDC), a portal on the Small Business Association’s website that helps future, first-time entrepreneurs craft a business plan at no cost.

“The SBDC is a valuable resource for my clients,” Matt said. “They do an outstanding job of helping build the road map for a business.”

Matt also showed Ron how to find services to assist him with financing his franchise. Ron utilized Southern Association for Financial Empowerment (SAFE), and through this association was able to secure small business loan to help get his franchise off the ground.

Ron’s Gratitude to The Entrepreneur’s Source
Thanks to the help Ron received from The Entrepreneur’s Source franchise, he was successfully able to achieve his dream of self-employment through business ownership.

“I could have never accomplished this without this professional help,” he said. “As a veteran, I knew what I wanted to do, I just did not know what type of business or how to do it.”

For more information about how you can move from Employment to Empowerment by discovering your I.L.W.E goals, contact an alternative career coach at The Entrepreneur’s Source today.

 

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The Entrepreneur’s Source Reviews 3 Unique Resources for Minority Franchisees

As the demographics of America continue to change, it’s important for American businesses to adapt accordingly to accept a more diverse audience – promoting inclusion. This rapid pace of changing demographics accompanied by population growth has created unique opportunities for minorities wishing to enter the franchising sector.

Obstacles Facing Minorities in Franchising
However, when American minorities first look to becoming a franchisee, they oftentimes face obstacles due to a lack of knowledge about available resources. According to the International Franchise Association (IFA), the three main obstacles that minorities face when looking to invest in a franchise are:

  • An informational gap
  • A relational gap
  • A capital gap

The Entrepreneur’s Source Reviews Minority Franchisee Resources
In order to try and counteract these obstacles that stand in the way, programs have been created to assist prospective minority franchisees in the investment process. Read on to learn about a few beneficial resources that minorities are encouraged to take advantage of when looking at investing in a franchise.

1. DiversityFran: This program acts as a “franchisee education and recruitment program designed to educate diverse prospective franchisees about opportunities about franchising wile assisting International Franchise Association members in reaching emerging markets and increasing diversity. Diversity Fran builds on relationships forged with leading organizations such as the National Urban League, Minority Business Development Agency, U.S. Hispanic Chamber of Commerce, National Black MBA Association, Association of Small Business Development Centers, U.S. Conference of Mayors and various ethnic Chambers of Commerce across the country.” It is their goal to send the message that franchising is an affordable way for minorities to realize the American Dream of business ownership. Since the inception of DiversityFran, this organization has created a bundle of one-day seminars aimed at educating minorities across varying topics including: The fundamentals of franchising, the legal aspects of franchising, financial assistance and more.
2. Diversity Institute: The purpose of this committee is to “promote and foster diversity and inclusion within the franchising community. The Institute serves as the home for IFA and the Foundation’s diversity and minority programs – education, research, scholarships and liaisons with other national organizations. The Diversity Institute provides information to assist IFA members in expanding their diversity recruitment and multi-cultural marketing efforts at all levels – franchisees, employees, suppliers and consumers.” The Institute’s goal is work with members of the IFA to promote education and communication of diversity. This is, in part, achieved through research and documentation of best practices of choosing franchisees and their hiring practices, through fundraising efforts to support diversity efforts, constant communication and continual education.
3. The Minority Business Development Agency (MBDA): The purpose of this U.S. Department of Commerce agency is to “link minority-owned businesses with the capital, contracts and markets they need to grow. We advocate and promote minority-owned business with elected officials, policy makers and business leaders. Serving as subject matter experts and advocates for the minority business community, we conduct high quality research and cultivate domestic and international relationships. The MBDA has established a nation-wide network, spanning 40 domestic business centers to help create and retain thousands of jobs each year. The MBDA’s programs help to equip minority business prospects with job creation, business scaling and expansion, increasing revenues and more.

When franchise brands embrace diversity by promoting inclusion of minorities and enabling them to invest in their system, this can help to create positive returns for the business as a whole, generating an improved growth strategy. Franchise brands have started the process of adapting to the changing demographics of America, and this adaptation has created immense opportunities for franchisees looking to invest in a franchise. For more information about resources available to minorities considering making the transition from Employment to Empowerment through franchising, contact an alternative career coach at The Entrepreneur’s Source today.

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The Entrepreneur’s Source Reviews Why You Should Attend Start a Business Weekend

If you’ve contemplated becoming an entrepreneur but aren’t sure where to start, then The Entrepreneur’s Source’s Start a Business Weekend (SABW) is the event for you! SABW is a digital franchise expo that has the potential to benefit anyone with the dream of owning their own business. This three-day, cost-free digital franchise expo offers current or prospective franchisees the ability to explore franchise opportunities as well as connect with business coaches and other future entrepreneurs.

“We’re bridging the power of information with the ease of gathering it by using innovative, virtual technology,” founder of The Entrepreneur’s Source Terry Powell said. “Attendees have access to three days of industry experts’ informative sessions hosted in the virtual auditorium, without leaving their home or office. It’s complete convenience—Entrepreneur’s Source coaches are accessible all weekend long to guests. Plus, attendees gain all the benefits of a franchise expo without the travel expenses and time commitment.”

The Entrepreneur’s Source Reviews Start a Business Weekend

Although registration to the virtual expo is free of charge and obligation-free, The Entrepreneur’s Source encourages prior registration so attendees can adequately prepare for the event. The event includes coaching sessions from E-Source business coaches. These coaches are devoted to The Entrepreneur’s Source Discovery Process, which helps prospective entrepreneurs explore their Income, Lifestyle, Wealth and Equity (I.L.W.E) goals and which franchise opportunities may be right for them. Attendees of the event will also have access to educational speakers and seminars and a virtual briefcase to add this educational collateral to. Following the event, attendees will receive a 60-day complimentary pass to revisit their unique expo and resources to explore their exclusive franchise opportunities in greater detail.

The Entrepreneur’s Source Start A Business Weekend Scavenger Hunt

To help excite SABW attendees, The Entrepreneur’s Source is holding an online scavenger hunt through the remainder of the week with the grand prize of an iPad Air. Scavenger hunt contestants will receive one question each of the five days leading up to SABW (Sept 15th – 19th) via email. All contestants must to do be entered into the iPad raffle is search for the correct answer to the emailed question. Once the correct answer is found, then the contestant will click the “submit” button embedded in the email and type in their response. Each correct answer to each of the five questions will warrant one entry into the raffle for the iPad Air. At the end of the week, one winner will be chosen by random selection. For more information about the scavenger hunt, visit this page.

Contestants can enter into the scavenger hunt at any point throughout the week. If you’d like to enter the contest, visit this website and enter your name, email and company information. The Entrepreneur’s Source encourages all scavenger hunt attendees to also attend SABW.

Sign Up for Start a Business Weekend Today!

To sign up for the SABW virtual showcase, register at http://www.startabusinessweekend.com/sabw/. The expo will be held September 18th- 20thfrom 10 A.M. to 7 P.M. EDT.

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