2 minute read
AAFC Seeks to Connect African American Entrepreneurs From Coast to Coast
As the U.S. economy continues to strengthen, more entrepreneurs and investors are looking for opportunities to own their own business or generate additional income through franchise ownership, a viable path to financial freedom. Business ownership in the African American community has grown rapidly in recent years, but many challenges remain. For example, African American entrepreneurs experience more difficulty securing financing, and are often charged higher rates when they do. Some of these challenges can be addressed by access to information and collective action through industry groups and communities. While there are brand-specific organizations and associations (most notably McDonald’s franchise owners), the The African American Franchise Council (AAFC) seeks to create a platform where past, present and future franchisees, franchisors as well as related vendors and organizations across all categories can engage by sharing valuable resources gained through experience.
The African American Franchise Council was founded as a platform to enable and support the exchange of ideas and information. To that end, it offers three main channels for engagement: Online through our social media platforms, which offer a ready-made forum that can act as a marketplace for ideas as well as a place for networking with thought leaders. While most current franchise owners are Baby Boomers and Gen Xers, millennials are beginning to make their presence felt, and all can benefit from intergenerational knowledge transfer, which works well in both directions. Seasoned industry veterans can share their experience about challenges they faced as they built their businesses and the younger generation can shed light on marketing in today’s digital world and the preferences of younger consumers.
Those who prefer to work directly with others as they investigate franchise ownership can engage with experienced consultants, who can help them identify concepts based on a well-defined and client-centric process to evaluate candidates and connect them to resources including legal reviews and financing options. The Franchise Consulting Company (FCC) works with hundreds of brands in many industries and its global network of consultants can help potential franchisees navigate through the process of exploring entrepreneurship.
Finally, trade shows are a great way to meet face-to-face with dozens of franchise company executives who want to award territory in the region. The Great American Franchise Expo connects hundreds of franchise businesses with potential owners. The expos provide education through seminars from industry experts on topics including franchise law, financing, and other critical business concepts. Attending these expos will provide potential franchisees with the opportunity to network with leading industry executives and franchise developers, who can help entrepreneurs turn their business into a franchise. The events are also a great way to connect with local chambers of commerce and other affinity groups connected through the common theme of business ownership. The new decade will likely see rates of business ownership continue to grow in the African American community. The AAFC seeks to become a trusted resource and a connector of people and ideas across multiple platforms and geographies, where people from all walks of life pursue the American Dream of financial independence and the opportunity to build a legacy through intergenerational wealth.
For more information, please contact co-chairs: Brian Pearson, Abel Beyene or Janine Kempfer. www.theafricanamerican franchisecouncil.com/
