Often, along with gentrification there can be regeneration which was discussed in another blog I wrote. With this comes the ability to get finances and support to open businesses and to become economically, socially and politically visible.
Franchises are a way in which you can create a business income, which can lead to a growth in employment in the local area. In the UK there are a number of businesses which are franchises which black people go to such as Chicken cottage, Subway and Costa coffee. The latter is one which is sometimes visited by black people.
In the US I am sure there are many different types of franchises which you could open in the local area as a way to get your first business. Other groups of people are able to open these franchises with the assistance of their fellow nationals (by grouping their resources together).
This is a way in which you can take advantage of local regeneration as new buildings are being built and possibly office and residential blocks, with some shops and services needed in the local area. If you know the type of business’s franchises you would like to buy into then why not.
The way you can get finance is possible through grants, loans and different schemes and often, finance can be more easier to secure for a franchise than for a independent business but you would need to have start up capital and collateral, which is where the group comes in (group economics).
If you are interested in a franchise then there are many things to consider such as:
- Long term contract
- Run the business in a uniform way set by the brand not you
- Devoting all your time to it
- Having some capital as collateral and start up cash and more