Category Archives: Black Retail

Black and Franchising

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

 

Further Resources

10 Franchise Considerations (www.entrepreneur.com) 

Costs of a Franchise (www.franchising.com)

Introduction to Franchising (www.startup.co.uk)

11 Steps to Franchising (www.franchisedirect.com)

Starting a Franchise (www.fitsmallbusiness.com)

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Ratings Economy

As a technical person, who works on electronic devices and provides advise on technology, which a person should purchase based on their usage. I have utilised device ratings and customer reviews when looking for appropriate devices.

As a people we should look to purchase products and provide reviews, rather than just liking or to favourite a product or a service. The effect of just liking or to favourite, based on reading about or just seeing a post which looks good has no benefits for the business owner in the long term.

There are ways in which providing a rating and review can help with the prosperity and improving your experience with that business, which can include

  • More people will be aware of other people who have the a product.
  • A community of users can be built who can have a say in how the product is developed to meet your specific needs.
  • There may be giveaways or rewards for more loyal custom and genuine product feedback.

In this increasing internet purchasing age we are now using more and more customer reviews to purchase, this should be the same with black businesses if you have used the service then you should comment or leave a favourite, rather than if you have not.

As a consumer you will know the importance of a customer review. If people just like or favourite a product it does not say much. A comment about a past experience will help otherwise it is pointless as a company cannot provide the same great service/product to more customers due to your actions.