In retirement, above NFL amateur Will Blackmon is belief wine instead of plays. He’s dubbed himself the NFL Wine Guy and created a wine babysitter service. USA TODAY
In 2009, Michelle Lewis visited a Painting with a Twist franchise.
She took a canteen of wine with her to the New Orleans-based flat area she sipped and socialized while painting a mural of two martini glasses. The acquaintance larboard a abiding impression. A year after she bought a authorization and opened a sip-and-paint store abreast her hometown of Detroit.
“I never advised myself to be a activating blazon of person,” said Lewis,49, who abdicate her full-time job as an architect. “I anticipation a business buyer had to accept a banal personality. I anticipation I’d stick with the baby stuff. But for me, it became bigger than the baby stuff.”
Lewis went on to accessible two added locations in Michigan, partnering with her earlier sister, Donna Lewis, 55, to accessible one in city Detroit. They now baby-sit 30 employees, some of whom are added ancestors members.
“Being acknowledged at this business has accustomed me a altered accompaniment of mind,” the adolescent sister said. “I now apperceive that I can do added businesses and I will.”
Michelle Lewis (left) and Donna Lewis (Right) accordingly opened up a Painting With a Twist authorization in Detroit. (Photo: Donna Lewis)
Black entrepreneurs have thrived in franchising for years and are allotment this avenue over founding acceptable baby businesses at a faster amount than the broader population. Government abstracts show a abundant jump in the cardinal of black-owned businesses from 2007 to 2012, from 1.9 actor to 2.6 million. Statistics additionally appearance that 30.8% of authorization businesses were endemic by minorities, while non-franchised businesses accept about 19% boyhood ownership.
Franchising, by design, allows entrepreneurs to bypass some difficulties of accepting a business off the ground. But experts say atramentous bodies may choose franchising over sole proprietorship because of bound admission to business admission and support.
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“A lot of atramentous bodies do not abound up seeing a lot of added atramentous bodies who own businesses,” said Tanya Nebo, a authorization advocate who runs a law close based in Atlanta. Franchising can expose those who are absorbed in entrepreneurship to a activity of acknowledged business owners who can appearance them that banking ability is possible, she said.
“Entrepreneurship is a way of leveling the banking arena field for bodies of color,” Nebo added. “It is a way for bodies who may not accept the academic background, the academic apprenticeship or admission to get a allotment of the American dream.”
The industries with the highest admeasurement of atramentous owners are travel, party-related appurtenances and services, aliment services, broiled appurtenances and accurate articles and services, according to FranData provided by the International Authorization Association.
An arrival of atramentous bodies may be allotment these types of franchises, in part, because “overhead costs are activity to be lower than in some of those beyond authorization systems,” said Rikki Amos, controlling administrator of the IFA Foundation.
“If accepting admission to basic is one of your challenges again actuality baby and added active ability be a acceptable abode to start,” Amos said.
While alive as an architect, Michelle Lewis adored money which helped her alpha her aboriginal paint-and-sip business after abundant banking assistance, she said. Her sister had to banknote out her 401(k) to advice alpha the city Detroit Painting with a Twist.
Donna Lewis (right) and Michelle Lewis (left) are co-owners of Painting with a Twist in Detroit. (Photo: David E. Rudolph)
Nebo, who spent a year teaching financing courses to atramentous entrepreneurs, says there is also tremendous befalling to buy a authorization that already exists rather than aloof out retail amplitude for a new one.
“There are bodies who are accessible to retire or they’re tired. They want to move on to have kids and they appetite to advertise the franchise,” Nebo said. “You’re affairs it based on how it has been assuming and sometimes at a lower amount than what you would accept paid to alpha it.”
Alex Barthe, 56, of Crestview, Florida purchased a UPS Store from its antecedent buyer in 2006. He went on to accessible up two added locations in the aforementioned county. The retired aggressive administrator additionally took advantage of one of the abounding costs incentives for veterans.
He said purchasing a authorization from an absolute buyer isn’t always easier, but it can pay off.
“You accept to… accomplish abiding that you didn’t run beyond somebody who was attractive to get abroad from a declining business,” Barthe said. He assassin his son as a accepted administrator and his wife helps with inventory, orders and bookkeeping. His babe runs the business’ amusing media accounts.
Opening a authorization generally involves hiring ancestors associates and pooling resources, Nebo said.
“It’s a accomplished arrangement that’s already set up for you,” Nebo said. “If you can amount out how to buy into it, you accept a able chance of winning.”
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