Franchising: the future is now; global entrepreneurship opportunities fro African Americans

Since 1986 BE has touted franchising as a great way of making the transition from employee to employer. In 1987 BE developed the Franchise 50 List. Also, at that time, African Americans started venturing out into high growth franchise areas. BE's enthusiasm for franchising was prompted by the industry's growth--more than ten times greater than the GNP over the past ten years. Franchising has seen a 460% growth during the past 20 years and now generates $970 billion annually. African Americans are now key players in the trend toward megafranchising; moreover, they are pursuing expansion opportunities globally. Currently BE's audience owns over 5,000 franchise units with investments of over $90 million.

Many franchisors recognize and value this trend among African American entrepreneurs. Extending a personal invitation to these entrepreneurs is an important part of their overall expansion plans. Some have already met with significant successes. Midas' position on expansion is chat in just four decades they have grown from a single shop into a global powerhouse with over 1,800 shops in the U.S. and another 700 shops around the world. They not only promote the building of new shops but they also encourage existing businesses to convert to Midas.

Mail Boxes, Etc. is another example of a franchisor chat has seized the global expansion opportunity. The MBE global network includes over 2,500 MBE centers in the U.S. and over 400 operating outside the U.S. They are the world's largest and fastest growing franchisor of neighborhood postal, business and communications service centers. Each Mail Box, Etc. center is an independently owned and operated franchise.

Franchising opportunities for African Americans for Coverall has expanded beyond the U.S. Salome Tshungu, a Coverall franchise owner in South Africa, was named 1995 Franchisee of the Year at the Annual Awards for Excellence. Ms. Tshungu attributes the success chat led to receiving this award to maintaining the Coverall high standard. Coverall is committed to training its franchisees to arm them with all the necessary tools to achieve this performance standard.

Franchising has provided the opportunity to many African American entrepreneurs to pursue and realize their entrepreneurial objectives. Historically, these objectives have been primarily realized in the U.S. Recently, these opportunities have been made more readily available to franchisors through global markets as well. BE will continue to report on the franchise industry as a potentially lucrative entrepreneurial avenue for African Americans.

RELATED ARTICLE: FIVE WAYS TO GET ON THE INTERNATIONAL CAREER TRACK NOW

1. Attend courses or conferences that focus on the international aspects of your field. Join professional organizations with international arms, such as the National Black MBA's Association or the Society of Human Resource Management.

2. Ask a colleague who has returned from abroad, or one currently on international assignment, to mentor you.

3. Rework your resume to reflect your cultural experience. List the languages you speak and any international travel you have done. Volunteer for those projects or assignments that will give you international insight or exposure.

4. Take courses in the language of the country you wish to venture to. If you're not sure of the country you'll be heading to, then learn a language that piques your interest.

5. Consider pursuing a master's degree in international affairs, business or management. Your firm might even finance it. Some schools offering international curriculums are:

* American Graduate School of International Management (Thunderbird), Glendale, Ariz.

* Cornell University, Ithaca, N.Y.

* Georgetown University, Washington, D.C.

* Monterey Institute of International Studies, Monterey, Calif.

* University of Southern California, Los Angeles

* Florida State University, Tallahassee, Fla.

REFERENCES:

International Jobs Where They Are and How to Get Them, by Eric Kocher. Fourth Edition., Addison-Wesley; $16

Competitive Frontiers: Women Managers in a Global Economy, edited by Nancy J. Adler and Dafna N. Izraeli, Blackwell Publishers; $34.95

Kiss, Bow, or Shake Hands: How to do Business in Sixty Countries, by Terri Morrison, Wayne A. Conaway and George A. Borden, Ph.D., Adams; $17.95

Global Assignments: Successfully Expatriating and Repatriating International Managers, by J. Stewart Black, Hall B. Gregersen and Mark E, Mendenhal, Jossey-Bass; $29.95.

Courtesy of Bennett Associates, Chicago