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Helpful Hints For Hispanic Franchises

The number of Hispanic-owned businesses in the United States is projected to increase by 40% and reach 4.3 million in 2016. AARP recently featured advice and resources to help Hispanics understand how the franchising formula really works.

The success of a franchise business depends on having the right location, the right people and the right lifestyle. Many Latino entrepreneurs prefer a franchise that can also function as a family business. To learn the basics, the International Franchise Association's MinorityFran program offers access to education, as well as opportunities to explore offerings of companies looking to recruit minorities. Some franchises even offer minority programs that range from education to recruitment to financing offers.

Certain industries also appear to be more Hispanic-friendly than others. Among the 2010 “Top 26 Franchises for Hispanics” companies are restaurants and hotels, cleaning services, tax preparation and learning centers. This annual list is compiled by Poder360, a business publication covering the U.S. Hispanic and Latin markets.

Age is also a factor in franchising since most franchise buyers are in their 30s and 40s. For people 55 and older, franchise analysts suggest choosing a franchise business they have expertise in to help counteract the year-to-year income fluctuations.

Speaking of expertise, it’s important to choose a franchise business that reflects your professional expertise and personal passion. This can fuel a franchisee’s success by eliminating any learning curve and allowing them to build on their prior connections within the industry.

There are five distinct factors to look for when selecting a franchise. These include name recognition, comprehensive initial training, ongoing support, return of investment and flexibility.

The most daunting task for many potential franchisees is getting started. The first thing to do is extensive research about the company so there are no surprises. Next, look into using a franchise broker since their insight can be very valuable and many offer their services for free to franchisees. Then, contact the franchise and talk to someone who can give you real information and answers. The next step is filling out the application, which can get extremely personal in regard to your finances. Finally, consult a franchise attorney before signing any contracts to avoid any financial problems in the future.

Armed with newfound knowledge on how to get started in the franchising business, now is the time to watch out for red flags. These can include not receiving a Franchise Disclosure Agreement (FDD) or getting an FDD that shows the franchise has declared bankruptcy or experienced law suits and high turnover in the past. Look for additional alerts such as a new franchisor with little or no experience, a franchisor that pressures you and seems too eager, and warnings from unhappy franchisees.

There is an abundance of franchising information to help Hispanic franchisees every step of the way. AARP compiled a list of the leading resources.

To get started and find capital, look at MinorityFranchising.com, the Minority Business Development Agency, and the U.S. Small Business Association.

To learn more about franchises, check out Franchising.com, BuscaTuFranquicia.com, and the International Franchising Association’s Diversity Institute.

For additional advice and guidance, visit HispanicBusiness.com. FranchisingAttorney.com, and SCORE which offers free mentorship programs.

Hispanics have a very bright future in franchising, but it’s important to first know the franchising formula and then find the franchise that’s a perfect fit.

Read the article.

MDG Advertising is a full-service South Florida advertising agency, with offices in Florida and New York, that specializes in developing targeted franchise marketing solutions, exceptional online executions, and solid branding and media buying strategies that give franchises a real competitive advantage. MDG Advertising handles creative, media, and interactive marketing for Coverall, one of the world’s leading commercial-cleaning franchising companies, with a global network of more than 90 support centers and 9,000 franchisees.

Our core capabilities include advertising, branding, creative, digital marketing, media planning and buying, public relations, Web design and development, email marketing, social media marketing and SEO. To view MDG’s portfolio, click here. For more information, email MDG, call 561-338-7797 or log on to www.mdgadvertising.com.

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