Good news for the franchise market; there have never been more minority or women business owners than now, according to a report conducted by the International Franchise Association termed as the Minority and Gender Ownership Study. The IFA partnered with PricewaterhouseCoopers to analyze and study the 2012 Survey of Business Owners to deliver a report on their findings of how the trends of minority and women ownership of franchises changed from 2007 until 2012.

Statistics of women and minority franchise owners

In 2007, only 20.5 percent of franchises were owned by minorities. This number jumped to 30.8 percent in 2012, compared to the fact that only 18.8 percent of non-franchise businesses are owned by minorities. It’s easier for minorities to follow the path to owning a business by taking advantage of franchise options open to them.

The business model of a franchise is sustainable and provides numerous avenues for opportunity. Franchises generate employment for areas in need of growth and give individuals the opportunity to own their own business without investing significant amounts of capital. There are a multitude of different franchises that you can pursue, ranging from fast food franchises to a cell phone repair franchise.

The reports indicate that Hispanics are the fastest growing sector. Only 5.2 percent of franchises were owned by Hispanics in 2007 and this number doubled to 10.4 percent in 2012. Asians owned a whopping 11.8 percent of franchises in 2012, while African-Americans owned eight percent. The report also examined women ownership of franchises. The number of women who owned franchises in 2007 was 20.5 percent, and it increased to a whopping 30.6 percent in 2012, a 50 percent increase in ownership by women during the time period of the study.

These trends show how the business world is expanding with opportunities for all types of people, young and old from different areas of life. If the trends continue in the same direction, it won’t be long before women and minorities slowly begin to become the majority for the franchise sector. The increase in ownership is expanding business ownership opportunities for people who otherwise might not have had the chance to be successful and own a business.