The International Franchise Association (IFA) has launched the Franchise Ascension Initiative to break down barriers to franchise ownership for underrepresented groups and economically disadvantaged communities. Officially opened for applications on May 1st, the initiative is a 6-month program designed to prepare individuals for a career in franchise business ownership through education, mentorship, resources, and financial support. The goal is to narrow America’s wealth gap by promoting diversity in franchise ownership.
Inspired by former professional basketball player Shaquille O’Neal’s speech at the IFA annual conference in 2022, Omar and Raynya Simmons, the brains behind the initiative, aim to increase diversity in franchising. As a descendant of slaves who grew up in subsidized housing, Omar Simmons believes in the transformative power of access to opportunity, networks, and dedication to continuous learning and hard work. As an IFA board member and managing director of Exaltare Capital Partners, Simmons understands the value of franchising in providing a unique path to financial freedom for individuals from underrepresented communities.
According to IFA President and CEO Matt Haller, franchising is one of the greatest pathways to business ownership and creating generational wealth. The Franchise Ascension Initiative ensures that access to opportunity is available to everyone, regardless of their background. This program aims to bridge the wealth gap by opening more doors for aspiring business owners from all walks of life, ultimately helping to change lives and strengthen local communities.
Data from Oxford Economics supports the benefits of franchising for less represented groups. The economic advisory firm’s 2021 report on the Value of Franchising revealed that Black-owned franchises were earning 2.2 times more than Black-owned independent businesses, Hispanic-owned franchises were earning 1.6 times more than Hispanic-owned independent businesses, and Asian-owned franchises were earning 1.4 times more than Asian-owned independent businesses. These statistics highlight the potential for franchising to provide an opportunity for entrepreneurship and increase the chances of business success for underrepresented groups.
The Franchise Ascension Initiative is currently open for applicants until June 15, 2024. Successful participants will embark on a journey towards franchise ownership starting in August. The initiative aims to empower individuals from diverse backgrounds and economically disadvantaged communities to pursue entrepreneurship through franchising, ultimately contributing to increased wealth creation and economic growth in underrepresented areas. With the support of the IFA, Omar and Raynya Simmons, and other key stakeholders, the Franchise Ascension Initiative is poised to make a positive impact on the landscape of franchise ownership and opportunity in America.
