(QSR Magazine) The franchise business model is an attractive option for Hispanics and other minorities to consider owning, because it is a strong avenue to take for financial success. According to the 2007 Franchised Business Ownership survey conducted by the International Franchise Association’s (IFA) Educational Foundation, minorities made up 19.3 percent of all franchisees, and Hispanic-owned franchises were 5.8 percent of the total. And the survey reported that Hispanic franchisees prefer owning quick-serve restaurants.
The quick-service industry should see this as an excellent opportunity to tap into the Hispanic demographic, and minorities in general. The Hispanic population, according to the U.S. Census Bureau, makes up 15.1 percent of the population. It is estimated that this figure will double by the year 2050. Statistically, Hispanics are the fastest-growing population in the U.S.