Over the years, many would-be franchisees have approached We Sell Restaurants for assistance in finding the right restaurant franchise. For many, it was the start of their journey. They were eager for information but lacked franchise specific knowledge and were unsure of the next steps. That struggle may be intensified for candidates from underrepresented groups or economically disadvantaged communities. It can be difficult to identify the education, mentorship, resources, and support to successfully launch a career in franchise ownership.
That is changing due to the generosity and leadership of Omar & Raynya Simmons who developed an idea to change that outcome. With the partnership of the International Franchise Association and the IFA Foundation they have launched the Franchise Ascension Initiative with a goal is to provide the resources needed to narrow the wealth gap and catalyze diversity in ownership in franchising.
Why will this work for your Restaurant Franchise Concept?
The IFA website notes that “franchising is a viable path towards wealth creation for all.” The IFA research shows that franchise businesses create jobs at 2.3 times the rate of non-franchise businesses. That makes the strategy of franchising, where restaurants shine, a successful wealth-generation strategy for historically disadvantaged communities. Impact with black-owned franchise businesses is greater than with independent operators with their research showing that firms earning 2.2x as much in sales compared to Black-owned independent businesses, on average.
What are the nuts and bolts of the program?
Those chosen for the Franchise Ascension Initiative will be provided an immersive six-month program. It will include live, virtual instructor-led classes and self-paced online learning. Those participating will also receive individual and group mentorship sessions, expert speakers, experiential assignments, case studies, and research opportunities.
What about Industry Events?
If you are planning to own a restaurant franchise, there is no better way to learn than by attending industry events. The program will require that participants attend three IFA franchise events. These will provide valuable networking opportunities and insights from top entrepreneurs in the field. Exposure to career tracts, informational sessions and top flight speakers are an added benefit to attending the events.
What is the goal of this program?
Ultimately, educated franchisees are going to be more successful. This experience will prepare anyone looking to become part of the franchise community with a six month curriculum that includes industry leaders, mentors, successful franchisees, and consultants.
Who is a Target for the Program?
College Degree Seeking Candidates –This audience pursues franchise ownership as an alternative career path. Ideally graduate school candidates, although undergraduate candidates in community colleges and vocational tracks are also welcomed.
Fractional or Outright Path to Ownership for Experienced Business Managers - Managers with 5+ years of successful management-level experience (in franchise, retail or other systems) who are interested in owning their own business either 100% outright or via a fractional path to ownership with store management.
Conversion Franchising - Existing business owners with a single unit or two that want to grow their business as part of a larger proven franchise system with support and resources and who may not be aware of franchising as a growth path for their business.
Corporate Career Change - Individuals undergoing career changes who may not be aware of the opportunities in franchising.
High Performing Franchisees - These candidates will self-identify or be selected by franchisors with the potential for multi-unit ownership.
What is the deadline to apply?
The deadline is June 15, 2024, so that the experience can begin starting August 2024. Applying is free of charge, and the program comes at no cost. For those looking to franchise a restaurant concept and accepted into the Inaugural class, there is a $1000 refundable deposit.
Who will Help in my Journey?
Those selected for the program will gain access to mentors, legal experts, financial experts, successful franchisees, & franchise consultants.
What is the time commitment?
You must be willing to dedicate approximately 10-15 hours per week, plus travel to 3 IFA events.
Where can I get more information?
You can email ascension@franchise.org or visit this page for full information and to apply/
If you're ready to launch your entrepreneurial journey but need guidance, this is an incredible opportunity. This program aims to support aspiring franchisees, particularly from underrepresented and economically disadvantaged communities.
The program targets college degree seekers, experienced business managers, existing business owners, career changers, and high-performing franchisees. Applications are open until June 15, 2024, with the program starting in August 2024. For more information, email ascension@franchise.org or visit the program's webpage.