Minority and women-owned firms are the fastest growing segment of New York City's economy. Thanks to the drive and determination of these entrepreneurs, many local neighborhoods are enjoying an economic resurgence.

Despite this positive trend, minority and women entrepreneurs are more likely to have difficulty raising capital, establishing market share and building capacity. One way to overcome these challenges is to encourage franchise ownership.

Franchising is a less risky alternative to building a venture from the ground up. With support from the franchisor in marketing, operations and site selection, plus with the financial strength of the franchisor behind them, common start-up barriers are more easily overcome. In fact, on average, franchised businesses have an 80% survival rate after five years and generate significantly more jobs than traditional start-ups.

When you look at the numbers, it all adds up: minority franchise ownership could and should be an integral part of New York's small business growth strategy.

Read more about franchising's advantages.