TITANS OF FRANCHISING
Minority-Owned Businesses: Building the Backbone of the American Economy by Seth Lederman, Consultant, The Franchise Consulting Company
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inority-owned businesses have long been a cornerstone of the U.S. economy, demonstrating resilience, innovation, and a significant contribution to the nation’s financial health. According to the 2022 Annual Business Survey (ABS), there were almost 5.9 million employer firms in total in 2021, and of that number, 1.2 million (21%) were minorityowned, 304,823 (5.2%) were
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veteran-owned, and around 1.3 million (22%) were owned by women. Entrepreneurs from minority backgrounds generate nearly $2 trillion in revenue annually, a testament to their entrepreneurial spirit and economic importance. Over the past decade alone, these businesses have created 4.7 million jobs, underscoring their vital role in fostering employment and driving growth.
FEBRUARY 2025 | WWW.FRANCHISEJOURNAL.COM
THE ROLE OF MINORITYOWNED BUSINESSES IN THE ECONOMY Minority-owned businesses are a vital engine of economic growth, innovation, and community transformation. These enterprises contribute significantly to the economy through job creation, wealth generation, and the revitalization of underserved areas, playing a pivotal role in