“When Black-owned businesses succeed, owning a franchise does result in a pathway to financial independence and initiates the growth of generational wealth over time.”
After working in the commercial real estate sector for many years, Nasutsa Mabwa developed strong skills in project management, risk management, troubleshooting, and networking. Show now runs a successful ServiceMaster Restore® franchise in Illinois. Here Nasutsa shares her advice for other entrepreneurs as well as what inspired her to choose ServiceMaster.
What is the #1 piece of advice you have for Black entrepreneurs looking to start a franchise business?
Make sure that you have solid financial relationships with local banks and or credit unions as well as family and friends that you can turn to for lending before starting a business. If you wait to seek funding only when you need it, usually it will be too late, and take too long to get approved. So, it makes better sense to make networking and developing financial bank relationships an ongoing priority.
Why is a franchise a great opportunity for Black entrepreneurs?
Now is certainly a good time for Black entrepreneurs to start a franchise despite systemic barriers (such as access to capital and mentorship/networking) and racial biases. When Black-owned businesses succeed, owning a franchise does result in a pathway to financial independence and initiates the growth of generational wealth over time. There are also more funding and local financial grant opportunities available for minority business owners. In terms of data – only 2.4% of employer-owned firms are Black in the U.S. despite being 14.2% of the population. However, from 2017 to 2020, Black-owned businesses grew by 4.72%, just behind Latino/Hispanic firms growing at 8.19% and Asian American firms growing at 5.33% (Read more here). We have seen that Black entrepreneurs can decrease the size of the racial wealth gap and create job opportunities in their respective communities.
What inspired you to become a ServiceMaster Restore franchise owner?
I was inspired by the potential to make a good living while raising my family with a more flexible schedule and greater independence. As a post graduate, I was a social worker for several years and always wanted to help people. So, I was inspired to run a ServiceMaster franchise which involves giving back on a daily basis.