Frequently Asked Questions

When and how was the Big Apple Franchise Initiative (BAFI) formed?
BAFI was formed on February 3, 2006 during a Leadership Breakfast at the Brooklyn Marriott sponsored by Citibank and convened by The KIP Business Report. It is an outgrowth of the Minority Franchise Buyers Conference. [Top]

What is the Minority Franchise Buyers Conference?
The Minority Franchise Buyers Conference is an all-day event designed to boost Asian, Black and Latino franchise ownership by bringing under one roof industry professionals and experts in key areas such as legal, financing, management, and operations. The first conference was held in 2005 at York College in Queens, NY. The event was produced by The KIP Business Report in collaboration with the office of Congressman Gregory W. Meeks (NY 6th-CD); Blackman & Associates, a franchise consulting firm; the Jamaica Business Resource Center; and and presented by Citibank. It attracted more than 200 people. In 2006, the event was held in Brooklyn at Long Island University, drawing similarly sized crowds who were equally serious about franchise ownership.

What is truly remarkable is that since the Conference's inception, we can identify five attendees who have successfully purchased a franchise operation based on the information received and contacts made at the event plus another four soon-to-be franchise owners are in varying stages of completing a purchase. That's phenomenal! [Top]

What is BAFI?
The Big Apple Franchise Initiative was created to provide on-going support and establish an infrastructure to help aspiring entrepreneurs achieve their dream of franchise ownership. BAFI is a collective of community partners, government agencies and businesses that believe the franchise model should be used more widely to increase business success rates and job creation in minority communities. [Top]

Who are BAFI's partners?
BAFI is the brainchild of the cofounders of the award-winning KIP Business Report newspaper who are also the producers of the Minority Franchise Buyers Conference. Click here for a list of our partners. [Top]

Can I become a BAFI partner?
Sure. There are only three requirements:

1. That you are an organization, business, or government agency that shares our belief that franchising can and should be used as a catalyst for
   business formation and job creation in minority communities.

2. That you provide services that can assist Asian, Black and Latino professionals achieve franchise ownership, for example, training, financing,
   workforce development, marketing, business management, commercial site selection, etc. assistance.

3. That you are willing to work in partnership with other entities dedicated to the BAFI mission.

BAFI is not a membership organization. There are no costs involved. No meeting requirements. We simply look for partners with a demonstrated commitment to and proven track record growing minority businesses. If you'd like to be a part of the BAFI network, contact us at info@minorityfranchisebuyer.com. [Top]

What is BAFI's mission?
Our mission is simple: to promote and facilitate Asian, Black and Latino franchise ownership.

How does BAFI plan to achieve this mission?
In a variety of ways. For starters, BAFI will:

In addition, we are in the process of creating an investment fund exclusively for franchise deals. We expect to launch this fund at our spring 2007 Minority Franchise Buyers Conference in New York City. [Top]

How will BAFI measure success?
There's only one way we measure success---by the number of new minority franchise owners that come out of the conference. Our goal is to create at least 20 new businesses generating 200 jobs in 20 months. Six months after BAFI was announced, we're proud to be able to point to five new businesses started by conference attendees (two Quiznos, a Wing Zone, a Service Master Clean and a V2K Decor & More) with another four in the pipeline. [Top]

Why has BAFI set a goal of 20?
We believe the targets we've set are achievable. Plus, we like round numbers.

I don't live in the New York tri-state area. Can BAFI help me?
Absolutely. For the most part, the information and services we provide will be relevant to entrepreneurs no matter where they are, for example, our newsletter and online and web-based training. In addition, most of the franchisors, industry experts and professionals working with us are located in cities around the country. [Top]

Any plans for a national rollout?
You bet. Our success has attracted national attention and we've been invited by several cities to replicate the BAFI/Minority Franchise Buyers Conference in other markets. In 2007, we will begin our national rollout. [Top]

How do I get more information about BAFI?
Place yourself on our mailing list to get the latest news and updates. If you have a specific question, send it to info@minorityfranchisebuyer.com. [Top]