The franchise game has changed, thanks to the New Entrepreneur. But, this New Entrepreneur takes many forms.
More specifically, it includes women.
According to one statistic, the number of women-owned businesses in the United States increased by 59% between 1997 and 2013.
Because some business models, like franchise ownership, offer women advantages that are not normally associated with starting an independent business.
So, What Makes Women Great Franchisees?
It’s been said that women are relationship-based people, and for this reason, they automatically make great franchise candidates. Relationships – whether between franchisors, staff or customers – are a huge part of owning a franchise.
Other reasons why women have been said to perform well within the franchise model of business ownership include the following:
- Inclined to nurture, women afford great attention to the human element involved in owning a franchise.
- Through motherhood and matriarchy, women hone their skills in negotiation, which benefit them when dealing with staff members and suppliers/vendors.
- They’re compassionate. In a business where the buy is emotional and tied to acute pains, compassion is a huge factor in franchise success.
- They understand the art of listening, a critical asset when participating in and learning a new system while trying to lead a business.
- They are careful and deliberate communicators. Because franchise success depends on creating a culture in which communication is constant, this is a critical asset.
These are just a few reasons why women perform well within the franchise model. But, what exactly is the franchise model, and why are women primed to execute it?
The Franchise Model: All Of Us Are Smarter Together
When buying a franchise, the franchisee follows an established system. Franchisors know the competition and the market. They’ve implemented the right marketing approach and know how to close sales. The franchisor has already made the small business mistakes involved in building the business, so franchisees are able to benefit from a profitable business strategy.
A good franchisor-franchisee relationship allows franchisors to live their dream of enabling great, like-minded, entrepreneurial individuals to run their stores without having to be everywhere at once. It’s up to franchisees to use the system that’s in place to run the business.
It’s been said that because women are more relationship driven, franchise ownership is more appealing to them. They are often skilled at using the franchise model to their benefit and, therefore, experience great success.
Women In Franchising: Common Concerns
Organizations like the SBA, the Association of Women Business Centers and the IFA launch webinars, workshops and information sessions for women interested in franchising. These resources make getting started and obtaining funding a little easier, but there are still some common concerns among first-time women franchisees, such as:
- Worry over leaving a high-paying salary
- Uncertainty over first-year expenses, including the initial franchise purchase, equipment and staffing costs
- Fear over the right time to take the leap to franchise ownership
The good thing about these concerns is that franchisors are happy to address them directly.
In some cases, the best questions to ask might be answered by current franchisees. Perhaps the most important franchise ownership question to pose to this group would be: What would you do differently a second time around?
Still, there’s a larger struggle that exists in finding out where women exiting the corporate world want to take their professional career next, and that struggle is an internal one.
Advice For Women Interested In Franchising
If you’re a woman who’s interested in a franchise, know that there’s nothing more motivational to your children, your family and your culture than a successful, woman-owned business. Before charging out on your own, though, be sure to ask the right questions, especially as they relate to core values and the overall business mission.
The best franchises for women are the ones in which the franchisors are invested in the success of their franchisees – because if you aren’t successful, they won’t be either.
This is the key to great franchisor-franchisee relationships and to successful franchise ownership, regardless of gender.
Learn all about the New Entrepreneur’s path to franchise ownership by downloading The New Entrepreneur: Changing The Name Of The Game.