Women own almost 30% of all the businesses in the U.S., including plenty of franchise businesses. America’s Best Franchises has a special section of franchise business opportunities especially suited to women, but women can choose from all the franchise options.
What holds women back?
There are some special challenges for women looking to choose a franchise investment opportunity. More magazine lists four areas where male entrepreneurs are more confident than women — statistically speaking:
- Women are more likely to be afraid of failure when they think of starting a business.
- Men are more likely to believe they can start a business.
- Men are more likely to know other entrepreneurs they can think of as role models.
- Women are more likely to worry that starting a business will be hard on their families.
These conclusions all come from surveys. But what do claims like these really mean? In the case of fear of failure, 34% of women said they fear failure. But 29% of men admitted that they fear failing when they think about starting a business. That means that the majority of men — and the majority of women — don’t fear failure. 63% of men believe that they can start a business. Sure, that’s more than half of all the men in the survey. But 48% of the women thought so, too.
Here’s what’s different for men and women: men who fear failure don’t think, “I’m just a man… I bet I’d fail at business.” The women might have decided that, being women, they were naturally lacking in confidence and therefore would have a harder time. Don’t let a statistic become a self-fulfilling prophecy.
At the same time, women may feel more confident with a franchise, knowing that they’re using a winning system that has already been proven.
What gives women an advantage?
Forbes magazine points out that women are also more likely than men to start a micro-business — a business with few or no employees, run from their homes. In fact, according to Harvard Business Review, 88% of women-owned businesses have no employees. This type of business can be successful, but it may not be as visible. That may be one reason that women are less likely to say that they know other entrepreneurs.
But this type of business can be started with less capital (something else women also lack) and with a part-time commitment. For some women, that’s the solution to a fear that starting a business would be hard on the family. Many franchises are designed to be grown into.
Here are some examples of home-based, part time franchise opportunities:
- Naturals2Go Vending Franchise
- WSI Internet Franchise
- Engineering for Kids
- Cruise Planners
- Frios Gourmet Pops
There are many more. Franchises today include almost every field and business model you can imagine. Women who are willing to start small may end up more successful than people who go all in and take a bigger risk.
Take our advice and look closely at the many franchise opportunities available. Identify the franchise business you can feel confident about, and get the benefit of their winning system.
