While the balance is still skewed in favor of men owning franchises, women franchise owners are on the rise. Research shows that women own between 20 and 25% of existing franchises, and 24.4% of franchises are co-owned by both males and females.
So why the rise in women in franchising?
Women’s Strengths Play to Business Ownership
While it depends greatly on the individual, women, in general, possess certain characteristics that can take them far in running a business, franchise or otherwise:
- Detail-oriented
- Organized
- Good communicators
- Adept at building networks
- Eligible for women-specific loans and grants
Franchises appeal to many women because their out-of-the-box solutions are easy to implement, and they have the support of the franchisor’s resources.
Who They Are
While every woman franchisee will have her unique skills and background, there are a few commonalities among them.
In terms of education, 62% of female franchisees hold a Bachelor’s degree or higher degree. Only .5% did not complete high school.
The vast majority (80%) of female franchisees are Caucasian while Hispanic and African-American women franchisees make up just 4% each of the total. Three percent of women franchise owners are veterans.
Problems Still Exist for Female Franchisees
Just because the numbers are growing doesn’t mean there aren’t still serious issues in the industry. Women still make less than men in franchising ($60,000 to their $89,000), and many women entrepreneurs feel they don’t get the same training and support as men owners.
The Industries Embracing Female Franchisees
Women in certain industries tend to feel more valued by their franchisors than other industries. Those who have forged strong relationships with their female franchisees include:
- Sports & Recreation
- Senior Care
- Fitness
- Food & Beverage
Other industries, like Travel & Hospitality and Financials & Tax, didn’t score as high in Franchise Business Review’s research. There’s hope that these industries can learn from the others and make their organizations more women-friendly.
Do You Aspire to Be a Woman Franchisee?
If you want to join the ranks of this burgeoning group of franchise owners, start by asking yourself what your business goals are. Do you want to work long hours in exchange for a great living, or are you looking more for a hobby-type franchise? Will you be the only person to work in your business, or will you hire staff?
Then, what areas are you interested in or have experience in? Maybe you work in the beauty industry for 20 years, and would love a spa franchise. Or maybe you’re ready to go in a completely different direction.
Ask yourself plenty of questions to get to the perfect franchise for you. It’s a big decision, and one you don’t want to go into lightly.
Image: Photospin
