According to the International Franchise Association, there are over 780,000 franchise establishments supporting nearly nine million direct jobs. Franchised businesses represent a significant force in the economy. Women started out as a minority in franchising, but we are quickly becoming the decision makers and play a huge role in the franchising world.
Jo Kircher, CEO of Primrose Schools, a daycare franchise, told Entrepreneur, “The franchise model is appealing to women who are in search of the financial security and flexibility that is becoming increasingly difficult to attain in the corporate world.”
With hundreds of industries to choose from, there is a franchise for everyone, giving women the ability to follow their passions and interests, while being their own boss, as a path to financial security and building wealth.
From skills to personality traits there are many reasons why women are set up for success in the world of franchising. Here are some of the many reasons why franchising is a natural fit for women:
We are team players.
One of the reasons women are so successful in the industry is because we are team players. We know that while success can be self-made, it doesn’t come from just one person, and we do an excellent job of building networks of strong men and women.
Whether working with other franchisors, vendors, or customers, women make an effort to make sure everyone is working cohesively toward success. It takes a village to create a successful business, and we know the importance of every person who is involved in that success. Women are supportive of their coworkers and peers and constantly encourage them to succeed.
A huge part of being a team player is giving credit where credit is due. Women are great at making their employees feel valued for their work, input, and effort. Doing so makes them wonderful bosses not just in the world of franchising but everywhere.
We are strong leaders.
Leadership is one of the most important qualities to have in the world of franchising. You can’t be your own boss without the ability to delegate and lead by example.
Whether it’s experience from parenting, involvement in the community, or previous careers, women are frequently in positions and situations where it’s important to influence others and lead by example.
When you own a franchise, you have many employees you are responsible for, and you want them to follow your strong example. From team meetings, to words of encouragement, to delegation and feedback (which we naturally do in a positive and constructive manner), there are so many ways to be a strong leader, and women are already experts at it!
We value mentors.
One of the many unique aspects of franchising is the access franchisees have to so many people who have been through the same experiences. Women naturally view each other as peers instead of competition, which is why they see the value in finding a mentor.
Every job has the potential for finding a mentor, but franchising takes mentorship to the next level. Franchisees have contact to a huge network of people who have gone through similar trials and tribulations when creating their company, and franchises have close relationships with each other, making it easy to connect with others in the industry when you need guidance or advice.
This access to so many people in the industry gives women in franchising so many opportunities to be mentored. When going through a stage of reinvention, having a mentor is often even more valuable than it would be in an everyday job.
We are natural multi-taskers.
From raising families to excelling in the office, women do well when they have a full plate in front of them. We are great at multi-tasking, which is one of the reasons we do so well in the world of franchising.
When we have multiple priorities, roles, and tasks, we don’t give in to stress. Instead, we create a plan of attack and accomplish everything that needs to be done. A full plate doesn’t intimidate us. Franchisees have multifaceted roles, and multi-tasking is a career requirement.
One thing that goes hand in hand with multi-tasking is adapting. Franchising is a brand new world when you enter it, so it can be daunting when you begin your journey. Luckily, women do well when it comes adapting and following a roadmap, making them naturally equipped to begin their franchise.
We value hard work.
Women naturally believe that success comes from hard work. Perhaps due to the glass ceiling, women will do whatever it takes to succeed. Women set goals and refuse to settle for anything less than achieving them. When you are the boss, there is no glass ceiling!
A Business Insider study found that the largest positive differences between women and men leaders (that favored women) were: taking initiative, displaying integrity and honesty, and driving for results. These are the attributes that describe people who tackle projects head on and achieve success. The natural attributes you will need to succeed in your own business.
Refusing to be limited in what we can do is an attitude that goes far in the world of franchising, which can be incredibly time consuming and challenging. Failure is inevitable once or twice, but we learn from our failures and don’t let them set us back.
Is now your time?
If you’re looking to make a change in your career, be your own boss, or reinvent yourself in a new stage in life, you owe it to yourself to consider the possibilities franchise business ownership allows.
As you can see, women are a natural fit for the job. We are team players, leaders, multi-taskers, and are willing to roll up our sleeves to work hard. We also know how important it is to have a mentor to lead us by example. If now is your time, then Your Franchise is Waiting!
Previously with a large Wall Street firm, Jane Stein was a Certified Financial Planner for over 25 years, and provided comprehensive wealth management solutions for a large base of families – representing over 250 million in assets. She wrote an investment column, and established a program called “Money Matters for Women”, in an effort to empower women to take charge of their investments. Now she helps men and women achieve financial security through business ownership, which is far more empowering. With her financial background, she is uniquely qualified to guide you through the process to identify and evaluate the right business model, and then later can help you secure funding to open your business.
Jane Stein is the founder of Your Franchise is Waiting, a consultancy firm for men and women exploring franchising as an alternative career path. Visit her website to download a free copy of her ebook The Girlfriends Guide to Franchising.