Talk on the Street
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Talk on the Street
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The Power of Women in Franchising
The number of women moving into franchising is on the steady increase. And it is bringing a level of depth and power to the franchise business world we haven’t seen before.
Growth in Numbers
Women are finding their feet in franchising. According to statistics, the growth rate of females entering the franchise business world is double that of all other business ownership types. Over the past 10 years, the number of female-owned franchises within the United States grew approximately 24 percent. This trend in female-owned franchises is a trend that is only growing in strength and numbers. Over the past 2 years, almost 41 percent of all new franchises were female-owned.
These franchising figures are also reflected in the overall business community, with a report from American Express finding the number of female-owned business across the country increased by 58 percent between 2007 and 2018.
While these numbers saw a dip over the past two years, during the Covid-19 pandemic, the number of women moving into franchising is strong and continuing to show solid growth.
High Satisfaction Rate
Numerous studies have shown that there is a higher job and career satisfaction rate among females in franchising that their male counterparts. An encouraging 88 percent of female franchise owners identify that they enjoy owning and running their franchise business. Three quarters of all women in franchising would recommend their franchise to other entrepreneurs. Why is there such a high job satisfaction rate among women in franchising?
Derek Cafferata, CEO and President of award-winning franchise experts All State Franchise Finders believes he can shed some light on this.
“One of the main reasons why we see such a high satisfaction rate among female franchise owners is because women tend to be great at teamwork,” says Derek. “Women tend to enjoy being part of a team, make good team members and are great at building a team. All traits that make for the ideal franchise owner.”
3 Traits of Women in Franchising
One of the main traits that women bring to the world of franchising is that they have strong communication skills.
“As a franchise owner, communication between franchisor and franchisee is vital, but so is communication between franchisee and staff,” says Derek. “A successful franchise owner communicates the business model in a clearly defined way, working within the boundaries of the franchise, while at the same time developing an individual team and business.”
Another trait of women in franchising is that they are efficient and organized. Every business, no matter its size, needs to be well organized. However, a franchise requires the owner to work with the tried and tested systems and framework that is already laid out by the franchisor. This requires a significant amount of efficiency and organization. Women tend to outdo their male colleagues in this area.
A third trait of women in franchising is that they tend to be more financially conservative, less likely to take big risks. According to Derek, this attitude suits the franchise business world.
“As the saying goes, being a franchise owner is like being in business for yourself, but not by yourself,” says Derek. “The benefit of the franchise business model is that you don’t need to take big risks, someone has already done that and succeeded for you.”
Risk taking, particularly financial risk taking, is something a start-up tends to need to do more of. Franchising is designed to remove the need for big risks, whether it be a product launch, system development or marketing strategy.
“The power of women in franchising is becoming more and more evident and it is exciting to see,” says Derek. “Women are finding that franchising is the way to achieve their career, personal, financial and lifestyle goals.”
All State Franchise Finders the Franchise Experts
Derek Cafferata leads a team of industry-leading franchise experts, bringing with them the knowledge and experience to offer the right advice for those looking to franchise their business or those looking to become franchise owners.
Having recently been awarded a top M&A business award, the team at All State Franchise Finders are ready and willing to help you. Contact them today on 1-800-544-2161 or visit allstateff.com today. ALLSTATEFF.COM – your award-winning franchise experts!