Boss Lady

Women franchisees find career flexibility and gain financial independence

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These days an increasing number of women are taking the entrepreneurial route and entering the business world, and specifically the franchise sector. We’re seeing more females who are not only independent in business, but in life too.

Although business is still male-dominated, women in franchising are making huge steps, with statistics showing that women are entering the franchise industry at a greater rate than ever before.

Women are not only making an impact on existing industries and franchising their own businesses, there are many women who leading the way for other strong and ambitious women to do the same.

The British Franchise Association shows the franchise sector’s turnover has grown by 10.2% between 2015 and 2016. And although the percentage of female franchisees dropped from 28% in 2011 to 23% in 2016, it’s not believed to be accurate, as many women are now running franchises with their spouse or partner. This is a trend that has been increasing over the years.

In the US, the amount of women entering the franchising sector has increased 45 percent in the five years to 2014. And according to the International Franchising Association, females own 21% of all franchise businesses in the US, and a further 43% co-owned and operated by men and women together.

While 79% of franchisees in Australia are male, around 42% of those invest with a spouse or partner.

There are a lot of reasons franchises appeal to women

  • Franchising has particular appeal to women who want to be part of something bigger, because joining a franchise is like coming into a family
  • Women generally have great communication and networking skills which are valuable in dealing with franchisors, vendors and customers
  • You’re in business for yourself, but not by yourself. Franchising offers the opportunity to start a business with the operational capability and proven systems already taken care of
  • Franchise business can offer the flexibility and more control over your financial security with a level of safety that going into business by yourself doesn’t provide
  • Franchising allows collaboration and provide a community environment while working independently
  • Allows women to spend more time with their families, provides more rewarding careers which are often driving factors

Franchising gives women a way to invest in a business that they’re passionate about, with the systems and safeguards available to maximise their chance of a successful positive outcome.

If you decide to explore franchising as a valid way to gain your financial independence and success there are some key things to consider and make sure you’ve research in detail things like

  • Know your criteria: be sure of your ultimate goals and whether you have criteria that could be a deal breakers. If you don’t love what you do, it’s harder to achieve at the level you want.
  • The financial model: the upfront costs, ongoing fees and royalties. Are they percentage based on expected sales or a fixed fee? Do you need to borrow and do you have capacity for that? As well as being able to afford to buy in, do you have the means to live comfortably while getting started?
  • Sales and profitability: Is it an established site that is still growing, or is it mature and declining. If it is a new greenfield business starting from scratch, what are the projections, and how quickly will it grow? You need to validate projections and be comfortable the business whether already established or not, will provide the financial means you’re after. Remember you bank profit not sales, so do your numbers.
  • Growth Capacity: Consider the expansion opportunity. Is there a path to grow, whether it’s by buying multiple units or building larger teams and employing people, or not?

Anyone thinking about buying a franchise or needing help to increase profits and improve staff culture with an existing one can visit http://www.remarkablefranchises.com.au/

About Tracy Eaton

Tracy Eaton has 28 years’ experience in franchising and business and has coached and educated 1000’s of people around Australia, across more than 40 industries.

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