The month of March has traditionally been associated with basketball madness and St. Patrick’s Day parades. But a new movement is claiming prominence that has significant meaning for the franchise industry: International Women’s Day, which takes place on March 8. International Women’s Day is an annual global celebration of the achievements of women in every facet of society—economic, social, cultural, and political—as well as a call to action for accelerating gender equality.
The surge of women in business, and specifically the growth of women-owned businesses in the U.S. over the last five years, has been headline news. At FranServe, Inc., the world’s largest franchise consulting organization, we see the successes of women in franchising on a daily basis—as both franchise owners and franchise consultants.
Central to this year’s International Women’s Day campaign is the idea that “Equality is not a women’s issue. It’s a business issue.” In keeping with that theme, the business of franchising continues to enable women to make significant strides in economic achievement.
Many Women Are Finding Success in Franchising
In December 2019, The Wall Street Journal proclaimed that “Women’s presence in the franchise industry is soaring.” Recent data from the research firm Franchise Business Review shows that women own or co-own 35% of all franchise outlets in the U.S., a huge leap from just 10 years ago. It’s clear that women are recognizing the significant franchising opportunities available to them—as successful franchise owners, franchise consultants, and even franchisors.
This growth parallels the boom in female entrepreneurship in general. According to American Express’s latest study of the subject, The 2019 State of Women-Owned Businesses, the number of women-owned firms—including but not limited to franchises—increased 21% to nearly 13 million between 2014 and 2019. This means that today women own 42% of all privately held firms.
Experts attribute this rise in female business ownership, in part, to the steady increase in women’s prominence in the corporate world and their growing presence among the upper management ranks. Why? Women are extending the valuable skills, resources, and connections they gain in their corporate careers to new ventures. They are striking out to establish businesses of their own—and many of those are franchises.
The Benefits of a Franchise Career for Women
At FranServe, we know that confidence paired with strong leadership capabilities is an ideal recipe for success in the franchise world. Whether women turn to franchising as a follow-up act to motherhood or a career in corporate America, or because they see an opportunity in the market, they are using their natural creativity, initiative, and management skills to contribute to small business growth.
And what does franchising offer female entrepreneurs? The advantages are multifold. A fast track to ownership with a proven concept? Check. Business operations support? Check. Easier access to capital? Oftentimes, with loan securing support from franchise systems, a big check.
The franchise model enables women to get the business of their choice up and running much more efficiently than developing a model from scratch. What’s more, franchise ownership can allow for a more desirable work-life balance than the traditional nine-to-five career. So, add “schedule flexibility” to the list of benefits.
Of course, not all women enter the franchise industry as potential franchise owners. Another prime option is to become a franchise consultant. As franchise consultants, women can take full control of their own operation while connecting qualified franchisee candidates to franchisors looking to grow. Consultants set their own hours, choose their areas of focus, and determine their personal business strategy.
At FranServe, our consultants are independent contractors. They enjoy their independence, but with the support of the industry’s most comprehensive training program and extensive in-house marketing resources.
As FranServe consultant Diana Capirano says, “I carve my own path, make my own hours and decisions, create my own successes. The bonus is the network of amazing colleagues and the mutual support we share. Every day I make positive changes in people’s lives and my own! I’m emotionally, professionally and financially rewarded and feel very blessed to be part of such a caring community of professionals.”
A Wealth of Appealing Franchise Opportunities
With the diverse range of franchise brands currently available, there is a perfect fit for every area of interest or expertise. In fact, according to FRANdata statistics cited by the WSJ, in sectors such as interior decorating and travel agencies female franchise ownership far exceeds male ownership.
So which franchise categories top the list for female ownership?
- Interior decorating services (86% owned by women)
- Modeling schools/beauty pageants (68%)
- Clothing/toys/accessories (63%)
- Chinese fast food (63%)
- Travel agencies (61%)
- Education-general (60%)
- Cosmetic aids/services (57%)
- Clothing/accessories (55%)
- Cruises/tours (55%)
- Children’s educational programs (55%)
- Party-related goods/services (54%)[1]
The increasingly broad variety in franchise brands—nearly 600 of which are available through FranServe—is a definite driver for the growth of women in franchising.
Another factor that makes franchising even more attractive to women is the unprecedented support currently available throughout the franchising industry. Networking groups such as the International Franchise Association’s Women’s Franchise Committee and Women’s Franchise Networks provide invaluable resources and programming. These groups are working to reduce barriers to entry and advertise the many benefits of a franchising career.
Celebrating Women’s Achievements, Every Day
In celebration of International Women’s Day 2020, and every day of the year, FranServe is proud to support its talented female franchise consultants. We remain committed to helping women entrepreneurs find business success in the franchising industry—it is a story of economic achievement that we believe is only just beginning.
To learn more about the excellent franchising career opportunities available through FranServe, contact us today.
[1] Source: FRANdata, via “Women Flock to Franchising,” The Wall Street Journal, December 1, 2019